Express 2011 Annual Report Download - page 59

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Impact of Inflation
Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our
operating results. Although we do not believe that inflation has had a material impact on our financial position or
results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to
maintain current levels of gross profit and selling, general and administrative expenses as a percentage of net
sales if the selling prices of our products do not increase with these increased costs.
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