The company brought in adjusted earnings of $0.03, down from $0.28 a year ago, just below Street expectations of $0.04. Revenue came in ahead, growing 16% year over year to $306.3 million versus the consensus estimate of $303.3 million.
It’s stock collapsed 50% to $8.75.
Looking ahead, though, the picture was less rosy. The Plano, Texas company expects fiscal second quarter adjusted EPS between $0.14 and $0.17 and revenue between $340 million to $345 million. Analysts are calling for $0.26 EPS and $350.9 million in revenue.
For the full year, EPS between $0.67 and $0.74 and revenue between $1.37 billion and $1.39 billion is expected. Again, that falls short of Street expectations of $1.03 EPS and $1.4 billion in revenue.
“It was a challenging first quarter as we faced unusually adverse weather across a majority of our markets, resulting in comparable store sales below our expectations,” CEO and Chairman Lee Bird said. “Because of the challenging weather, we have already taken swift markdown actions in order to sell through the necessary product at lower than expected margins and head into the fall in a cleaner inventory position.”
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel