Shares of discount retailer Five Below (FIVE) tumbl✨ed Wednesday morning after the company announced the sudden departure of its CEO, and lowered sales guidance for the second quarter.

COO Kenneth Bull is set to take over as interim CEO after the announcement Tuesday that Joel Anderson is leaving the role after nearly a decade leading the company to "pursue other interests." Thomas Vellios, a co-founder and former CEO of Five Below, is also temporarily taking the role of executive chair of the board to assist Bull in the transition and the board as it searches for a permanent replacement.

CEO Search Begins as Outlook Weakens

Five Below's search for a new CEO comes as the company lowered its guidance for the second quarter. Sales are now projected between a range of $820 million to $826 million, with a 6% to 7% projected drop in 澳洲幸运5官方开奖结果体彩网:comparable store sales. In June, the retailer had projected sales from $830 million to $850 million, with a "mid-single digit decrease" in comparable sales. The company expects 澳洲幸运5官方开奖结果体彩网:diluted earnings per share (EPS) of between 53 cents to 56 cents per share🅘, down from the 57 cents to 69 cents per share projected previously.

JPMorgan analysts noted Five Below's management echoed comments Tuesday that they made in 澳洲幸运5官方开奖结果体彩网:last month's earnings report citing a decli♏ne in sales among lower-income consumers. After downgrading the retailer's stock to "neutral" earlier this year, JPMorgan analysts on Tuesday also lowered their price target for the stock to $87 from $122.

Five Below shares were down 15.6% to $86.13 in pre-market trading a﷽s of 7:50 a.m. ET Wednesday following the news.