On Thursday, in the course of current trade, Shares of Express, Inc. (NYSE:EXPR), dropped -2.42%, and is now trading at $19.76.
Express, declared its financial results for the second quarter of 2015. These results cover the thirteen and twenty-six week periods ended August 1, 2015 and compare to the thirteen and twenty-six week periods ended August 2, 2014.
Second Quarter 2015 Operating Results:
- Net sales raised 11% to $535.6 million from $481.4 million in the second quarter of 2014.
- Comparable sales (counting e-commerce sales) raised 7%, contrast to a 5% decrease in the second quarter of 2014.
- E-commerce sales rose 21% to $75.0 million.
- Merchandise margin grew by 240 basis points as we continued to manage inventory levels and promotions with restraint. Buying and occupancy as a percentage of net sales also improved by 240 basis points as costs were leveraged against higher sales. These led to a gross margin improvement of 480 basis points, with gross margin of 33.1% contrast to 28.3% in last year’s second quarter.
- Selling, general, and administrative (SG&A) expenses were $140.6 million as compared to $121.9 million in last year’s second quarter, primarily due to the addition of outlet related expenses and incentive compensation. As a percentage of net sales, SG&A expenses raised by 90 basis points to 26.2% contrast to 25.3% in last year’s second quarter.
- Operating income was $35.9 million, or 6.7% of net sales, contrast to $14.6 million, or 3.0% of net sales in the second quarter of 2014.
- Income tax expense was $13.2 million, at an effective tax rate of 38.5%, contrast to $1.8 million, at an effective tax rate of 20.6% in last year’s second quarter. The tax rate for the second quarter of 2014 reflected the release of uncertain tax positions following the conclusion of a multi-year IRS tax examination.
- Net income was $21.0 million, or $0.25 per diluted share. This compares to net income of $6.9 million, or $0.08 per diluted share, in the second quarter of 2014.
- Real estate activity for the second quarter of 2015 is presented in Plan 5.
Express, Inc. operates as a specialty apparel and accessories retailer. It offers apparel and accessories for women and men between 20 and 30 years across various aspects of lifestyles, counting work, casual, jeanswear, and going-out occasions.
During an Afternoon trade, Shares of Arrow Electronics, Inc. (NYSE:ARW), climbed 3.08%, and is now trading at $54.91.
Verical, an Arrow Electronics, declared that stocked electronic components on its online marketplace, Verical.com, have more than doubled since the startning of the year, growing to nearly one million SKUs. This enhance amounts to an additional $3 billion in traceable, warrantied and ready-to-ship components now accessible on the site—bringing the value of Verical’s total offerings to nearly $8 billion.
“We’ve added some exciting new manufacturers to Verical.com, which is assisting to drive this notable expansion,” said Matt Anderson, Arrow’s chief digital officer. “Verical.com is an online marketplace where manufacturers come to sell, and customers come to buy, hard-to-find, warrantied, traceable electronic parts. Arrow recognizes that a robust and reliable inventory is key to the success of that e-commerce model.”
The latest components added to Verical.com comprise dynamic random-access memory (DRAM) and NAND flash memory modules, connectors, connector assemblies, field-programmable gate arrays (FPGAs) and programmable logic devices (PLDs). Verical plans to continue its aggressive inventory-growth strategy moving forward.
Arrow Electronics, Inc. provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. The company operates in two segments, Global Components and Global Enterprise Computing Solutions.
Finally, Zebra Technologies Corp. (NASDAQ:ZBRA), gained 3.20% Thursday.
Zebra Technologies Corporation, declared the first commercial deployment of the Time Tracking Solution for Acute Myocardial Infarction Patients. The technology will be shared for the first time during the European Society for Cardiology Congress in London.
According to the American Heart Association, heart disease is the No. 1 cause of death globally, leading to 17.3 million fatalities annually, and that number is predictable to rise to more than 23.6 million by 2030. Acute myocardial infarction (AMI) occurs when blood flow is blocked in the coronary artery. As a result, part of the heart muscle is short on oxygen (ischemia) and damaged.
LUMC’s Cardiology Department set up the Door-To-Balloon (DTB) Task Force focused on ischemic time in heart infarction patients. DTB is the crucial period of time from when the patient enters the hospital to when the blockage is removed to restore blood flow by inflating a balloon during primary percutaneous coronary intervention (PCI). In order to reduce DTB time, real-time, accurate time tracking, evaluation and feedback is essential.
Zebra Technologies Corporation, together with its auxiliaries, designs, manufactures, sells, and supports direct thermal and thermal transfer label printers, radio frequency identification (RFID) printer/encoders, dye sublimation card printers, real-time locating solutions, related accessories, and support software worldwide.
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