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Dive Brief: Express on Wednesday reported steep fourth quarter and full year sales and margin declines, though shares rose amid GameStop-style investor activity as noticed by MKM Partners analysts, and as losses narrowed. Net sales in the quarter fell 29% year over year to $430.3 million, beating MKM Partners expectations for a 37% decline. Comps, including store and online sales, fell 28% in the quarter, according to a company press release. Gross margin in the period contracted to 16.6% of sales from 27% a year ago. However, year over year, EBITDA loss narrowed to $45 million from $168.7 million, operating loss narrowed to $62.7 million from $189.9 million, and net loss narrowed to $53.3 million from $141.6 million. Adjusted net loss, (which excludes federal pandemic tax relief, non-cash impacts of the deferred tax asset valuation allowance and pretax impairment charges), reached $43.1 million, from net income of $13.8 million in 2019. ....
Off-price retailers, which tend to be insulated from macro disruptions and fare well in economies weak and strong, have not escaped the trouble that the pandemic has brought to retail. The retailers sell mostly clothes, a category all but ignored by consumers stuck at home for work and play. Month after month last year, apparel sales plunged, leaving even off-pricers to grapple with rising inventory. Their lack of e-commerce, usually a selling point for consumers eager for a store-based treasure hunt, was a liability in a period when stores were forced to close for varying amounts of time, with many consumers continuing to shy away from them when they re open. And in recent weeks all off-price retailers noted higher freight, wage, supply chain and pandemic-related costs. ....
Operator Good morning. My name is Catherine, and I will be your conference operator today. At this time, I would like to welcome you to the L Brands Fourth Quarter 2020 Earnings Conference Call. Please be advised that today s conference is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to Ms. Amie Preston, Senior Vice President, Investor Relations and company affairs for L Brands. You may begin. Amie Preston Chief InvestorRelations Officer Thanks. Good morning, everyone, and welcome to L Brands fourth quarter earnings conference call for the period ending January 30, 2021. As a matter of formality, I need to remind you that any forward-looking statements we may make on our call today are subject to our safe harbor statement found in our SEC filings and in our press releases. Joining me on the call today are Andrew Meslow, CEO of L Brands and Bath & Body Works; Martin Waters, CEO of Victoria s Secret; ....
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