Halfords Group Plc slid as much as 22% on Wednesday after the British automotive and bicycling retailer cut its financial guidance.

The company lowered its forecast for full-year underlying profit before tax to between £48 million ($61 million) and £53 million, cutting the high end of its previous guidance from £58 million.

Halfords, which has almost 650 garages and around 400 stores, said business was volatile during the first half of the year. In the last couple of months there’s been some softening in discretionary big-ticket categories, which has affected sales.

British consumers, faced with stubbornly high inflation, have been reeling in their spending on non-essentials. The latest figures from the Office for National Statistics show that retail sales fell 0.3% in October, more than expected.

Halfords’ results point to “heightened risks, caution required,” wrote analysts at Liberum. It may still be difficult for the business to reach the new lowered profit forecast, they said, cutting their view on the stock to “sell” from “hold.”

--With assistance from Katie Linsell.