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Express braces for tough holiday
Although sales at Express during Thanksgiving week exceeded last year's, results did not meet the company’s expectations and it’s bracing itself for a tough holiday shopping season.
The specialty retail apparel chain operating approximately 630 stores reported net sales of $503 million, an increase of 7% from $468.5 million in the third quarter of 2012. Comparable sales increased 5% versus a decline of 5% in last year's third quarter. E-commerce sales increased 29% to $71.2 million this quarter, above last year's third quarter increase of 21%.