Express, Inc. Reports Third Quarter 2018 Results; Introduces Fourth Quarter Guidance and Revises Full Year 2018 Outlook
Business Wire 29-Nov-2018 6:45 AM
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Third quarter net sales increased 2%, with flat comparable sales
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Third quarter diluted earnings per share (EPS) of $0.11
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E-commerce comparable sales increased 23% and accounted for 29% of
net sales
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Gross margin expanded 70 basis points in the third quarter
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Omni-channel capabilities delivered increased benefits
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Strong balance sheet maintained with $161 million in cash and no
debt
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Repurchased 10.6 million shares for $91 million life to date under
existing $150 million share repurchase program
Express, Inc. (NYSE:EXPR), a leading fashion apparel retailer,
announced its financial results for the third quarter of 2018. These
results, which cover the thirteen weeks ended November 3, 2018, are
compared to the thirteen weeks ended October 28, 2017. Comparable sales
for the third quarter of 2018 were calculated using the 13-week period
ended November 3, 2018, as compared to the 13-week period ended November
4, 2017.
David Kornberg, the Company's president and chief executive officer,
stated: "Our third quarter performance was in line with our guidance.
Total sales increased 2%, with flat comparable sales, and earnings per
share increased relative to the prior year. E-commerce had another
strong quarter, with comparable sales increasing 23%, on top of 23%
growth achieved in the prior year period."
Mr. Kornberg continued, "We entered the holiday season positioned to
succeed with increased newness as compared to last year. However, sales
to date in November have been below our expectations. The apparel
specialty retail environment continues to be highly promotional and our
traffic has been challenging. While the majority of the quarter is still
in front of us, we are revising our guidance to reflect a more cautious
stance given recent unexpected sales trends. Our financial position
remains sound and we continue to have long-term confidence in our brand
and business. We remain committed to driving shareholder value, which is
most evident in our share repurchase activity over the past year."
Third Quarter 2018 Operating Results:
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Net sales increased 2% to $515.0 million from $503.4 million in the
third quarter of 2017.
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Comparable sales (including e-commerce sales) were 0%, compared to a
1% decrease in the third quarter of 2017.
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E-commerce sales increased 26% year over year to $149.1 million. On a
comparable sales basis, e-commerce sales increased 23%.
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Gross margin improved 70 basis points to 30.7% of net sales compared
to 30.0% in last year's third quarter. The improvement was driven by a
10 basis point increase in merchandise margin and 60 basis point
decrease in buying and occupancy costs as a percentage of net sales.
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Selling, general, and administrative (SG&A) expenses were $148.3
million versus $140.5 million in last year's third quarter. As a
percentage of net sales, SG&A expenses increased by 90 basis points
year-over-year to 28.8%.
-
Operating income was $10.2 million. This compares to operating income
of $10.8 million in the third quarter of 2017.
-
Income tax expense was $2.2 million, at an effective tax rate of
21.7%, compared to income tax expense of $4.2 million, at an effective
tax rate of 40.9% in last year's third quarter. The decrease in the
effective tax rate was primarily due to the lower federal statutory
rate resulting from the U.S. Tax Cuts and Jobs Act as well as certain
discrete items.
-
Net income was $8.0 million, or $0.11 per diluted share. This compares
to net income of $6.0 million, or $0.08 per diluted share, in the
third quarter of 2017.
-
Real estate activity for the third quarter of 2018 is presented in
Schedule 5.
Third Quarter 2018 Balance Sheet Highlights:
-
Cash and cash equivalents totaled $161.2 million versus $198.3 million
at the end of the third quarter of 2017.
-
Capital expenditures totaled $32.4 million for the thirty-nine weeks
ended November 3, 2018, compared to $42.2 million for the thirty-nine
weeks ended October 28, 2017.
-
Inventory was $362.8 million compared to $337.0 million at the end of
the prior year's third quarter. The increase was primarily driven by
the shift in the retail calendar.
Share Repurchase Program:
On November 28, 2017, the Company's Board of Directors approved a new
share repurchase program that authorized the Company to repurchase up
to $150 million of the Company's outstanding common stock using
available cash. Under this program, the Company has repurchased 10.6
million shares for $90.6 million, including 2.5 million shares for $24.2
million during the third quarter of 2018. Subsequent to the end of the
third quarter, the Company has repurchased an additional 2.0 million
shares for approximately $17.1 million and currently has
approximately $59 million remaining under its authorization. The
Company's fourth quarter and full year 2018 guidance reflects share
repurchases made to date, however does not contemplate any future share
repurchases.
