TORONTO -- Roots Corp. shares plunged Wednesday morning after the clothing company said it has lowered long-term financial targets set when it went public in October 2017.

The clothing company's shares were trading near all-time lows after falling more than 20 per cent. They were at $3.62, down 92 cents from Tuesday's close after about an hour of trading.

Earlier, Roots announced total sales for the three months ended Nov. 3 were "well below" its expectations at $87 million, and down three per cent from $89.7 million last year.

Net income was $2.8 million or seven cents per share, down from $5.0 million or 12 cent per share last year.

Adjusted net income was $4.7 million or 11 cents per share, down from 23 cents per share in last year's third quarter.

Analysts had estimated $90.6 million of revenue and 16 cents per share of adjusted earnings, according to Thomson Reuters Eikon.

Roots says its performance during the quarter ended Nov. 3 reflected the absence of a large marketing campaign and unseasonably warm fall weather and last year's strong sales related to Canada's 150th anniversary celebrations.

The company is now estimating between $358 million and $375 million of sales in fiscal 2018, compared with the estimated range of $410 million to $450 million when Roots did its initial public offering.

Roots is revising its fiscal 2019 target range for adjusted EBITDA to between $46 million and $50 million, from between $61 million and $68 million, and it's also revising its adjusted net income target range to between $20 million and $24 million from its previously stated target range of between $35 million and $40 million.

After spending most of its history as a private company, Roots did an initial public offering last year. The stock began public trading at $11.50 on Oct. 25, 2017, rose to as high as $13.55 in May but fell after missing analyst estimates for the second-quarter and third-quarter.