Shoe Station Group cut its full-year guidance after it pushed promotions in the second quarter, weighing on its bottom line.

The footwear and accessories retailer said Thursday it now expects adjusted earnings per share of 75 cents to 90 cents for the full year, down from a prior outlook of $1.40 to $1.60. The company now guides for sales of $1.1 billion to $1.11 billion, down from a previous range of $1.13 billion to $1.15 billion.

The updated forecast comes as second-quarter profit slid. The company said it lowered prices in the quarter, and accelerated the liquidation of aged and excess inventory, as competitors increasingly pushed promotions as the quarter progressed. The company's merchandise assortments also didn't resonate with customers, hurting sales, it said.

The company expects sales trends to improve going forward, with plans to invest further in advertising. However, it expects pressure on its margins to continue.

"These actions do not change our expectation that the promotional environment will persist through the balance of the year, and our updated guidance reflects that environment," said Cliff Sifford, interim president and chief executive officer.

The company posted a second-quarter profit of $6.3 million, or 23 cents a share, compared with $19.2 million, or 70 cents a share, a year earlier.

Sales fell to $284.3 million from $306.4 million, missing analyst estimates of $296.9 million.

Same-store sales fell 7.1%.