Express reports "soft start to the year" with 6 percent loss in net sales

Express Inc. saw a decrease in net sales by 6 percent in the first quarter of 2019, which ended on May 4, 2019. The net sales decreased to 451.3 million dollars from 479.4 million dollars in the first quarter of 2018.

The company reported a strong balance sheet maintained with 144 million dollars in cash and no debt. Loss before income taxes was 10.8 million dollars, compared to 2.6 million dollars in the first quarter of 2018.

"The first quarter marked solid progress toward our goal of positioning Express for long-term growth. Comparable sales and earnings beat the high end of our guidance," Matthew Moellering, Express' interim CEO and interim president said in a statement. "While we had a soft start to the year, the health of the business improved throughout the period. As a result, we were able to reduce promotion levels in the back half of the quarter."

Moellering continued, "We are making significant headway on the implementation of several new business initiatives focused on product, brand and product clarity, and customer acquisition and retention. While much remains to be done, we expect to build on this progress throughout the year."