Shares of Gordmans Stores (GMAN) fell more than 15% Tuesday after the department store lowered its fourth-quarter outlook citing a 4.6% decline in same-store sales.

The Omaha, Neb.-based retailer said late Monday that it now anticipates quarterly revenue to be about $203 million, below its earlier guidance range of $213 million to $215 million. Analysts in a Thomson Reuters poll were calling for sales of $214 million.

Gordmans also lowered its fourth-quarter EPS guidance to a range of 35 cents to 37 cents, below its previously provided forecast of 58 cents to 61 cents a share, and sharply under the Street’s view of 60 cents.

Shares of the apparel retailer slumped more than 15% to a 52-week low of $11.66 Tuesday.

"Our comparable store sales declined due in part to our seasonal businesses, which suffered disproportionately greater sales decreases, as well as merchandise offerings in several categories that lacked sufficient breadth of selection,” said Gordmans CEO Jeff Gordman.

The company said it is aggressively managed inventories last quarter to better position itself as it transitions into the beginning of fiscal 2013 and warned that those moves will negatively impact fourth-quarter margins.

Same-store sales in January, though, have been up in the mid-single-digit range and Gordman said he is encouraged by the performance of the company’s stores opened in 2008 through 2012.

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