The company now projects second-quarter sales to hit $930 million, a stark departure from earlier expectations of 1% growth. The outlook for the full year has darkened considerably, with management shifting its forecast from a projected 2% to 4% increase to a contraction of 4% to 7%. These figures arrive against a backdrop of a difficult year for the firm, which had already seen its stock value retreat by more than 25% since January.

Alongside the financial pivot, the company is navigating a leadership transition in its finance department. Nicholas Brazis has resigned as chief financial officer to join a private firm. Bob Fishman, who served as CFO until March of this year, has been appointed to the role on an interim basis to stabilize the company's fiscal communications during this period of market volatility.