Teen apparel retailer Express said Wednesday that fourth quarter net sales fell 11% to $678.8 million from $765.6 million in the year-ago quarter. Same-store sales fell 13% in Q4 2016, and e-commerce sales rose 9% to $170.1 million, accounting for 25% of net sales in the quarter.
For the full fiscal 2016 year, net sales fell 7% to $2.2 billion and e-commerce sales increased 5%, accounting for 19% of net sales, Express said. Last year, the company realized $9 million in cost savings and is on track to deliver $44 million to $54 million in total cost savings over the next three years, corresponding to full-year operating cash flow of $187 million and a balance sheet with more than $200 million in cash.
