{"id":9401,"date":"2023-09-09T18:23:54","date_gmt":"2023-09-09T18:23:54","guid":{"rendered":"https:\/\/prosfunds.com\/business\/express-ceo-tim-baxter-resigns-amid-declining-revenue\/"},"modified":"2023-09-09T18:23:54","modified_gmt":"2023-09-09T18:23:54","slug":"express-ceo-tim-baxter-resigns-amid-declining-revenue","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=9401","title":{"rendered":"Express CEO Tim Baxter resigns amid declining revenue"},"content":{"rendered":"
\n

\n Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced.\n <\/p>\n

\n \u201cThe Express Board is confident that (Glendinning) is the right person to reinvigorate performance and build the strongest possible foundation on which Express can succeed,\u201d Mylle Mangum, chairperson of the Express Board, said Thursday in a statement. \u201cHe is a highly accomplished executive who will bring fresh thinking to the Company and our strategies for profitable growth. Stewart shares the Board\u2019s belief that further operating improvements and greater financial discipline are needed to ensure that Express is best positioned to deliver significant, sustainable shareholder value.\u201d\n <\/p>\n

\n Glendinning is expected to bring his financial operational expertise to an apparel and accessories brand that has faced financial struggles in 2023. In March, the company was notified by the New York Stock Exchange it was in danger of being delisted because it did not satisfy the rule requiring \u201clisted companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period,\u201d Express said in a news release at the time.\n <\/p>\n

\n \u201cExpress has an outstanding portfolio of brands, a high-potential partnership with (management firm WHP Global) and a premier omnichannel platform,\u201d Glendinning said in a statement. \u201cThrough a keen focus on execution and cost discipline, I am confident that we can better capitalize on these differentiators, increase the Company\u2019s financial strength and create shareholder value.\u201d\n <\/p>\n

\n While Express (EXPR) has maintained its spot on the NYSE this year and acquired e-commerce menswear retailer Bonobos, which the company said exceeded sales expectations, it has also faced subpar operating results in the first two quarters of this year.\n <\/p>\n

\n Baxter\u2019s resignation was announced one day after Express released its second-quarter results, with net sales of its Express brand and its lifestyle line UpWest decreasing 15% compared to last year. The company\u2019s sales in retail stores were down 21%, and its e-commerce sales were down 1%, Express reported a net loss of $44.1 million, compared to a net income of $7 million in 2022.\n <\/p>\n

\n \u201cMuch of this decline is because Express is the archetypal middle-market mass retailer that consumers are increasingly willing to either cut out of the portfolio of stores they visit, or buy less from, as they look to save money,\u201d retail analyst Neil Saunders told CNN. \u201cThere isn\u2019t anywhere near enough excitement and oomph to carry the retailer through a period of challenge in the consumer economy. Express is also guilty of some merchandise errors, especially in womenswear, where it has failed to jump on interesting trends.\u201d\n <\/p>\n

\n In an earnings call the day before the shake-up was announced, Baxter acknowledged there was room for improvement in categories such as denim and dresses, and emphasized the company\u2019s performance in women\u2019s clothing is encouraging.\n <\/p>\n

\n Express affirmed Baxter\u2019s departure was not related to the company\u2019s financial position. Baxter, who spent more than 11 years with Macy\u2019s, joined Express in June 2019.\n <\/p>\n

\n Executives from a number of retailers have stepped down throughout the past year amid lukewarm revenue numbers, including Kohl\u2019s, Footlocker and VF Corporation, which owns Vans, the North Face, and JanSport.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced. \u201cThe Express Board is confident that (Glendinning) is the right person to reinvigorate performance and build the strongest possible foundation on which Express can succeed,\u201d Mylle Mangum, chairperson of the Express […]<\/p>\n","protected":false},"author":1,"featured_media":9402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-9401","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nExpress CEO Tim Baxter resigns amid declining revenue | Prosfunds<\/title>\n<meta name=\"description\" content=\"Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, 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