Express lowers Q4 guidance on weak holiday trade

US fashion retailer Express has lowered its expectations for the fourth quarter

due to a slowdown in shopper traffic after Thanksgiving. On the wake of the news, shares of Express shredded 2.5 percent.

Despite the slow holiday season was expected at the retailer, which in accordance planned to discount many items, the drop in shopper traffic “was even deeper than anticipated, as consumers waited until much closer to Christmas to shop,” said earlier this week CEO and Chairman Michael Weiss.

Aimed to ensure customers would buy something once at the store, in stores, and to avoid a heavy build-up of inventory, Express cut prices even further than originally planned and extended the time it offered those discounts.

“While we believe the actions we took, and are taking, are appropriate, it does require us to adjust our fourth-quarter and full-year guidance accordingly,” Weiss said.

Express now predicts earnings of between 57 cents and 61 cents per share, behind analysts’ previous expectations of between 66 cents and 71 cents per share.