Revenue Recognition:
Effective February 4, 2018, the Company adopted the new revenue
recognition standard ("ASC 606") on a full retrospective basis. As a
result, the condensed consolidated financial statements as of February
3, 2018 and for the thirteen and thirty-nine weeks ended October 28,
2017, have been recast. For additional information, regarding the
adjustments see Exhibit 99.3 to the Company's Form 8-K filed with the
SEC on March 14, 2018.
2018 Guidance:
The Company notes that 2018 is a fifty-two week period as compared to a
fifty-three week period in 2017. The fifty-third week was in the fourth
quarter and contributed approximately $0.04 in diluted EPS in 2017. The
table below compares the Company's projected results for the thirteen
week period ended February 2, 2019 to the actual results for the
fourteen week period ended February 3, 2018.
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Fourth Quarter 2017
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Fourth Quarter 2018 Guidance
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Actual Results
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Comparable Sales
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-5% to -7%
|
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-1%
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Effective Tax Rate
|
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Approximately 31%
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35.3%(1,2)
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Interest Income/(Expense), Net
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$0.1 million
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$(0.2) million
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Net Income
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$8 to $14 million
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$27.4 million(1,2)
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Adjusted Net Income
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N/A
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$25.8 million(1)
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Diluted EPS
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$0.11 to $0.20
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$0.35(1,2)
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Adjusted Diluted EPS
|
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N/A
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$0.33(1)
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Weighted Average Diluted Shares Outstanding
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70.4 million
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78.9 million
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(1)
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Retrospectively adjusted to reflect adoption of the new revenue
recognition accounting standard. For additional information
regarding the adjustments see Exhibit 99.3 to the Company's Form 8-K
filed with the SEC on March 14, 2018.
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(2)
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Includes a $2.1 million net tax benefit related to tax reform,
specifically the re-measurement of the Company's deferred taxes.
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The table below compares the Company's projected results for the
fifty-two week period ended February 2, 2019 to the actual results for
the fifty-three week period ended February 3, 2018.
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Full Year 2017
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Full Year 2018 Guidance
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Actual Results
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Comparable Sales
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-1% to -2%
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-3%
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Effective Tax Rate
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Approximately 32%(1)
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34.6%(2,4)
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Interest Income/(Expense), Net
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$(0.1) million
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$(2.2) Million
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Net Income
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$18.5 to $24.5 million
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$18.9 million(2,3,4)
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Adjusted Net Income
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N/A
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$28.9 million (4,5)
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Diluted EPS
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$0.25 to $0.33
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$0.24 (2,3,4)
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Adjusted Diluted EPS
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N/A
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$0.37 (4,5)
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Weighted Average Diluted Shares Outstanding
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73.7 million
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78.9 million
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Capital Expenditures
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$53 to $58 million
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$57.4 million
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(1)
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The Company's effective tax rate for the full year is expected to be
above its operating tax rate of approximately 30% due to certain
discrete tax items.
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(2)
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Includes a net $12.1 million tax benefit related to the exit of
Canada, as well as a $2.1 million net tax benefit related to tax
reform, specifically the re-measurement of the Company's deferred
taxes.
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(3)
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Includes $24.2 million in restructuring costs and inventory
adjustments related to the exit of Canada.
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(4)
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Retrospectively adjusted to reflect adoption of the new revenue
recognition accounting standard. For additional information
regarding the adjustments see Exhibit 99.3 to the Company's Form 8-K
filed with the SEC on March 14, 2018.
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(5)
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Adjusted Net Income and Adjusted Diluted EPS are non-GAAP financial
measures. Refer to Schedule 4 for a reconciliation of GAAP to
Non-GAAP financial measures.
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This guidance does not take into account any additional non-core items
that may occur.
See Schedule 5 for a discussion of projected real estate activity.
