Good us. Thanks thank morning everyone Greg. you and joining for
sales outlook. net the were and loss both diluted of quarter second within per Our our ranges share
the share was profitability. loss reflects our which diluted Our to per aggressive adjusted the actions implemented favorable ongoing we have range, improve to
It’s the EXPR. results today to of chapter symbolic Greg that just that which of new a is note the are reverse important split reflective for stock reviewed, we reported
with our free by by cash our omnichannel by, committed in growth accelerating core profitability profitable reduce growth second, strategic flow shareholder business; to first, delivering positive third, and We are and fully our driving to our value costs; Global. leveraging creating through Express-branded and platform partnership integrated WHP
related dynamic and apparel categories on environment accessories. like finally, assortment; the macroeconomic second, in to women’s taking in imbalances on have men’s the in and the consumer not we ranges they continue where be While were focused intensely corrective Express our action address to first, lap most we as significant our they and product bottom challenging and line performances comps outlet record discretionary and and the to faced: results were brand within outlook, challenges ongoing in need pressure across the top spending of we XXXX; be
The corrective giving delivered performance us we new line and we have Day, each will deliver improvement confidence year, in sequential our that taken product. continued top the flowed through our is sales outlook. substantially month We of reflected actions performance working our customer improved in back and significant we which in as This half is responding. are Labor momentum improvement positive the
a Improvement comp was that further price accelerated Customer appropriate July, our most powerful to new a so in strong has business wearing in trend women’s plus-XX% across business, a it occasions. our our where reflect women’s balance August. response categories, and been in more positive to X% deliveries a comp that drove points
categories, re-introduced has innovative received. formula a chasing September, products which icons, Express. now best selling which We winning have In always for been into been well and also are we incredibly
we have While levels, still work our encouraging, to results pre-pandemic our offset we are versus up other critical make which as ground will very to be pressures. women’s
we half an we business in Although work men’s at sales QX of with continue Challenges in largest and to persist a year. high jeans women’s, lower unit increased positive our casual delivered the on AURs. not and suits, and record average experienced retails lap tops, as our in as in offset strong to first two-year performances basis in improvement as business, the margins have will bottoms comp the a all
ecommerce, have drove From taken assortment perspective, a stores. outlet channel stores and sequential in the retail also we actions improvement
in in well and so July, ecommerce fact, in plus-X% a that a plus-XX% to delivered August. comp accelerated In comp a plus-XX% product June, on women’s women’s performed comp
July, sales strong our Given in momentum deliver was plus-X% penetration August. ecommerce to this in of flat June, total plus-XX% high in enough online, and women’s
This where to in offsetting challenged. a very both was momentum key channels, continues factor partially in be ecommerce performance in traffic store
have driving transaction, traffic per dollar average by increases to and We challenges the sales. units place conversion, mitigate strategies in put in
our be year. store to stores back RFID a half the quarter trends of key strategies, of our in the and to will the Our enabler these roll-out in see retail second of in expect improvement we
the isn’t taken bottom Improvement on to in so improvement line action also enough, line. significant good the top aggressive have and we very drive
not identified million in of $XX a expense we we the expense As of comprehensive have XXXX for implemented savings over done. savings these in XXXX, ongoing inclusive of are review result structure, and and million and our $XXX entire
in to savings committed million the by margin leveraging are expansion million gross opportunities over which includes supply by and production in chain. We sourcing, $XX efficiencies in XXXX, $XXX
portion of so the it’s reduced come marketing of in spend and A savings focusing form drive higher and spend spend, these to higher our we’re per has tactics customer, on working. ROAS frequency
at lapsed to Going to to continues forward, customers able momentum we also our rates as be expect build. reactivate higher
