At Home (HOME) - Get Report shares slid on Thursday after the home decor retailer reported negative same-store sales in the second quarter and said it expects the trend to continue in the third quarter.
The stock was down 5.6% to $6.52 on Thursday.
The Plano, Texas-based company said sales rose 18.7% year over year to $342.3 million for the quarter ended July 27, driven by an increase in store count. The expectation was for sales of $343.2 million, according to analysts surveyed by FactSet.
Comparable-store sales decreased 0.4%, which the company blamed on "adverse weather conditions early in the quarter." The estimate was for same-store sales to decrease 0.6%.
Net income was $10.4 million compared with a year-earlier loss of $10.1 million. Adjusted net income was $11.4 million compared to $20.6 million last year.
Adjusted EPS was 18 cents, which the company said was in line with its expectations and compared to 31 cents a year ago. Analysts were expecting adjusted EPS of 15 cents.
For its third quarter, the company said it expects comparable-store sales to decrease by between 0.5% and 2.5%. It also expects a "pro forma" adjusted EPS loss of between 1 cent to 4 cents a share. Sales in the third quarter are expected to come in between $312 million to $317 million, which the company said represents growth of 17% to 19%.