Shares of Gander Mountain (GMTN) were among Nasdaq's losers Wednesday, falling 35% after the outdoor-products retailer withdrew its 2005 guidance.
Gander Mountain said it no longer expects to post pretax income of at least $16 million, flat same-store store sales or $850 million in sales for the year. The company anticipates third-quarter same-store sales will fall 9% to 10%. Gander Mountain blamed high energy prices, uncertainty in the economy and warm weather for a sales shortfall.
"Sales and gross margin in the third quarter have been disappointing," the company said. "However, we still have our most important selling period ahead of us with the peak hunting seasons and the holiday season, and we have taken steps to maximize current opportunities in response to the softer sales environment." Analysts surveyed by Thomson First Call had expected full-year sales of $857 million and earnings of 57 cents a share. Shares recently traded down $2.90 to $5.35.
P.F. Chang's (PFCB) fell 7% after the restaurant operator posted in-line third-quarter earnings but lowered its fourth-quarter outlook. The company earned $8.4 million, or 31 cents a share, on sales of $203 million for the third quarter. Analysts, on average, predicted earnings of 31 cents a share and sales of $203.4 million. A year earlier, the company earned $8.2 million, or 31 cents a share, on sales of $174 million.P.F. Chang's now expects fourth-quarter earnings of 33 cents a share on sales of $214 million. Previously, the company forecast earnings of 38 cents a share on sales of $219 million. The company attributed the reduced guidance to lower traffic expectations, fewer unit sales weeks and the closure of its restaurant in Metairie, La. Analysts forecast fourth-quarter earnings of 37 cents a share and sales of $218.7 million.