actions business. said of relentlessly earlier, core focused remain our shareholder I critical free cash most the is and on positive are the We to date, have confident our the branded right and we business have creation we us that delivering back and our in momentum plan taken review and ongoing put our As track. growth value the building this driving flow sales are profitable of first component on Express model,
omnichannel has likely no The think this order in synergies plan omnichannel already in our of and with and is of the leveraging value this Global us our think second partnership would strategic I our that longer WHP acquire that mall-based entered platform. you Many future. for into true. branded, value to the creation now as of which still mono retailer, operate We is gotten partnership created. a of component portfolio credit we’ve don’t specialty portfolio brands, significant create a knowing
maintain $XXX $XXX transaction, and at property at Our XX% Express of the million. a the million time we valued intellectual valued stake at was
platform is of Express, a EXPR that Bonobos, portfolio a now comprised and is company today brands operating omnichannel UpWest. of
and while the acquisitions, our Express flow, the both We existing future UpWest are line free bottom which have and positive strategically reinvested positioned engines. generate business brand positioned brands and be in growth to top cash can to be Bonobos
I but estate stop expansion earlier, our procurement, there and efficiencies as the identify at work synergies the doesn’t and least As there in aggressively we gross in in know chain, we through production more technology, million sourcing, mentioned supply and pursuing portfolio. is real are opportunity $XX we margin
much more as We expect there advance we’re work we this. come the all will that doing here on of to be
form brand growth of third with generate of license is In of which value and the our our in partnership domestic plan Express that come profitability in licensing, day and the strategic beginning international both XXXX in acceleration on the Each The to already brand, been of are will royalties accretive Express has to through one. minimum response positive. Global. be this WHP these our agreements the guaranteed category and will motion will non-core component accelerating date, creation overwhelmingly
sales Perhaps the total. like that acquisitions most partnership is expectations have strategic which accretive Bonobos, the Bonobos part second of our transformative in to us the this to our and operating income exceeded date, it acquisition pursue completed quarter. Since was delivered enabled
take to for it disciplined represents any of to for the a very and a expect EXPR. financial flow free deliver operating cash example growth to income to opportunity is year. highly acquisition the future Bonobos we significant full approach positive intend good accretive We and be with
a addition term and in In to appropriately cost for allows CARES also reductions, we’ve expect to the $XX our liquidity the agreement million substantial year, bolsters to in back million a our Act definitive us into half $XX receive asset-based loan to the of refund which entered continue invest transformation. and a
future call turn term of expected over further stock performance year. the for expectations me results, half Let the detail CARES refund, Jason and the loan the improved Act to our to and in our reverse on split, back provide
Jason Judd
split, this that Greg the per-share the as call want the performance reflect beginning outlook Tim, I morning. stock impact good you the Thank that I and provide to reverse reiterate of it. at will of and X-for-XX described
shares EXPR On earnings X.X that million million stock shares impact is a shares. our implemented outstanding split The clear. reverse decreased on to XX.X per share August XX, of
the a QX loss of outlook to for to re-cast the for share of the to was that count, Adjusted Our quarter, in per described was earnings $X.XX $X.XX. share share per outlook $XX lower a as call, $XX. loss
and costs, Adjusting outperformed per Our share stated and non-cash a share $X.XX. with outlook a restructuring of loss of fell our out range. outlook within second integration impairment acquisition-related for certain $XX.XX charge per quarter costs, loss we
of net with the May. our range, at million, driving $XX sales. million Bonobos Bonobos of midpoint to million expected Moving our sales above of with Net consolidated $XXX of expectations. at results, exceeded $XXX $XXX million were approximately in the $XX the since QX and Bonobos million from actualized net sales end our we acquisition Consolidated sales sales to
and XXX and with positive impact We our basis basis charges margins approximate basis point expected the Global impairment of a from a decrease approximately XXX impact XXX points, Restructuring including point basis X,XXX decrease royalty saw agreement basis of Bonobos. WHP related an license had margin. on expense to to points. points XX gross We approximately gross
