Shares were dropping nearly 15% in after-hours trading.
The Richardson, Texas-based accessories maker reported earnings of $1.03 a share, below the FactSet consensus of $1.12 a share.
Revenue declined to $959 million from $992 million a year ago, missing analysts' projections of $977 million.
For the current quarter, the company expects GAAP revenue to decline between 13% and 9.5%, and an adjusted loss between 25 cents a share and 10 cents a share.
Analysts surveyed by FactSet are modeling revenue of $650 million and earnings of 4 cents a share for the quarter.