Conference Call Information:
A conference call to discuss third quarter 2018 results is scheduled for
November 29, 2018 at 9:00 a.m. Eastern Time (ET). Investors and analysts
interested in participating in the call are invited to dial (877)
683-0508 approximately ten minutes prior to the start of the call. The
conference call will also be webcast live at: investors.express.com
and remain available for 90 days. A telephone replay of this call will
be available at 12:00 p.m. ET on November 29, 2018 until 5:59 p.m. ET on
December 6, 2018 and can be accessed by dialing (800) 585-8367 and
entering replay pin number 8383648.
About Express, Inc.:
Express is a leading fashion destination and apparel brand for both
women and men. Since 1980, Express has provided the latest apparel and
accessories for work, casual, jeanswear, and going-out, offering a
distinct combination of fashion and quality at an attractive value. The
company operates more than 600 retail and factory outlet stores in the
United States and Puerto Rico, as well as a best-in-class shopping
experience through its website and mobile app. In addition, Express
merchandise is available at franchise locations and online in Latin
America. For more information, please visit www.express.com.
Forward-Looking Statements:
Certain statements are "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include any statement that does not
directly relate to any historical or current fact and include, but are
not limited to, (1) guidance and expectations for the fourth quarter and
full year 2018, including statements regarding expected comparable
sales, effective tax rates, interest expense, net income, diluted
earnings per share, and capital expenditures, (2) statements regarding
expected store openings, store closures, store conversions, and gross
square footage, and (3) statements regarding the Company's strategy,
plans, and initiatives, including, but not limited to, results expected
from such strategy, plans, and initiatives. Forward-looking statements
are based on our current expectations and assumptions, which may not
prove to be accurate. These statements are not guarantees and are
subject to risks, uncertainties, and changes in circumstances that are
difficult to predict, and significant contingencies, many of which are
beyond the Company's control. Many factors could cause actual results to
differ materially and adversely from these forward-looking statements.
Among these factors are (1) changes in consumer spending and general
economic conditions; (2) our ability to identify and respond to new and
changing fashion trends, customer preferences, and other related
factors; (3) fluctuations in our sales, results of operations, and cash
levels on a seasonal basis and due to a variety of other factors,
including our product offerings relative to customer demand, the mix of
merchandise we sell, promotions, and inventory levels; (4) customer
traffic at malls, shopping centers, and at our stores; (5) competition
from other retailers; (6) our dependence on a strong brand image; (7)
our ability to adapt to changing consumer behavior and develop and
maintain a relevant and reliable omni-channel experience for our
customers; (8) the failure or breach of information systems upon which
we rely; (9) our ability to protect customer data from fraud and theft;
(10) our dependence upon third parties to manufacture all of our
merchandise; (11) changes in the cost of raw materials, labor, and
freight; (12) supply chain or other business disruption; (13) our
dependence upon key executive management; (14) our ability to execute
our growth strategy, including improving profitability, providing an
exceptional brand and customer experience, transforming and leveraging
our systems and processes, and cultivating a strong company culture, and
achieving our strategic objectives, including delivering compelling
merchandise at an attractive value, investing in growing brand awareness
and retaining and acquiring new customers to the Express brand, growing
e-commerce sales and expanding our omni-channel capabilities, optimizing
our store footprint, and managing our overall cost structure; (15) our
substantial lease obligations; (16) our reliance on third parties to
provide us with certain key services for our business; (17) impairment
charges on long-lived assets; (18) claims made against us resulting in
litigation or changes in laws and regulations applicable to our
business; (19) our inability to protect our trademarks or other
intellectual property rights which may preclude the use of our
trademarks or other intellectual property around the world; (20)
restrictions imposed on us under the terms of our asset-based loan
facility, including restrictions on the ability to effect share
repurchases; and (21) changes in tax requirements, results of tax
audits, and other factors that may cause fluctuations in our effective
tax rate. Additional information concerning these and other factors can
be found in Express, Inc.'s filings with the Securities and Exchange
Commission. We undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future events,
or otherwise, except as required by law.
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Schedule 1
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Express, Inc.
