EXPRESS, INC.

CIK:0001483510|SEC Filings

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
Income Statement [Abstract]
Net Sales	$ 1,854,357	$ 1,864,182
Cost of Goods Sold, Buying and Occupancy Costs	1,453,975	1,335,588
GROSS PROFIT	400,382	528,594
Operating Expenses (Income):
Selling, general, and administrative expenses	594,106	596,671
Royalty income	(22,375)	0
Other operating income, net	(9,375)	(590)
TOTAL OPERATING EXPENSES	562,356	596,081
OPERATING LOSS	(161,974)	(67,487)
Interest Expense, Net	20,058	29,103
Gain on transaction with WHP	0	(409,493)
Other Expense (Income), Net	27,200	(1,384)
(LOSS) INCOME BEFORE INCOME TAXES	(209,232)	314,287
Income Tax (Benefit) Expense	(693)	20,453
NET (LOSS) INCOME	(208,539)	293,834
COMPREHENSIVE (LOSS) INCOME	$ (208,539)	$ 293,834
EARNINGS PER SHARE:
Basic (in USD per share)	$ (55.89)	$ 86.37
Diluted (in USD per share)	$ (55.89)	$ 85.10
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	3,731	3,402
Diluted (in shares)	3,731	3,453

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
OPERATING ACTIVITIES
Net (loss) income	$ (208,539)	$ 293,834
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	53,262	62,169
Gain on transaction with WHP	0	(409,493)
Loss on extinguishment of debt	0	4,500
Loss on disposal of property and equipment	42	57
Impairment of property, equipment and lease assets	3,428	2,150
Equity method investment impairment	27,200	0
Share-based compensation	(4,892)	7,540
Deferred taxes	(2,733)	10,868
Landlord allowance amortization	(307)	(387)
Changes in operating assets and liabilities:
Receivables, net	(17,203)	(630)
Income tax receivable	6,319	(75)
Prepaid royalty	59,565	(59,565)
Inventories	47,045	(6,854)
Deferred royalty income	(19,852)	19,852
Accounts payable, deferred revenue and accrued expenses	17,611	(46,367)
Other assets and liabilities	(17,782)	(34,679)
NET CASH USED IN OPERATING ACTIVITIES	(56,836)	(157,080)
INVESTING ACTIVITIES
Capital expenditures	(26,057)	(47,375)
Acquisition, net of cash acquired	(28,300)	0
Proceeds from WHP transaction	0	243,387
Costs related to WHP transaction	(104)	0
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(54,461)	196,012
FINANCING ACTIVITIES
Proceeds from borrowings under the revolving credit facility	315,250	350,470
Repayment of borrowings under the revolving credit facility	(292,906)	(263,470)
Proceeds from term loan facility	65,000	0
Repayment of borrowings under term loan facility	(1,927)	(96,737)
Costs incurred in connection with debt arrangements	(3,185)	(9,646)
Proceeds on issuance of common stock	0	6,899
Repurchase of common stock for tax withholding obligations	(371)	(2,012)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	81,861	(14,496)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(29,436)	24,436
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	65,612	41,176
CASH AND CASH EQUIVALENTS, END OF PERIOD	36,176	65,612
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	15,243	25,121
Cash paid to taxing authorities	$ 1,881	$ 1,374

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Current Assets:
Cash and cash equivalents	$ 36,176	$ 65,612
Receivables, net	31,648	12,374
Income tax receivable	1,939	1,462
Inventories	369,897	365,649
Prepaid royalty	0	59,565
Prepaid rent	7,947	7,744
Other	17,297	21,998
Total current assets	464,904	534,404
Right of Use Asset, Net	528,716	505,350
Property and Equipment	987,615	1,019,577
Less: accumulated depreciation	(881,700)	(886,193)
Property and equipment, net	105,915	133,384
Non-Current Income Tax Receivable	45,482	52,278
Equity Method Investment	139,010	166,106
Other Assets	5,713	6,803
TOTAL ASSETS	1,289,740	1,398,325
Current Liabilities:
Short-term lease liability	177,525	189,006
Accounts payable	216,490	191,386
Deferred royalty income	0	19,852
Deferred revenue	46,645	35,543
Short-term debt	4,659	0
Accrued expenses	118,768	105,803
Total current liabilities	564,087	541,590
Long-Term Lease Liability	420,175	406,448
Long-Term Debt	199,970	122,000
Other Long-Term Liabilities	11,741	20,718
Total Liabilities	1,195,973	1,090,756
Commitments and Contingencies (Note 13)
Stockholders’ Equity:
Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding	0	0
Common stock – $0.01 par value; 25,000 shares authorized; 4,953 shares and 4,953 shares issued at February 3, 2024 and January 28, 2023, respectively, and 3,747 shares and 3,688 shares outstanding at February 3, 2024 and January 28, 2023, respectively	50	50
Additional paid-in capital	223,397	229,573
Retained earnings	130,752	355,736
Treasury stock – at average cost; 1,206 shares and 1,265 shares at February 3, 2024 and January 28, 2023, respectively	(260,432)	(277,790)
Total stockholders’ equity	93,767	307,569
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,289,740	$ 1,398,325