Express Inc. (Columbus, Ohio) experienced growth in its first-quarter sales and earnings, with sales increasing 9.1 percent to $502.4 million and net income rising to $13.1 million from $5.1 million last year. Same-store sales were up 7 percent.
According to Women’s Wear Daily, the growth was fueled, in part, by the company’s efforts to be intentional with its inventory and also by scaling back its promotional activity. At the close of Q1, the company had $265.9 million of inventory, which compares to $235 million in the prior year. The company increased its borrowing capacity from $200 million to $250 million.
The company’s President and CEO, David Kornberg, said in a statement that the year is “off to a strong start.”