EXPRESS, INC.: restructuring charge — Express prelim Q2 results in line; workforce cut 150; 1-for-20 reverse split; $200M savings goal by 2025

EXPRESS, INC.

Prelim Q2 net sales $400M-$450M and diluted loss per share $0.50-$0.60, within prior outlook.
Workforce reduction of ~150 employees with ~$5M restructuring charges recognized in Q2 2023.
Goal to deliver $150M annualized expense cuts by 2025 vs 2022; $80M identified for 2023, $120M for 2024.
Additionally, targeting at least $50M in gross margin expansion via sourcing and supply chain efficiencies.
Board approved 1-for-20 reverse stock split effective after market close on Aug 30, 2023.

item 2.02 item 7.01 item 2.05 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

EXPRESS, INC. reported second quarter 2023 results: revenue $400 million to $450 million, EPS $0.50 to $0.60. Guidance reaffirmed.

Period: second quarter 2023
Revenue: $400 million to $450 million
EPS: $0.50 to $0.60
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

announced certain preliminary financial results for the second quarter 2023, including net sales which are expected to be in the range of its previously-announced outlook of $400 million to $450 million, and diluted loss per share which is expected to be in the range of its previously-announced outlook of $0.50 to $0.60. “We expect second quarter net sales and

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EXPRESS, INC. announced a restructuring with charges of approximately $5 million (approximately 150 employees).

Type: restructuring
Charge: approximately $5 million
Headcount: approximately 150 employees

Exact text from the filing

On August 17, 2023, the Company announced that it had initiated a workforce reduction to reduce costs and improve operating efficiencies. The workforce reduction, which is being implemented as part of a plan of strategic cost reduction actions and was committed to by management on July 27, 2023, will impact approximately 150 employees and is expected to be completed by the end of the third quarter of fiscal 2023. The Company expects that it will incur approximately $5 million in restructuring and related costs, primarily related to severance and benefit costs, in connection with the workforce reduction and recognized these costs in the second quarter of fiscal 2023.

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Source: SEC EDGAR

accession 0001193125-23-215072

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