Express, Inc. Confirms Full Year 2022 Outlook Is Within Prior Outlook Range in Advance of 2023 ICR Conference

Fashion apparel retailer Express, Inc. (NYSE: EXPR), today provided an update on its full year 2022 outlook. The Company now expects the following:

• Comparable sales of around flat, consistent with prior outlook
• Diluted loss per share of $1.18 to $1.22, within the range of prior outlook, excluding impact of $260 million in proceeds from WHP partnership expected to close January 2023

The other elements of the full year 2022 outlook provided by the Company on December 8, 2022, remain unchanged. The updated outlook above does not reflect the expected benefits of the transaction or the strategic partnership with WHP Global (“WHP”) announced on December 8, 2022.

“Against a backdrop of extremely challenging macroeconomic, consumer and competitive environments, we expect to deliver full year 2022 comparable sales and diluted loss per share within the ranges of our prior outlook,” said Tim Baxter, Chief Executive Officer. “Reduced spending in discretionary categories and an increased appetite for deep discounts continued into the fourth quarter which negatively impacted our business. Despite these headwinds, we remain confident in our ability to achieve our stated goal of long-term, profitable growth in the Express brand and are committed to returning to profitability in 2023.”

“We are on track to close our recently announced deal with WHP in January 2023. This mutually transformative, strategic partnership will advance our EXPRESSway Forward strategy, scale our Express brand, provide WHP access to a fully integrated, omnichannel operating platform, and accelerate the growth of our Company,” concluded Baxter.

Tim Baxter and Jason Judd, Chief Financial Officer, will participate in a fireside chat at the 2023 ICR Conference on Tuesday, January 10, 2023, at 4:00 p.m. Eastern Time. The fireside chat will be webcast live and available for replay and an investor presentation will be available at the Company’s Investor Relations website, www.express.com/investor.

About Express, Inc.

Express is a modern, multichannel apparel and accessories brand grounded in versatility, guided by its purpose - We Create Confidence. We Inspire Self-Expression. - and powered by a styling community. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has been a part of some of the most important and culture-defining fashion trends. The Express Edit design philosophy ensures that the brand is always ‘of the now’ so people can get dressed for every day and any occasion knowing that Express can help them look the way they want to look and feel the way they want to feel.