Express shoppers are becoming increasingly focused on eCommerce for their purchases, giving the fashion retailer’s execs the confidence to say they’ll reach their goal of $1 billion in eCommerce demand by 2024.
eCommerce numbers were up across the board for Express in its 2021 fourth-quarter and annual earnings report Wednesday (March 9) and the franchise has been buoyed by stock growth in range of 35% so far in 2022 as it eyes growth of its 500 stores.
Express saw its fourth-quarter eCommerce demand jump 33% compared to 2020 and 21% over 2019. For the full fiscal year, which ended Jan. 29, Express achieved a 32% increase in eCommerce demand compared to 2020 and saw increases “across all key metrics” for its website and mobile app, including traffic, conversion, average order value and average unit retail.
The company said it “significantly reduced promotional activity and increased full-price selling” in fiscal 2021, leading to a 13% increase in average unit retail compared to 2019, but that lack of promotion and higher price point didn’t scare away customers. In fact, Express ended fiscal 2021 with its highest number of active loyalty members in the company’s 40-year history.
“In 2021, we delivered profitable growth in the second, third and fourth quarters, and drove positive operating income and free cash flow for the full year,” Chief Executive Officer Tim Baxter said in the company press release.
“Comparable sales improved sequentially throughout the year, culminating in a positive 4% comp in the fourth quarter compared to 2019. We are well-positioned to build upon this success and continue our momentum in 2022,” he said.
Baxter pointed to the company’s EXPRESSway Forward strategy and its four foundational pillars — outstanding products, a compelling brand purpose, customer loyalty program and solid execution — as the reason for its “transformation.”
“The momentum of our business is tangible evidence that the strategy is working,” he said.
Related: Burlington Shares Tumble After Company Reports Q4 Foot Traffic Drop
Last week, Burlington Stores announced a decline in foot traffic to its brick-and-mortar stores for the three-month period to end fiscal 2021.
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