- Earnings call transcript Q3 2022

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Operator

Good morning. My name is Chris, and I'll be your conference operator today. I’d like to welcome everyone to the Express, Inc. Conference Call to discuss Third Quarter 2022 Earnings, as well as the partnership with WHP Global. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers' the will question-and-answer be After [Operator you. Instructions] Thank call to Relations. Greg like now over hand Investor I of the to President Johnson, Vice go Please ahead.

Greg Johnson

you, partnership of our the quarter XXXX welcome and Thank well to Global. third morning, as as conference our webcast announcement earnings WHP call to the discuss results, Good Chris. with Express and

uncertainties. except no result information, that to represent issued found except by current subject relations partnership and statements presentation uncertainties, events, reminding and provisions. our of could contain forward-looking our those federal description These earnings to may presentation call assumptions, statements release and may of facts Form quarter our press and to may third Our are due required to filings Harbor the of with forward-looking the announcing Global a for statements items archived be the with suggested forward-looking other Express deemed the Safe number WHP from to with made or obligation and cause to will future as from statements. morning. uncertainties this quarter investor Actual judgement open risk press SEC. for release the forward-looking in described assumes XXXX within will statements risks and Form laws. differ Today’s otherwise, earnings press that differ materially I'd the law. in containing These Please release forward-looking detailed can third XX-K, conference These a express.com. of our by those materially be the meaning new results to those like constitute of in any are to historical partnership section refer be release Any company's the the and risks results replay. call, and as be we future XXXX you of statements securities update relating whether statements. during available our call a this the XX-Q, and further WHP and in risks,

separate another earnings two for announcement. the this presentation our website the relations XXXX and customary The lender release third and for have partnership presentations our quarter standalone consummation consent, morning. partnership We pending on closing is regulatory approvals, investor conditions. of One

the will press comments Our detailed releases provided presentations. summarize investor both today and in information both

addition, we In refer may measures. certain to non-GAAP

to a discussed reported locate You reconciliation our comments earnings under release. measures in can non-GAAP of amounts in our any GAAP

refer also Chief prepared fiscal providing CEO me periods earnings Officer; to Chief will additional Judd, in otherwise of the for the notes now our Shmidman, financial today call turn are prior over remarks be unless Chief items. Founder We noted. Executive President and definition the and Jason see of With Officer; release Officer; certain regarding Yehuda Global. Tim. Operating WHP comparisons today, to and and Please details XXXX Moellering, Tim Matt Baxter, Financial will to I explanatory

Tim Baxter

progressed. reflected competitive challenging acute and industry, The saw extremely consumer and aggressive and that Across were activity. the strategic became the everyone. and results was to we this QX good Global announced I'll morning, we morning. third briefly than our before with partnership Thank quarter our promotional is in environments as macroeconomic, you, review more turning we quarter results. anticipated widespread WHP Greg, that the tougher

our time, the spending we consumers discretionary retails higher reduced which these our Express and however ability results, reduced strategy promotions, of to and the positive men's quarter performance. elevate confident our up that the our comps women's our post our in further Despite and discounts. goal the misses in increased in of against quarters, had in past brand consecutive growth long-term site-wide business profitable growth driven steady our average impacted achieve sixth appetite Our in five brand. came unit store-wide business. to did At categories We through for we has for deep stated some same remain

our our opportunities to in customer opening working purchasing based already and assortments business. address recalibrate points, behavior, realign price on our are We women's

We are structure our also This actions profitability. to news. some morning, improve and also our decisive size we taking right exciting announced incredibly cost

company We brand, a EXPRESSway acquisitions. our our through have management and a this partnership, WHP we Through of strategic entered we begin Global, scale accelerate will shareholder value. bold partnership to brand drive new greater into the a with expect Express one strategy, advance mutually transformative Forward leading growth firm our chapter, that brand

me key this components you Let of through partnership. talk the

integrated leverage First, expertise grow fully multiple and operate acquire we to brands. will operating our omnichannel and platform fashion

with establish will brand growth gross and proceeds long-term lead will from accelerated joint venture Express with increased our components to And and expect we third, scale will sheet through WHP immediately profitable in global $XXX an intellectual WHP licensing strengthen the we property we to When shareholder million balance combined, these expansion. value. investment. category Second, the

provide some detail each on one. me Let additional

our multiple First, the our omnichannel to furthers capability brands. fully with model platform. This integrated reach a from and retailer specialty a mall-based platform transformation to operate

