Express 2014 Annual Report Download - page 45

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Impact of Inflation
Inflationary factors such as increases in the cost of our products and overhead 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 rise with these increased costs.
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