cut its second-quarter earnings expectations to below analysts' consensus estimate Thursday, citing a decline in same-store sales brought on by bad weather in recent weeks.
Comparable-store sales in the five-week period ended July 5 fell 2.4%. Shares of the company were down about 4.2% in Instinet premarket trading at $51.71.
The retailer now expects to earn 30 cents to 32 cents a share in the second quarter, compared with analysts' estimates of 39 cents a share. The company earned 36 cents a share in the second quarter last year.
"We have been very aggressive on pricing all quarter to clear our seasonal merchandise and be appropriately positioned for back-to-school in August," said Chief Executive Larry Montgomery.
Total sales in the five-week period were $828.7 million, up 10.7%. The company currently has 492 stores and said it expects to open 45 stores in the third quarter.