Executive Summary

Express did not issue a Q1 2024 earnings press release or host an earnings call; instead, on April 22, 2024 the company filed for Chapter 11 and announced a non‑binding LOI for a sale of a substantial majority of its operations to a WHP Global–led consortium, with $35M in new financing and a recent $49M CARES Act refund providing liquidity during the process .
Trading in EXPR was suspended and delisted from the NYSE on March 6, 2024 for market-cap non-compliance; shares moved to OTC Pink under “EXPR,” highlighting financial distress and limited access to capital markets .
Prior trend context: Q3 2023 revenue was $454.1M with gross margin 24.1% and a net loss of $36.8M; management emphasized cost reductions and the Bonobos integration, but profitability remained challenged heading into 2024 .
No formal Q1 2024 guidance or consensus estimate comparisons are available; S&P Global consensus data are unavailable for EXPR, and the company did not furnish Item 2.02 results during the quarter given the restructuring .

What Went Well and What Went Wrong

What Went Well

Announced a non-binding LOI for a going-concern sale of most operations to a WHP-led consortium (including Simon and Brookfield) to “strengthen [the] financial position” and “better position the business for profitable growth,” per CEO Stewart Glendinning .
Secured commitment for $35M in new financing and received $49M in CARES Act cash in April to support operations during the court-supervised process .
Named Mark Still as CFO, providing continuity and finance leadership amid restructuring .

Management quote: “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.” — CEO Stewart Glendinning .

What Went Wrong

Filed for Chapter 11 protection on April 22, 2024 and disclosed plans to close ~95 Express stores and all UpWest stores as part of the process .
Received an NYSE delisting notice and had trading suspended on March 6, 2024, moving to OTC Pink, indicating severe equity value impairment and reduced liquidity for shareholders .
Chapter 11 filing triggered defaults on prepetition facilities; disclosed outstanding obligations as of the petition date: $105.7M on the ABL, $20.1M letters of credit, and $63.1M on the FILO term loan .

Financial Results

Express did not furnish Q1 2024 results (no Item 2.02 press release, no call). Prior‑period data are provided for context.

Metric	Q1 2023 (ended Apr 29, 2023)	Q3 2023 (ended Oct 28, 2023)	Q1 2024
Revenue ($M)	$383.3	$454.1	Not reported (no Item 2.02; company entered Chapter 11)
Gross Margin %	16.6%	24.1%	Not reported
Operating Income (Loss) ($M)	$(70.1)	$(28.7)	Not reported
Net Income (Loss) ($M)	$(73.4)	$(36.8)	Not reported
Diluted EPS	$(0.99)	$(9.83) (post reverse split)	Not reported

Segment reporting: Express reports as a single operating segment (retail, outlet and eCommerce consolidated) .

Guidance Changes

No Q1 2024 guidance was issued. The most recent pre‑petition public outlook related to FY2023 (issued with Q3 2023 results). During Q1 2024 (calendar), the company disclosed restructuring actions and sale process rather than operating guidance.

Metric	Period	Previous Guidance	Current (Q1 2024 period)	Change
Company outlook	Q1 2024	N/A	No formal guidance; Chapter 11 and LOI announced	Withdrawn/Not provided
FY2023 metrics (context)	FY2023	Net sales ~$1.84–$1.865B; other items (Q3 release)	N/A (post FY end; not reiterated)	N/A

Earnings Call Themes & Trends

No Q1 2024 earnings call was held. Narrative has shifted from quarterly outlook to restructuring and sale-of-business.

Topic	Previous Mentions (Q2–Q3 2023)	Current Period (Q1 2024)	Trend
Cost reduction/SG&A discipline	Reiterated $80M 2023 savings; targeting $200M annualized by 2025	Focus moved to court‑supervised process; cost structure to be addressed alongside sale/lease footprint actions	From operating plan to restructuring execution
WHP partnership/brand portfolio	Bonobos acquisition integrated; WHP partnership seen as growth lever	LOI for WHP‑led acquisition of substantial majority of operations	Partnership evolves into buyer consortium
Liquidity and financing	Tight liquidity exiting 2023; limited ABL availability disclosed in Q3	DIP financing (ABL and term loan) sought; $35M new money commitment cited	Shift to DIP-backed liquidity
Store footprint	Ongoing real estate optimization (pre-2024)	Plan to close ~95 Express stores and all UpWest stores during process	Accelerated right‑sizing
Capital markets status	Reverse split and NYSE compliance efforts in 2023	NYSE delisting, move to OTC Pink in March 2024	Deteriorated

Management Commentary

“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong partner… and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.” — CEO Stewart Glendinning, April 22, 2024 .
“Express and its brands are serving customers without interruption” with plans to close approximately 95 Express retail stores and all UpWest stores as part of the process .
CFO update: Mark Still appointed SVP and CFO effective April 21, 2024 .

Q&A Highlights

There was no Q1 2024 earnings call; therefore, no analyst Q&A or clarifications were provided .

Estimates Context

Wall Street consensus estimates for Q1 2024 are unavailable. S&P Global/Capital IQ consensus could not be retrieved for EXPR (no CIQ mapping and delisting/Chapter 11 status); the company also did not furnish an Item 2.02 earnings release for the quarter. Values retrieved from S&P Global: Not available due to missing mapping and lack of furnished results (tool error) .

Key Takeaways for Investors

Fundamental earnings disclosure was supplanted by a restructuring narrative; Chapter 11 filing and a WHP‑led go‑forward sale proposal are the primary drivers of value from Q1 2024, not quarterly P&L performance .
Liquidity was stabilized near‑term via $35M new financing and a $49M CARES Act refund, but prepetition facilities accelerated into default and DIP financing governs operations, underscoring ongoing credit risk .
Equity risk is extreme: the company explicitly cautioned that shareholders may experience significant or complete loss during the Chapter 11 process, and trading moved to OTC Pink after NYSE delisting .
Operational footprint will be smaller post‑process, with ~95 Express stores and all UpWest closures contemplated to right‑size the lease portfolio .
The WHP‑led consortium bid provides a path to continuity for Express and Bonobos operations, but outcomes depend on bankruptcy court approvals and closing conditions; timing and recovery are uncertain .

Sources and Document Trail (Step 1)

8‑K (Mar 6, 2024): NYSE delisting notice; trading suspended; shares moved to OTC Pink .
8‑K (Apr 22, 2024): Chapter 11 filing; contemplated DIP ABL and DIP term loan; LOI with WHP‑led consortium; $35M new financing; $49M CARES Act refund; store closure plans; CFO appointment .
Q3 2023 Earnings Press Release (Nov 30, 2023): Revenue, margin, loss, cost reductions, Bonobos contribution and liquidity context .

Additional context (prior quarter press materials were reviewed via Business Wire links when available):

Express Q2 2023 results press release summary (Business Wire index page) .

Note: No EXPR Q1 2024 Item 2.02 filing or earnings call transcript was found in our document catalog, consistent with the company’s focus on court-supervised restructuring and sale-of-business during the quarter .

EXPRESS, INC. (EXPR)·Q1 2024 Earnings Summary