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Express shares ease premarket after disappointing fourth quarter numbers

The company said that while e-commerce sales rose by double-digit percentages, traffic in retail stores did not fare well
Christmas
The apparel and accessories retailer blamed the disappointing results in the weeks leading up to Christmas for the dismal outlook.

Express Inc. (NYSE:EXPR) shares took a dip in premarket trade after the company reported profit and sales outlook that were below market expectations for the fourth quarter.

The apparel and accessories retailer blamed the dismal outlook on the results recorded in the weeks leading up to Christmas.

READ: Express turns lower premarket despite posting market beating third quarter sales

In a statement, Express said it is now expecting earnings per share for the quarter to January to be 31 US cents to 33 US cents, which is well below market consensus of 43 US cents.

Same-store sales are expected to be down 1% to down 2% from a year ago. The market consensus was for up to 2.4%.

The company said that while e-commerce sales rose by double-digit percentages, traffic in retail stores did not fare well.

"From a product perspective, dresses and sweaters were the primary drivers of the sales miss relative to our expectations," said chief executive David Kornberg.

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