Accessory retailer Fossil is getting demolished after slashing guidance

Fossil is getting rocked in after-hours trading after reporting miserable earnings on Tuesday.

The company reported earnings of $0.12 per share against analyst expectations of $0.14 per share. Comparable sales dropped by 3% against analyst expectations of only a 0.4% drop. Fossil's sales missed, with only $659.8 million in sales during the first quarter against estimates of $667 million.

The big drop, however, was in guidance. The accessory-maker, best known for its watches, cut its earnings forecast for the full year of 2016 to $1.80 to $2.80 per share versus its previous projection of $2.80 to $3.60 per share. Additionally the firm projects sales to fall between 1.5% to 5% for the full year.

After the news, the stock plummeted in after-hours trading. As of 4:16 p.m. EST, shares were down a little more than 23% at $30.70.

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