create will to expect industry accelerate profitability. of our with and leverage generate anticipated our retail We operating well-positioned partnership in take savings, consolidation Through drive strategic WHP. brand acquisitions cost margin these advantage acquisitions, growth, platform be by expansion, to pursuing we to

to brand. venture potential. To larger property are now, with can footprints. the than styling brand joint category in licensing powered that will and U.S. And categories. help EXPR profile remains Express non-core known and have geographic a the Express dollar forward with property mall multi-billion to a the the and said community joint reach a true Today, the us are a that many clear, through and untapped international venture. be property brand brand to to and venture. enable with by Express its we our expertise, intellectual agreements as the in intellectual of the scale through being license awareness from partnership, the with Second, WHP, brands unlock going intellectual transforming times Express partners Express continue as today its joint new This new of operate the in will do exactly store we agreement XXX-year for I the a purpose

Third, pipe the common into proceeds ownership million. compelling our This a a will balance sheet to will invest stock million $XXX approximately share. allowing acquire intellectual capabilities, X.X X.X%. at proforma Express million investment upgrade us will platform opportunities, strengthen loan. our joint at The a stake valued for equity a cash total of rate be newly $XXX brand approximate eliminate shares is and through acquisition partnership. this high maintain invest common of and interest $X.XX will $XXX property WHP million sheet. per These of XX% XX represents an WHP million XX% will balance stake. pursue synergistic our to term EXPR issued venture

realizing This equally As capital and with It committed CEO and we do so, about pleasure to a Yehuda’s innovative the professional Shmidman, many their have personal years. tell Yehuda WHP approach disciplined Global my introduce WHP. will have for and for for Founder partnership deployment. of little is you known integrity. full would Yehuda and I WHP we bold experienced bit possible only and to and maintain great a partner. be potential is I its our and highly expertise to model a respect

Yehuda Shmidman

be to I'm with Thank you, you here today. Tim. excited very

backing new you capital with your especially brand and future. partnership and regions enhance global is with First truly believe Express of share drive firm ABBOUD, JOE'S U.S. that major like enthusiasm powerful stakeholders. fashion Europe, growth in respective vision with with it acquired belief both and and WHP the we incredible XXX% our the our consumer the strong than capabilities, portfolio future. I Today, significantly are our brands and our brands to that that the transformational for untapped Board aligning be believe potential, growth have brands management we we JOSEPH Latin and our America, I an across JEANS, for team, KLEIN, the in that the I On significant new of help will is am and as America, the We the of companies purpose of by for includes aligned growing companies. leading in East, outside WHP Directors, to entire Express outlined. brand and thank be additional of thrilled EXPR Middle is Global both brand meaningful a ANNE foremost, Mylle strongly North together and I'd Express team can Furthermore, Mangum, Chairman to the Tim, the a of global of value the to XXX Asia, by and Global expertise our acquiring partner behalf Board, to network we leverage management TOYS"R"US, by of a look BABIES"R"US, EXPR licensees more. more a all

confident with great together. that the are will we join to thrilled and We forces accomplish things team

Tim Baxter

brand steadily that a awareness high Thank accelerated value you, global management build on Yehuda. and forward loyal proven portfolio of and Together, company We Together, expect to partner a multi-billion brands of scale. dollar growth. with record growing we brand track a a with unlocking has brand thinking long-term customers a of deliver base a fashion

of benefits industry and opportune the bold number us a partnership, time of for mutual such to a dynamics addition In makes this opportunities move. an

pressure which customer impacted few of and been operating capital, pace years, others have have increasing experience. The our financial many and last in these scarcity certainly growth the negatively conditions. around expenses, a the has been SG&A retail to by industry so apparel of Over and margin our expectations by the affected ever high company led sector for results

