Updated from 10:37 a.m. EDT

Shares of

Lands' End

(LE) - Get Report

fell sharply after the catalog and online retailer warned Monday that its sales and earnings for its second fiscal quarter and the full fiscal year will be lower than it previously expected.

Lands' End finished down 8 3/16, or 20%, at 31 15/16.

Lands' End said earnings for the quarter ending July 28, would be half of last year's 14 cents a share. That figure is far less than the 17 cents a share predicted by analysts polled by

First Call/Thomson Financial

. Lands' End also said sales for the quarter would be little changed from those in the same period of 1999. Previously, the company had said it anticipated earnings growth and positive second-quarter sales.

For the full fiscal year, Dodgeville, Wis.-based Lands' End said it expects a lower sales increase than its earlier projection of 6%. The company also estimated a 20% increase in its earnings per share to $1.82 from last year's $1.52. Wall Street expected $1.90 a share, according to

First Call/Thomson Financial

.

The warning from Lands' End is the latest in a series of disappointments from the company. In

November 1999, the company predicted poor fourth-quarter sales. In

May 2000, it reported first-quarter earnings of a penny a share, while analysts had predicted 16 cents a share. Lands' End blamed weak childrenswear sales, later catalog mailings, softness in Japan and the poor performances of catalogs meant to draw new customers.

The company in June said it expected sales in the first half of fiscal 2001 to be little changed compared with those from the first six months of fiscal 2000, excluding first-half 2000 sales from the discontinued

Willis & Geiger

business. That compared with the company's previous forecast of a low-single-digit increase. The lowered forecast was a result of weakness in some specialty catalogs, the company said.

The company is scheduled to report second-quarter earnings on August 10.