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Consolidated Balance Sheets
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(In thousands)
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(Unaudited)
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November 3, 2018
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February 3, 2018 (1)
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October 28, 2017 (1)
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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161,189
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$
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236,222
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$
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198,294
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Receivables, net
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15,496
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12,084
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16,023
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Inventories
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362,767
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260,728
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336,965
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Prepaid minimum rent
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30,637
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30,779
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30,830
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Other
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28,402
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24,319
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34,273
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Total current assets
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598,491
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564,132
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616,385
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PROPERTY AND EQUIPMENT
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1,074,712
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1,047,447
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1,039,197
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Less: accumulated depreciation
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(699,577
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)
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(642,434
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)
|
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(617,958
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)
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Property and equipment, net
|
|
375,135
|
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|
405,013
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|
|
421,239
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|
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TRADENAME/DOMAIN NAMES/TRADEMARKS
|
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197,618
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197,618
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197,618
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DEFERRED TAX ASSETS
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7,388
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7,346
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7,976
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OTHER ASSETS
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15,634
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12,815
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13,161
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Total assets
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$
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1,194,266
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$
|
1,186,924
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$
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1,256,379
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$
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225,100
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$
|
145,589
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$
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229,338
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Deferred revenue
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34,473
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41,240
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31,679
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Accrued expenses
|
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93,407
|
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|
110,563
|
|
|
112,711
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Total current liabilities
|
|
352,980
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297,392
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373,728
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DEFERRED LEASE CREDITS
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|
130,157
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137,618
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140,350
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OTHER LONG-TERM LIABILITIES
|
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100,092
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103,600
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106,996
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Total liabilities
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|
583,229
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|
538,610
|
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|
621,074
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COMMITMENTS AND CONTINGENCIES
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Total stockholders' equity
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|
611,037
|
|
|
648,314
|
|
|
635,305
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Total liabilities and stockholders' equity
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|
$
|
1,194,266
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|
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$
|
1,186,924
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$
|
1,256,379
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(1)
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The Company's balance sheet as of February 3, 2018 and October 28,
2017 have been updated to reflect the adoption of Accounting
Standards Update No. 2014-09, Revenue From Contracts with Customers
(ASC 606) under the full retrospective method on February 4, 2018.
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Schedule 2
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Express, Inc.
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Consolidated Statements of Income
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(In thousands, except per share amounts)
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(Unaudited)
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Thirteen Weeks Ended
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Thirty-Nine Weeks Ended
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|
|
November 3,
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October 28,
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November 3,
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October 28,
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2018
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2017 (1)
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2018
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2017 (1)
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NET SALES
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$
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514,961
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$
|
503,419
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$
|
1,487,918
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$
|
1,458,820
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|
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS
|
|
356,812
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|
352,227
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|
1,046,204
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|
|
1,041,590
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|
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Gross profit
|
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158,149
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|
|
151,192
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|
441,714
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|
417,230
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OPERATING EXPENSES:
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|
|
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Selling, general, and administrative expenses
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|
148,294
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|
140,493
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|
426,583
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|
|
407,001
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Restructuring costs
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|
166
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|
258
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166
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22,869
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|
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Other operating income, net
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(513
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)
|
|
(341
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)
|
|
(689
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)
|
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(664
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)
|
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Total operating expenses
|
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147,947
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|
140,410
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|
|
426,060
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429,206
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OPERATING INCOME/(LOSS)
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10,202
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|
10,782
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|
15,654
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(11,976
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)
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INTEREST EXPENSE, NET
|
|
32
|
|
|
577
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|
|
168
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|
|
2,070
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OTHER INCOME, NET
|
|
—
|
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|
—
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|
|
(500
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)
|
|
(537
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)
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INCOME/(LOSS) BEFORE INCOME TAXES
|
|
10,170
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|
|
10,205
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|
15,986
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(13,509
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)
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INCOME TAX EXPENSE/(BENEFIT)
|
|
2,203
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|
|
4,174
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|
|
5,268
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|
|
(4,981
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)
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NET INCOME/(LOSS)
|
|
$
|
7,967
|
|
|
$
|
6,031
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|
|
$
|
10,718
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$
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(8,528
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)
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EARNINGS PER SHARE:
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Basic
|
|
$
|
0.11
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|
|
$
|
0.08
|
|
|
$
|
0.14
|
|
|
$
|
(0.11
|
)
|
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
0.08
|
|
|
$
|
0.14
|
|
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
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|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
72,512
|
|
|
78,805
|
|
|
73,959
|
|
|
78,679
|
|
|
Diluted
|
|
73,473
|
|
|
78,890
|
|
|
74,757
|
|
|
78,679
|
|
|
(1)
|
|
The Company's income statement for the thirteen and thirty-nine
weeks ended October 28, 2017 has been updated to reflect the
adoption of Accounting Standards Update No. 2014-09, Revenue From
Contracts with Customers (ASC 606) under the full retrospective
method on February 4, 2018.