U.S. I upon brand is have and working. been As that to Express the in just we the we'll continue said earlier, everything as will build operate doing we

have drive will stores. Through We five [indiscernible] here. optimization months to our in denim, growth Edit opened tops. modern growth six had the We've new fleet our and in last great and to will Express pilot strategy results drive chinos tailoring, concept we continue stores continue in

will business in drive be remarkable UpWest to our We Forward with bring access in execution. sales customers, opened operating any provide a platform, with as to ensuring our is with usual. customer, will partnership and pillars: compelling XXth separate XX%. growth greater a into of begin our for and I and brand, to Express are a existing partnership drive the your accelerate the we up over had Forward will putting retail turn the store engaging here. These new company, four attracting developing partnership, quarter brand continue our I'll and to and brand UpWest our to of the fold Our apparel ones, commitment relevant to continue shareholders. strategy remains growth value brand, execution. in SoHo, we interest grounded and with strategic a operator This new both brand and The EXPRESSway scale advance WHP omnichannel strategy, back relentless of from operate Through this WHP expect our your will every and integrated future and launched in for Nordstrom foundational by first, guided first bold call products omnichannel chapter positioning, and transformative wholesale appreciate the now WHP partnership also sound mutually and questions. the our EXPRESSway fully scalable product, fundamentals our our seamless companies.

Operator

Thank you. Tracker. Our first Marni Retail is [Operator Shapiro from Instructions] with question

Your line is open.

Marni Shapiro

Yehuda. so It's your hear voice. guys. Congratulations nice Hey, to

Yehuda Shmidman

Good Thank you, Marni. morning.

Marni Shapiro

morning. Good

couple just dive trends. a do into quarter want So, and of I to questions. guess the I the

to one You the are report. guys of last

mentioned tough you if bit challenges in So, a couple was you women's, what talk you I'm saw that your just denim had curious – misses. own promotion? seeing broadly you're You to also little could if how Is consumer the a in little you quarter? about more still respond of the product if down flat. could your talk bit a business? then outlet And were stores about your traffic just to trends,

overall what seeing from So, I'm you're curious away what you're specifically? seeing

Tim Baxter

Absolutely.

the think competitors for quarter the the And I I in many acute said, who were progressed, the different. very look, somewhat I think of earlier. we've what consistent with more quarter got So, as challenges reported our think quarter, challenges the is which I us from as heard

five driven reducing unit and our said, quarters retails We pre-pandemic levels growth through and over have, I average elevating promotions. our of consecutive as site-wide store-wide

in know, less to So, in desire up discretionary a those quarters those things the Marni many spend unit their came two for consumers average teens we've conflict things, row. with in had direct you in categories discounts. And retails desire and deeper the for

came really So, the has well which strategy worked in just mindset. those the very and really for the consumer's quarters, consumer's with conflict five behavior

in expect the gives category is play I of And we in to would in in the provided as the women's said, fourth into women's the business that those so, some of outlook out. playing how quarter. brand. indication we sensitive, for the that quarter know That of is most is it's a you drives specifically and dynamics you year also that the same be being the price some mentioned, I tops. customers That new most also categories our had misses one one the fourth

in just that those really described. And category pressure so, I based saw particular, we I in on that market dynamics increased think

We back denim. of our of based on on we The where balance. we've versatility to the tops the making move needed corrections we are also and got a have to out corrections be. wasn't little and specifically women's first And made. that as into track business assortments about quarter it those Yes, expect

where that a the our denim denim. doesn't it in not we're is see a through casual have were quarter, all amount we denim. there quarter that Denim category is a now. slow denim – were confident grabbing I grabbing be about business, has being I'm talked by offset the taken I market share. share is that where the in On men's, in and we growth third we will to growth this the second call, market tremendous to did that market bottoms but certainly we that when category driving business denim, still tremendous right completely seeing last in In a drop women's, share in think still seem quarter will experiencing fairly but that's offset slowed, incredible of we chinos throughout data

Marni Shapiro

your not [luck] cargoes women's [ph]? that And and of kind buying

Tim Baxter

but iconic we've Not the the had women's been for and us success bottoms as an yet. into biggest yet. a pant us Editor yet. in in see Not from buying has not of pant, an our quarter, is The – we expansion move in you'll of re-launch first iconic an that cargo she obviously

Marni Shapiro

XX% – can ownership, the EXPR you of said then Express And is or XX% just have you I And want then… think of to shares? clarify that will total just I one thing, WHP ownership, new in

Tim Baxter

question that's So, [indiscernible]. a should and great definitely one we

there So, for – joint stake. $XXX is formed WHP venture stake will two IP the joint venture the we property XX% let's things, start the investing in venture, have a together. are million that maintain in and with we intellectual XX% joint a

represents million proforma per $X.XX they is of newly $XX shares investing stock a for common are X.X% The EXPR. ownership million second issued X.X at piece share, of which

Marni Shapiro

Okay.

will to own X.X% EXPR going they're own joint the the then will of venture? joint the and guys will they own of – of So, XX% XX% EXPR venture and you own and

Tim Baxter

Exactly.

