Dec 4 Apparel retailer Express Inc
forecast current-quarter earnings below analysts' estimates,
blaming weaker-than-expected Thanksgiving sales, sending its
shares down 8 percent in premarket trading.
The company said it expects a profit of 66-71 cents per
share for the fourth quarter ending Feb. 1, 2014. Analysts on
average are expecting a profit of 78 cents per share, according
to Thomson Reuters I/B/E/S.
"Thanksgiving week sales exceeded last year's, however
results did not meet our expectations," Chief Executive Michael
Weiss said in a statement.
"We had been planning for a promotional holiday season but
we now expect the intensity of those promotions to reach
Express said net income rose to $19.3 million, or 23 cents
per share, in the third quarter, from $17.4 million, or 20 cents
per share, a year earlier.
Express shares were trading at $22.70 in light premarket
trading. They closed at $24.67 on the New York Stock Exchange on
(Reporting By Maria Ajit Thomas in Bangalore; Editing by Savio