(Reuters) -Electronics retailer Finest Purchase Co Inc (NYSE:) lowered its full-year gross sales and revenue forecasts on Tuesday, as red-hot inflation saps customers’ spending energy.

Nevertheless, Finest Purchase shares jumped 8% in premarket buying and selling after the corporate beat estimates for first-quarter income.

Its inventory fell over 16% final week as retail behemoths Walmart (NYSE:) Inc and Goal Corp (NYSE:) mentioned surging costs of every thing from toothpaste to gasoline was forcing customers to prioritize family necessities over discretionary objects reminiscent of electronics.

Finest Purchase mentioned it was anticipating full-year comparable gross sales to fall 3% to six%, in contrast with its earlier forecast of a 1% to 4% drop.

It expects fiscal 2023 adjusted earnings per share of $8.40 to $9, in contrast with its earlier forecast of $8.85 to $9.15.

Complete income fell to $10.65 billion from $11.64 billion within the first quarter ended April 30, however beat expectations of about $10.41 billion, in response to IBES knowledge from Refinitiv.