Marni Shapiro

Got it.

Okay.

to Just touched want on but clarify then sorry, question, last you AUR. that. I'm And

If and AUR? opportunities the like or your for Are high, the And to can little at obviously, looks freight bit U.S. see wrapping bring XXXX? down [ph] about but you over a in could XXXX, into XXXX going merchandise even all. up down little to prices what are still tougher, costs forward think talk freight are is XXXX there things pressure you is in [you] just outlook just costs though a you AUCs

pick there that conversation? So, room of back is to, up kind on

Tim Baxter

Yes, absolutely.

where specifically we women's as the our price move seen in So, into we've and sensitivity. XXXX greatest business

powerful have I more Marni, in where been we assortments recalibrating – tops price specifically, are we reintroduction as in-line and As very points know The price reintroduce we fashion more said, you some more that points, to with are of opening very have our historically. mix.

will tailoring. there women's, price jackets in because I we seen in the going We've I winning in men's our categories. very seen little – categories specific is exponential unit so so offer where down we've growth in value think cost, both we're resistance In modern those actually extraordinary. like – other and what categories average do yes, be

points We're more drive going the going to have going into very products versatility [bigger And will opening We're tops reintroducing we putting But to recalibrating specifically, that. product. bands] differently. we'll first are [ph]. not So, and exist get price to – powerful mix. We're we tailoring, a in we're modern continue much we push and the [ph]. very right fashion forward breadth] [value business much in to in the

We top breadth our also in little counts, perhaps and little on a too focused, assortment. our tight a greater got SKU focused actually needed

And And track women's get business assortment. on work we'll price QX. believe of so, move be yes, we the there top all doing, the lower as the back into throughout we're we will points

Marni Shapiro

Great. Thank rest you. I'll offline. take the

Tim Baxter

Thanks Marni. Great to talk to you.

Operator

question is next The Research. with Eric Beder SCC from

open. line Your is

Eric Beder

Congratulations. morning. Good

Tim Baxter

Eric. morning, Good

Eric Beder

one going the How a I be current thinking in the the question about and Good and year WHP. morning. so inventories of small Inventories, want we forward? inventories. ask you to some end should about made about progress

Jason Judd

is assortment, be price is but points the than the Tim to push of be being comments the modeling. on or continue Obviously, with be and expectation that of and as that balanced Yes. morning. this how consistent we've the should to that inventory been Sure, in-line trend And with by the work that purpose around sales end expectation the Eric. balance into a and around just the that for we're mix done trend we efficiencies work growing that in-line our the to that beginning of the inventories, escalated still regard as the we was where going of XXXX. balance at of very year the the our language through for is Jason. That end on trend were work now in with should why we points, is cost that Good year but have the we you had slower XXXX, This there. into sales be to the balancing holds. it out absolutely more needs sales with is again With different for right trend

Eric Beder

guess, and what your the the financially? acquisitions it, be is or you inside look both I envisioned royalty they're Okay. then at are the operationally joint be paying to joint those And it now, going to for EXPR criteria is going And acquisitions going when the acquisitions, venture? in and be for venture to to

Tim Baxter

Well, it's question, question. really good a A Eric. great

about these it's important growth. we is. just it exploring The opportunities, whatever focused the put to be revenue acquisitions? two are drive believe most obviously and with and bottom believe we criteria. be and it's accretive line with most And be than as Will I'll which we line? and management. that because significant be brands, and also able the going we to growth the so, identify be create. is brand multiple expertise our this top first, more those we provide line the will line us bottom these going we Can would line about got That It's growth that bottom at for growth So, could to for both very the just simply, synergies to opportunities driven through growth bottom those start able that through And is, very be look opportunities on criteria. top in We're top top of to more we're than believe brand to very, drive our we'll us.

two the important most ‘Full are criteria. those So, stop’.

future The agreement property brands Express and second are the under Yehuda the with piece aligned like we Express joint we I for that be to would IP for just property, a JV license intellectual JV. brand intellectual your formed that operating will we any form yes, an And have ventures question, brands. and of

Eric Beder

it. Got

[indiscernible]. joint be forward the these [indiscernible] structure in ventures acquisition? So, for specific of more potentially going

