Hibbett Sports Inc. (HIBB)  is tumbling some 10% Friday after lowering guidance for 2017 as a whole.

HIBB shares were down $1.18 at $10.32 in early afternoon trading after the sporting-goods retailer said it expects to earn $1.25 to $1.35 a share for the year -- a sharp drop from its previous guidance of $2.35 to $2.55. The downbeat forecast came even as Hibbett reported a second-quarter loss before the bell of 15 cents a share, better than the loss of 20 cents a share analysts surveyed by Factset had expected. In July, Hibbett forecast that it would lose between 19 cents to 22 cents a share. The chain earned 29 cents a share in the same period last year.

Hibbett also said that second-quarter revenue fell 9.2% to $188 million from $206.9 million last year. Wall Street forecast revenue of $190.3 million. Same-store sales plunged 11.7%, worse than the consensus on Wall Street estimating a 10% decline.

Hibbett operates about 1,000 stores in 32 states including in New Jersey, Ohio and Tennessee.

As TheStreet's Laura Berman reported recently for our sister publication The Deal, an activist investor could use 72-year-old Hibbett's weak earnings as an opportunity to strike. Small-cap retailers are typically a prime target for activist investors like Macellum Advisers' Jonathan Duskin. The investor landed a board seat at discount-clothing retailer Citi Trends Inc. (CTRN) , focusing on its over-tenured CEO. Hibbett CEO Jeff Rosenthal has held an executive position, either as CEO or COO, for a total of 19 years at the company.

Hibbett, the largest company headquartered in Alabama, trades at an enterprise value to Ebitda multiple of just 2.23 times, well below its peers, including Foot Locker Inc. (FL) at 4.68 times, Finish Line Inc. (FINL) at 4.05 times and Dick's Sporting Goods Inc. (DKS) at 5.64 times.

Year to date, Hibbett stock is down some 70%.

(This story has been updated with midday stock prices.)

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