Shares of Vail Resorts (NYSE: MTN) were under pressure in late trading after missing fourth quarter profit and sales expectations, while pass product sales for the upcoming North American ski season also disappointed investors.

“Our approach to engaging with guests has not kept pace with shifting consumer behaviors and as a result, we have not been able to fully capitalize on our competitive advantages or adapted our execution appropriately," Vail Resorts CEO Rob Katz said.

Mitigating losses on the share price was an increase in ski pass sales dollars due to a 7% price increase relative to last season, and increases in ski school, lift, and dining revenue. Additionally, the company acknowledged that the fiscal fourth quarter is historically impacted by the shift in the ski season from North America and Canada (replaced by summer activities) to the relatively less active ski season in the southern hemisphere.