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Shares of the Ohio-based retailer, which have shed more than 46% this year, were down about 11% in premarket trading.
Soaring inflation is eroding consumer spending power at a greater pace than seen in decades, prompting Americans to curb spending on apparel and other discretionary purchases and prioritize essentials.
The company now expects net sales to decline mid single digits in fiscal 2022, compared with its earlier forecast of flat to 2% growth.
The company’s net sales fell to $805.09 million in the second quarter from $864.9 million a year earlier, compared with analysts’ average estimate of $843.6 million, according to Refinitiv IBES data.
