Express looking for a new CFO
The chief financial officer of Express is departing the company “to pursue another opportunity.”
The fashion apparel retailer said that Perry Pericleous, senior VP, CFO and treasure, will leave on November 12. Pericleous has served in the position since July 2015. He initially joined Express in 1999. Shortly after Express announced his departure, 99 Cents Only Stores said that Pericleous would be joining the chain as CFO, effective November 15, 2021.
Express president and COO Matthew Moellering will take on the CFO role in the interim, along with his existing responsibilities, while the company searches for a permanent replacement. Moellering has served in his current position September 2019. He also served as interim president and interim CEO from January 2019 to June 2019, and was the company's CFO and treasurer from 2007 to 2011. Pericleous, who reports directly to Moellering, will continue to work closely with him over the next month to ensure a smooth transition.
"I want to thank Perry for his many years of service to Express, his support in helping to advance the EXPRESSway Forward strategy, and the important role he played in partnership with Matt to strengthen the company’s liquidity position and secure the financial health of the company throughout the pandemic," said Tim Baxter, CEO.
Express has been working to transform its business, with an increased emphasis on digital sales, product extensions and expansions and a relaunch of its loyalty program. It also is opening smaller stores.
In August, the reported that its consolidated net sales increased 86% to $457.6 million from $245.7 million last year. Consolidated comparable sales rose 42% over last year and were up 3% compared to 2019. It reported income of $10.6 million, or $0.15 per diluted share, compared to a net loss of $107.8 million, or a loss of $1.67 per diluted share, in the year-ago period.
[Read More: Express converts influencers into salespeople]
Express operates more than 500 retail and factory outlet stores in the United States and Puerto Rico, as well as an online store.