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By Kathryn Hardison
Shares of Categorical Inc. slid to their lowest intraday worth in additional than a yr and a half after the clothes retailer minimize its full-year outlook on difficult macroeconomic circumstances.
At 1:55 p.m. ET, Categorical shares had been down 20% to $1.54, the bottom worth since Jan. 22 of final yr when shares hit $1.15, in line with FactSet. Shares are down 50% for the yr.
The Columbus, Ohio-based retailer lowered its full-year outlook on Wednesday after its second-quarter outcomes fell beneath its expectations. The corporate mentioned its males’s enterprise did higher than its ladies’s enterprise, with feminine clients changing into extra value-oriented in the course of the interval.
Categorical guided for full-year comparable gross sales to extend mid-single digits, in contrast with the steering it issued in Could for full-year comparable gross sales development of 8% to 10%.
The corporate shifted to predicting a lack of 16 cents to 22 cents a share, from its earlier view of earnings of 24 cents to 34 cents a share.
In the course of the quarter, comparable gross sales elevated 1%, in contrast with the mid-single-digit development the corporate had anticipated. Revenue fell to $7 million, or 10 cents a share, from final yr’s revenue of $10.6 million, or 15 cents per share. Gross sales rose 1.6% to $464.9 million.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
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