deleveraged We basis point for charges by restructuring XXX of XXX This, and deleverage impact have deleveraged basis of than from basis however, our Adjusting costs. our expected far points, basis and than points, points, acquisition-related slightly a Bonobos. points items, outlook. XXX basis better including expectations. better SG&A approximately XXX SG&S XXX SG&A included these would integration
to counts assortment, to our our last year Bonobos’ balance re-balanced to as sheet, categories, XX% improved versus inventory by increased added iconic expected Inventory to in the core our choice and and Moving we inventory increase count. our XX%. XX% we
was our basis levels to was inventory as expectations, Express Bonobos to higher. were Bonobos. of While valuation cost million The inventory attributed of inventory increase our acquisition part our consistent with the $XX due
Our balance this sheet receivable we back mentioned Act before of to the year. CARES quarter half at we million expect end and which $XX receive in includes have a
We It is moment. as in that topic milestone this liquidity, IRS important nears. strengthen are we the address working an our a with receivable will closely I a as clearly
new our equivalents million, Subsequent cash against our close, million revolver end were $XX.X to be million and quarter under still and will as million. million quarter a entered cash asset-based had out At for XX. the proceeds last in, before funded or agreement of on the remaining borrowing secured hand. have the $XX lending available $XXX of second received proceeds $XX the borrowing of quarter, The Borrowings of we We on on based $XX September into base yesterday term gross with first loan loan. we asset-based term end. $XX.X of facility million
a our liquidity is short loan term strengthen to term position. measure This
our on productive delivering focused $XXX This in Over highly term, costs, we program, by we XXXX. of goal as our have versus it, way named margin expansion, gross Express longer positively meaningfully are been our over QX reducing the management profitability, SG&A million as savings evident in to impactful and annualized and in outlook. has on the already
we mentioned, implemented of of for at expense million expect of versus and annualized reductions. savings. XXXX realize identified reductions, already XXXX, least have these Tim we As $XX in Inclusive expense million XXXX $XXX to
is our As to behaviors, entire versus realize expense everything, a result annualized marketing ongoing of net XXXX. of organization the in-store technology, design $XXX from expense review to million information our for comprehensive by at goal reductions in to structure, XXXX benefit least
by working to with we processes. similar and In margin pricing, expense paths of advisors comprehensive production, on our achievable promotional a reductions, to review logistics, expansion our external sourcing, addition are completing
margins are by $XX We pursuing opportunities to least expand at million.
committed bold will these we are expect value. they to goals, While achieving and shareholder are drive term them long
outlook XXXX, our note split per-share please reflect the to for completed X-for-XX lower count. and stock reverse Turning measurements that share
takes full $XX the balanced and million implemented against Our the expense expected into outlook of consideration macroeconomic and year Bonobos. unchanged remains environment the the and uncertain have in reductions that we already consumer impact performance of annualized continued
points basis the to basis approximately diluted approximately aggregate, of loss Bonobos. WHP $X.XX QX XXX in and third basis sales; million aforementioned reflecting of approximately Bonobos; inventory $XXX basis of million, expenses XXX to grow from in share by in margin and to point XXX impact $XXX cost to of approximately XXX impact with with digits than points quarter basis from percent includes as approximately XXXX SG&A the Bonobos the addition from gross Our low deleverage per consolidated to more points, approximately royalty follows: the an benefit the a for Global contraction approximately $X.XX, to of net point million outlook as which offsetting agreement of reduction compared an rate license $XX double XXX Bonobos; leverage including initiative, sales decrease is sales
including and approximately to million $XXX billion net of of outlook capital year billion, in Our diluted $X is to the and follows: per expenditures for $XX million. remains Bonobos $XX, $X.X of approximately full approximately loss sales, as unchanged share sales $XX
$XX Bonobos $XX support business transaction appropriately reflects believe our cost $XX million reduction is also by decrease it the our and reduced capital of results initiatives. to million to our of We million, have We of and capital million. $X expenditures year to our versus the versus outlook by on outlook initial previous redeployment responsive this and the fund our
Now back turn call let the Tim. me to
