Shares of Academy Sports and Outdoors slipped after the sporting-goods retailer cut its full-year sales forecast as consumers tighten their spending ahead of the holidays.
The stock fell 6% to $47.51 in premarket trading. Shares were already down nearly 4% this year through Wednesday’s close.
The Katy, Texas, retailer cut its full-year sales forecast to $6.11 billion to $6.17 billion, down from a prior forecast for sales of $6.18 billion to $6.37 billion.
The company expects comparable sales, which strip out the effects of store openings and closings, to fall by 6.5% to 7.5% for the year, narrowed from previous guidance for a decline of 4.5% to 7.5%.
Academy Sports also narrowed its full-year adjusted profit outlook to $7.05 a share to $7.20 a share, compared with a prior forecast of $6.95 a share to $7.65 a share.
“Over the past year we have seen customers change their shopping patterns and aggregate trips into the key shopping moments on the calendar and we expect to see this pattern continue this holiday season,” said Chief Executive Steve Lawrence. He added that the company is emphasizing its value offerings in marketing materials.
For the third quarter, comparable sales fell 8%, below the 5.9% decline that analysts had expected, according to FactSet.