Shares of Sportsman’s Warehouse Holdings fell after the company reported a sharp slowdown in same-store sales in the fiscal second quarter.
The stock was down 18% to $3.70 in after-hours trading Wednesday after rising 1.1% at the close. Shares have fallen 52% this year.
The West Jordan, Utah-based outdoor specialty retailer said it saw lower demand for its products and lower traffic as inflation pressured consumer discretionary spending.
Sales fell 11.8% to $309.5 million, missing the $326 million forecast by analysts. Same-store sales, meanwhile, fell 16.1%.
The company said it would continue to reduce costs and ramp up promotions to drive sales for the rest of the year.
Sportsman’s Warehouse posted a loss of $3.29 million, or 9 cents a share, in the 13 weeks ended July 29, compared with a profit of $14.6 million, or 35 cents a share, a year earlier.