NEW YORK (TheStreet) -- Shares of Sportsman's Warehouse Holdings (SPWH) - Get Report are diving by 9.13% to $8.90 on heavy trading volume Wednesday afternoon, after the outdoor sporting goods retailer posted weaker-than-expected revenue for the 2016 first quarter and provided downbeat guidance.

After yesterday's closing bell, the Midvale, UT-based company said revenue increased by 9% to $151.6 million from last year. But the figure was below analysts' forecasts of $158.5 million.

The company reported adjusted break even earnings per share, while analysts were expecting a loss of 2 cents per share.

Same-store sales fell by 2.2% during the quarter, while analysts were expecting a decline of 1%. 

"Our company's operating discipline and local market focus enabled us to quickly adapt to changing market conditions, including both the continued strength in firearms as well as the continued weather headwinds which impacted performance in our apparel areas," CEO John Schaefer said in a statement.

For the second quarter, Sportsman's sees earnings per share between 15 cents and 17 cents on net sales of $178 million to $183 million.

Analysts are looking for earnings of 16 cents per share on revenue of $192.1 million.

In fiscal 2016, the company projects earnings per share in the range of 65 cents to 73 cents on net sales of $770 million to $790 million.

Analysts are modeling earnings of 71 cents per share on revenue of $814.54 million.

MKM Partners maintained its "buy" rating and $13 price target on the stock following the results.

"Comps were slightly below our forecast but not too bad in the context of the retail environment, while EPS were slightly above, driven by very strong gross margin improvement as Sportsman's benefited from tight inventory management in softlines," the firm wrote in a note to investors earlier today.

MKM said it views the stock's recent drop as a buying opportunity. 

About 2.15 million of the company's shares were traded so far today vs. its average volume of 660,838 shares per day.

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