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Investors sent shares of Irvine-based Tilly's Inc. down 24% in afternoon trading Wednesday, a day after the action-sports retailer issued disappointing earnings guidance for the January quarter.

Analysts at Goldman Sachs and SunTrust downgraded the company's shares to neutral, while William Blair lowered its rating on the company's stock from "outperform" to "market perform" on the outlook.

Tilly's sells clothing, shoes and accessories inspired by action sports, art and music for men and women in 189 stores.

Tilly's Chief Executive Daniel Griesemer said the company continues to operate in a "challenging retail environment" and said "current trends dictate a cautious approach in the near term."

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The traffic slowdown caused the company to issue adjusted earnings guidance in the range of $4.2 million to $6 million for the January quarter.

That's down from the company's $8.9 million in adjusted profit in the year-ago period and below the $9.86 million analysts expected.

Comparable store sales in the current quarter are expected to be down in the mid- to high-single digits.

The guidance, released after market close on Tuesday, also came with the company's results for the three months ended Nov. 2.

Tilly’s beat consensus estimates on earnings with an adjusted profit of $8.3 million, compared with analyst estimates of $5.91 million.

The company's November quarter net sales of $123.8 million was down 0.9% from a year earlier and missed analyst estimates of $132.59 million.

Same-store sales in the November quarter fell 2.4%.

Tilly's had a recent market value of $333.09 million.

Direct competitor Zumiez Inc. of Lynnwood, Washington is expected to report its third-quarter results Dec. 5 and said earlier this month it saw same-store sales rise 1.2% for the four weeks ended Nov. 2.

Anaheim-based Pacific Sunwear of California Inc. is also set to report its quarterly results that same day.