Chicago’s Mike’s Outdoor Sports has been hit by declining sales since the start of the year and is set to fall into a recession in the coming months, according to its most recent quarterly report.
Mike’s Outdoor sports was the first outdoor retailer to suffer from the economic downturn in the U.S. that began in late 2008, and the company has struggled to make up the lost sales, according an analysis by The Associated Press.
The company’s stock fell more than 50% from the year before, and in the first quarter of 2017, it lost more than $20 million.
Its quarterly loss came despite an increase in the number of stores and the expansion of its online store.
Mike has been losing money for years and is still struggling to make money, said Joe Zalewski, the company’s chief financial officer.
Mike’s has been selling out of its merchandise at a rate of 10 stores a day, which is far below the 20 stores per day it was expected to sell by year-end.
The decline in sales has been so severe that Mike’s expects its next quarterly report to show a decline in revenue of 15% from $1.2 billion in the previous quarter.
Sales are set to drop by 15% for the current quarter, the report said.
Mikes annual revenue for the quarter was $2.1 billion, and revenue growth was 6.2%, or 2.1%.
The company expects that figure to be lower than the 4% revenue growth projected for the year, the AP reported.
Sales in Chicago’s retail industry are expected to be weaker in the upcoming months.
In the first half of the month, stores in the city reported record sales of $4.5 billion, according a Bloomberg survey of retail stores.
That number has fallen to $3.5 million, with the Chicago area’s most popular sports stores selling only 3.5% of the stores that sold in the month.
Mike will be the last retailer in the Chicago sports market to experience a recession, said Paul Dannenberg, president of the Chicago Sports Authority, a nonprofit group that supports sports in the neighborhood.
Mike did not respond to a request for comment.