Shares of FIGS Inc. fell 8.7% to $6 in after-hours trading Thursday after the direct-to-consumer healthcare apparel and lifestyle brand lowered its full-year revenue outlook.
The company guided for full-year revenue of $495 million, down from its prior outlook of between $510 million and $530 million.
FIGS recorded higher third-quarter revenue on an increase in orders from new and existing customers, but Chief Executive Trina Spear said frequency trends are continuing to slow, largely due to sustained macroeconomic pressures.
The company also said it faced higher freight costs and a higher mix of promotional sales in the recent period.