By  on December 4, 2013

Shares of Express Inc. lost more than one-fifth of their value in morning trading today after the apparel specialty retailer reported disappointing third-quarter results and provided a bleak outlook for the holiday season.

Noting that Thanksgiving week sales exceeded last year’s but fell short of company expectations, Michael Weiss, chairman and chief executive officer, commented, “We had been planning a promotional holiday season but we now expect the intensity of those promotions to reach heightened levels and we are updating our full-year guidance accordingly.”

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