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Express Shares Down 19%

The specialty apparel retailer Express, Inc. (NYSE:EXPR) is down double digits this morning on news of a weaker earnings forecast for the fourth quarter. Express cited weak Thanksgiving sales and intensifying promotional giveaways for the lousy outlook. As a result, the company is expects to earn profits in the range of 66-71 cents per share. However, analysts are expecting profits of 78 cents per share in the fourth quarter. Heavy discounts to attract customers are putting substantial pressure on sales. For the remaining holiday season, Express will expand the promotional discounts. The full-year earnings outlook was also cut.