12:33 PM EDT, 09/04/2024 (MT Newswires) -- (Updates to add recent stock move in the headline and first paragraph.)

Dollar Tree ( DLTR ) shares tumbled nearly 21% in recent Wednesday trading after the company reported lower-than-expected fiscal Q2 results and lowered its annual outlook.

The discount store operator reported fiscal Q2 adjusted earnings of $0.67 per diluted share, down from $0.91 a year earlier.

Analysts polled by Capital IQ expected $1.04.

Revenue for the quarter ended Aug. 3 was $7.38 billion, compared with $7.33 billion a year earlier.

Analysts polled by Capital IQ expected $7.48 billion.

Same-store sales growth for the quarter was 0.7%. Analysts polled by Capital IQ expected 1.5%.

The company said it expects fiscal Q3 adjusted EPS of $1.05 to $1.15 and net sales of $7.4 billion to $7.6 billion. Analysts polled by Capital IQ expect $1.32 in adjusted EPS on revenue of $7.58 billion.

For fiscal 2024, Dollar Tree ( DLTR ) lowered its outlook and said it now expects $5.20 to $5.60 in adjusted EPS and $30.6 billion to $30.9 billion in net sales. The company previously estimated $6.50 to $7 in adjusted EPS and net sales of $31 billion to $32 billion. Analysts polled by Capital IQ expect $6.55 in adjusted EPS on revenue of $31.2 billion.

Price: 64.63, Change: -17.02, Percent Change: -20.85