The discount retailer Five Below continues to struggle with a decline in consumer spending and has consequently replaced its long-time CEO and lowered its forecast for the second quarter.

On Tuesday, the company announced that Joel Anderson is leaving the company after more than a decade at the helm. Chief Operating Officer Kenneth Bull has been appointed as interim President and CEO. The company's co-founder and chairman, Tom Vellios, has been named executive chairman of the board.

The stocks fell by 9.7% to $92.58 in late trading. By the close of trading on Tuesday, the stock price had already dropped by more than 52% this year.

The profit warning is the latest setback for Five Below, which, in addition to declining sales, is also grappling with pressure on profit margins due to shoplifting and additional measures to combat this problem.

Here's the translation of the heading to English:

"The chain has eliminated self-service checkouts and hired security personnel, both measures to combat so-called 'shrink', an industry term for theft, lost inventory, and damaged goods. However, these additional costs have reduced the margins.

Simultaneously, the executives of Five Below have stated that their core low-income customer base has been strained by years of inflationary pressure, which led the company to lower its annual forecast last month.

Translation:
For the current quarter, Five Below now expects sales between $820 million and $826 million, compared to a previous forecast of $830 million to $850 million. This includes a decline in comparable sales by 6% to 7%, which measures sales in stores that have been open for at least 15 months.

Five Below has also lowered its quarterly earnings per share forecast to 53 to 56 cents, down from the previous 57 to 69 cents. FactSet surveyed Wall Street analysts who had expected revenue of $836.6 million and earnings per share of 64 cents.