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Schedule 3
|
|
Express, Inc.
|
|
Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended
|
|
|
|
November 3, 2018
|
|
October 28, 2017(1)
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income/(loss)
|
|
$
|
10,718
|
|
|
$
|
(8,528
|
)
|
|
Adjustments to reconcile net income/(loss) to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
64,099
|
|
|
67,852
|
|
|
Loss on disposal of property and equipment
|
|
303
|
|
|
1,323
|
|
|
Impairment charge
|
|
—
|
|
|
5,479
|
|
|
Loss on deconsolidation of Canada
|
|
—
|
|
|
10,672
|
|
|
Share-based compensation
|
|
10,816
|
|
|
11,110
|
|
|
Deferred taxes
|
|
(42
|
)
|
|
2,164
|
|
|
Landlord allowance amortization
|
|
(8,702
|
)
|
|
(9,779
|
)
|
|
Other non-cash adjustments
|
|
(500
|
)
|
|
(500
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Receivables, net
|
|
(3,412
|
)
|
|
(660
|
)
|
|
Inventories
|
|
(102,039
|
)
|
|
(104,516
|
)
|
|
Accounts payable, deferred revenue, and accrued expenses
|
|
52,187
|
|
|
59,001
|
|
|
Other assets and liabilities
|
|
(5,113
|
)
|
|
14,056
|
|
|
Net cash provided by operating activities
|
|
18,315
|
|
|
47,674
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital expenditures
|
|
(32,402
|
)
|
|
(42,207
|
)
|
|
Decrease in cash and cash equivalents resulting from deconsolidation
of Canada
|
|
—
|
|
|
(9,232
|
)
|
|
Net cash used in investing activities
|
|
(32,402
|
)
|
|
(51,439
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Payments on lease financing obligations
|
|
(1,385
|
)
|
|
(1,262
|
)
|
|
Repayments of financing arrangements
|
|
(750
|
)
|
|
(2,040
|
)
|
|
Repurchase of common stock under share repurchase program
|
|
(56,161
|
)
|
|
—
|
|
|
Repurchase of common stock for tax withholding obligations
|
|
(2,650
|
)
|
|
(1,574
|
)
|
|
Net cash used in financing activities
|
|
(60,946
|
)
|
|
(4,876
|
)
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE ON CASH
|
|
—
|
|
|
(438
|
)
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
(75,033
|
)
|
|
(9,079
|
)
|
|
CASH AND CASH EQUIVALENTS, Beginning of period
|
|
236,222
|
|
|
207,373
|
|
|
CASH AND CASH EQUIVALENTS, End of period
|
|
$
|
161,189
|
|
|
$
|
198,294
|
|
|
(1)
|
|
The Company's cash flow statement for the thirty-nine weeks ended
October 28, 2017 has been updated to reflect the adoption of
Accounting Standards Update No. 2014-09, Revenue From Contracts with
Customers (ASC 606) under the full retrospective method on February
4, 2018.
|
|
|
|
|
Schedule 4
Supplemental Information - Consolidated Statements of IncomeReconciliation
of GAAP to Non-GAAP Financial Measures(Unaudited)
The Company supplements the reporting of its financial information
determined under United States generally accepted accounting principles
(GAAP) with certain non-GAAP financial measures: adjusted net income and
adjusted diluted earnings per share. The Company believes that these
non-GAAP measures provide additional useful information to assist
stockholders in understanding its financial results and assessing its
prospects for future performance. Management believes adjusted net
income and adjusted diluted earnings per share are important indicators
of the Company's business performance because they exclude items that
may not be indicative of, or are unrelated to, the Company's underlying
operating results, and provide a better baseline for analyzing trends in
the business. In addition, adjusted diluted earnings per share is used
as a performance measure in the Company's executive compensation program
for purposes of determining the number of equity awards that are
ultimately earned. Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial measures
with other companies' non-GAAP financial measures having the same or
similar names. These adjusted financial measures should not be
considered in isolation or as a substitute for reported net income or
reported diluted earnings per share. These non-GAAP financial measures
reflect an additional way of viewing the Company's operations that, when
viewed with the GAAP results and the below reconciliations to the
corresponding GAAP financial measures, provide a more complete
understanding of the Company's business. Management strongly encourages
investors and stockholders to review the Company's financial statements
and publicly-filed reports in their entirety and not to rely on any
single financial measure.