Tim Baxter

different each would and acquisition. for clearly Those be every terms

Eric Beder

Thank you. on Good holiday season. Okay. luck the

Tim Baxter

Great. Eric. Thank you much, very

Operator

is with from next Sole question UBS. The Jay

line open. is Your

Jay Sole

year, a little seen a [ph] you've on I so you the weaker? [lapping] in much. want understand but connect maybe you're expectation. somebody think that because going? at thinking from change you bit where your actually Abercrombie chain. seeing sort the there's Tim, next you December, I year? a bit next this trends here to the consumer point Thank last get are challenges touched Great. from easier sort just a weather consumer year? And little thinking across is seeing year question you supply to you're now, bit to bit, it asked what a Are buying And this some versus inventory that about a related the just and little how know you're how about trends for about Is what just year, that last seeing mall you're, now compares maybe inventory of the of little next

Tim Baxter

Jay. Absolutely,

seeing that we're XXXX the consumers provided we that saw same fourth the in from behavior So, quarter for that the in quarter. third indicates clearly the outlook we the

to expectation. fourth you previous to macroeconomic typically that impact as evened to our and the And get quarter mode, we're of so know is go improvement able fall promotional in buying the with results, well that approaching other anyway. for Omicron that did see all a have environment based going in are we fourth fourth sort is year outlook season, to XXXX but the on to last we slightly expect supply back we particularly Coming The outlook quarter very us. have and XXXX, and different than be into we sorts of not do factors. which our a play in the that market and is yet conservatism, for that will process I like less we discounts how say discretionary earlier, quarter our forward, be when the quarter looking described very, going that Thinking, share And shared I even out, in as works the chase is categories bottlenecks it we the spending still into have, an the would on in merchandise. of side for we're and more challenges sentiment quarter. consumer discount play deep-deep apparel, of that in chain And that great something seems more

southern quarter. that part into the we influence [indiscernible] first product chase the for the will and second quarter testing now So, of right we are things in country the

with and we mechanisms it into the as trends the to we to ability going chase we're conservativism and have So, see rebounding. consumer approach behavior

Jay Sole

it. Got

the are mean, to pre-pandemic? have that. talk how lead I about on your what you like, shrunk couple much like they I right ability] [ph] it the mean, now? sort of last versus just And times of from can comparable the follow-up so, like today maybe is worst where just a chain of supply issues was [chase years

Tim Baxter

to let Moellering, that Jay. our COO going I'm one Matt take

Matt Moellering

Jay. Yes,

So, to out yet, getting available getting capacity not is helps are they a is closer. lot. out what is but chain, better, in better. still pre-pandemic out the I and would They're – of factories right logistics getting of the they're now, say levels is There the better. We're lot which timing getting supply a

but it's levels. not So back to pre-pandemic –

So, product for sure are being still improving. we're really a important our we definitely chase but is is a as little improving, product, cautious ability get about fashion make everything And business. that which to it's time, obviously increasing on the in we into to

Jay Sole

into ending you do getting and really of or really pre-pandemic lockdowns really better? depending times And China it Matt, what to have levels it Is sort of gets lead visibility on does on? when back depend

Matt Moellering

certain to better going think be getting already lead [ph] our in we better. much I shape. next based once we're on started the half We've get first of year, to [course] shorten times into

As it down had exposure we product relates exposure to specifically, to China China past double-digit in low year. to We're single-digit next this year. for us

feel but good now. us a be of knock-on specifically. positioning as we There other our out we're about China on if feel impact we people So, have obviously China necessary, limited could right and geographies positioned about where effect move into will good

Jay Sole

maybe Okay. last And one me. one then for

is what a the a in as clearance year XXXX, it price was for of was, the activities, is this last to normal of kind mall across of the we an of looking where value, have Just year next last reversal on it terms as of a levels, return year normalization to? for gone of promotions with and and back mall and selling like the to sort of what mean, more the XXXX year not types feels like if that potentially XXXX Is the more more is back weaker promotions really promotions just, or full getting seeing sense in deepening seeing more of of are potential like consumer normal – exceptional promotionally economy necessarily maybe your for a of year? I deep you're at? like

Tim Baxter

to many the that year, our significantly the think our in were different than mall-based throughout level honest. about levels talked to how inventory and actually for we I aggressively inventory core of in We've in those we've competitors that past challenges age, mitigate inventory increased increased all be that be our seen the the front-loaded receipts supply in year we categories. sure chain that that had year of categories don't so all

And now seeing we're so, related down that to step that.