|
|
|
Fourteen Weeks Ended February 3, 2018
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Diluted
|
|
Diluted
|
|
|
|
|
|
Earnings per
|
|
Shares
|
|
(in thousands, except per share amounts)
|
|
Net Income
|
|
Share
|
|
Outstanding
|
|
GAAP Measure (a)
|
|
$
|
27,401
|
|
|
$
|
0.35
|
|
|
78,927
|
|
Income Tax Expense - Canadian Exit
|
|
402
|
|
|
0.01
|
|
|
|
|
Impact of Tax Reform (a)
|
|
(2,050
|
)
|
|
(0.03
|
)
|
|
|
|
Adjusted Non-GAAP Measure (a)
|
|
$
|
25,753
|
|
|
$
|
0.33
|
|
|
|
|
(a)
|
|
Retrospectively adjusted to reflect adoption of the new revenue
recognition accounting standard.
|
|
|
|
|
|
|
|
Fifty-Three Weeks Ended February 3, 2018
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Diluted
|
|
Diluted
|
|
|
|
|
|
Earnings per
|
|
Shares
|
|
(in thousands, except per share amounts)
|
|
Net Income
|
|
Share
|
|
Outstanding
|
|
GAAP Measure (a)
|
|
$
|
18,873
|
|
|
$
|
0.24
|
|
|
78,870
|
|
Impact of Canadian Exit
|
|
24,151
|
|
|
0.31
|
|
|
|
|
Income Tax Benefit - Canadian Exit
|
|
(12,067
|
)
|
|
(0.15
|
)
|
|
|
|
Impact of Tax Reform (a)
|
|
(2,050
|
)
|
|
(0.03
|
)
|
|
|
|
Adjusted Non-GAAP Measure (a)
|
|
$
|
28,907
|
|
|
$
|
0.37
|
|
|
|
|
(a)
|
|
Retrospectively adjusted to reflect adoption of the new revenue
recognition accounting standard.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 5
|
|
Express, Inc.
|
|
Real Estate Activity
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Third Quarter 2018 - Actual
|
|
November 3, 2018 - Actual
|
|
|
|
|
|
|
|
|
|
|
|
Gross Square
|
|
Company-Operated Stores
|
|
Opened
|
|
Closed
|
|
Conversion
|
|
Store Count
|
|
Footage
|
|
United States - Retail Stores
|
|
—
|
|
—
|
|
(2)
|
|
453
|
|
|
|
United States - Outlet Stores
|
|
3
|
|
—
|
|
2
|
|
181
|
|
|
|
Total
|
|
3
|
|
—
|
|
—
|
|
634
|
|
5.4 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2018 - Projected
|
|
February 2, 2019 - Projected
|
|
|
|
|
|
|
|
|
|
|
|
Gross Square
|
|
Company-Operated Stores
|
|
Opened
|
|
Closed
|
|
Conversion
|
|
Store Count
|
|
Footage
|
|
United States - Retail Stores
|
|
—
|
|
(3)
|
|
—
|
|
450
|
|
|
|
United States - Outlet Stores
|
|
3
|
|
—
|
|
—
|
|
184
|
|
|
|
Total
|
|
3
|
|
(3)
|
|
—
|
|
634
|
|
5.4 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year 2018 - Projected
|
|
February 2, 2019 - Projected
|
|
|
|
|
|
|
|
|
|
|
|
Gross Square
|
|
Company-Operated Stores
|
|
Opened
|
|
Closed
|
|
Conversion
|
|
Store Count
|
|
Footage
|
|
United States - Retail Stores
|
|
—
|
|
(11)
|
|
(29)
|
|
450
|
|
|
|
United States - Outlet Stores
|
|
10
|
|
—
|
|
29
|
|
184
|
|
|
|
Total
|
|
10
|
|
(11)
|
|
—
|
|
634
|
|
5.4 million
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181129005129/en/