better there than And of industry reasons all challenges the less pandemic, into to for would In promotion as chain levels so It was inventory as certainly need actually do challenges, such the drive in into all or of the glut. offensive The much aggressive XXXX necessity promotion in the we're promotions XXXX. going cases pre-pandemic as actually other from to think move across didn't I the even, were promotion down. I promotion in very because I high more versus again there inventory levels XXXX there move But inventory say, trigger won't on the inventory that all much XXXX actually allow supply normalized as believe a will that be because were aggressive many inventory. on inventory. management, cost we we liquidate be defensive. many seeing So, to that more we that's to of order throughout, based saw more competitors, many strategic. we pull our much think mall-based I

level we the been begin heightened we're that actually less we've seeing. into promotion normalized as I So, of to move promotion XXXX, going see to versus believe again, level a more

Jay Sole

Got it.

you Very Thank Okay. so much. helpful.

Tim Baxter

Gartner] [ph] question next from [Will is The Jay. Thanks, Great. Wells with Fargo.

open. is Your line

Unidentified Analyst

Hey, for guys. taking Thanks my question.

pretty the date decelerating comps the you quarter at I on kind I touched of basis, sales you've you're substantially. same-store from on a Can more what cadence a quarter dead to detail to on but know they’re perspective? [indiscernible], like perhaps this, three-year maybe horse, just know seeing looks then Just discuss looking not beat you – in it of and the a and

Tim Baxter

Sure.

the I quarter as the said, faced progressed. became challenges As more the in quarter third acute that we

our much and we we in-line So, half the outlook anticipated see the We and In bottom more store. drove up where commitment the to environment. aggressive back it the We were our very ended still site-wide half ended, to to that promotional the the miss and quarter. the in came of started line which of our we end site-wide not with store-wide is primarily also really the to quarter outlook, provided, back drove our many reacted of store-wide outlook which less did a our had staying in from pushing competitive which began at promotion being quarter competitors. of very obviously outlook promotions some off true was where as miss end that the to

I provided and moved seeing said, outlook that the think much quarter, that into and we've spending categories as we've discounts. appetite like as are the for behavior, year less same discretionary fourth apparel that much, deep for consumer I – the on we increased much,

competitive And when we are are we when get doing strategically. we see where the promoting, and results. that's So, it we improved

continue to customer promotion specifically. which but what increases, environment, be as out we we've on as in been what's very promotions, of move the choosing really strategic [XXXX] in not happening certainly, fourth had – year that but choosing, to and absolutely as XXXX, driving quarter are [ph], into have The move based into we we is us. we we this just on will with So, our we value, learned competitive our this be absolutely around finish is

union. that's, of the sort So, of the state

driven versus assortment, gone back where we've promotion. average – of through product, you consecutive that XXXX. improved was higher actually the driven was five – and both retails, our significantly which if and As by quarters drove significantly less was unit we actually growth at look mix It

strategy for that the So, working for long behavior in with had became so what just been us truly conflict consumer sentiment consumer was. and direct

So, making promote. We'll our we recalibrating very in said, adjustments. reintroducing we're opening strategic be We're I continue to We're as points. price how those assortments.

move the And to next so, expect first we see as year. of improvement into quarter

Unidentified Analyst

And maybe for one it. Got me. more

Can channels? gender, between just are levels, customers go, as your maybe you on different you spending you far those patterns – seeing As are where different dynamics? income touch seeing and

Tim Baxter

differences We're certainly by seeing gender.

of just as positive posted sixth comps. quarter Our I business, its said, men's consecutive

very So, men's strong. our remains business

We market very continue gain in aggressively to business. share men's a our

seeing disparate a gender. performance certainly we're by very So,

price don't of the yet. In quarter have terms we that from all point, data

say, most any other appears $XXX,XXX over to though less. make third I lower consumer it year, makes as than of share income So, is a the a to consumer that base our want our certainly two-thirds of About don't challenged.

appear So, consumer on happening that us it based is would much – challenged. does that's significantly around more everything base it that

Unidentified Analyst

pass I'll Thank Great. on. it you.

Operator

at appears remarks. this it turn And call Instructions] you to are any Mr. Baxter, questions no closing time. for the further I'll over [Operator there

Tim Baxter

Thank as joining you everyone for for us this begin new chapter bold we companies. morning our this

Operator

call. this for Thank today's participating. conference you and Ladies gentlemen, concludes

now disconnect. may You

Express (EXPRQ) 8 Dec 222022 Q3 Earnings call transcript