Oxford Industries ( OXM) plunged 21% after the Atlanta-based shirtmaker said a retail industry slowdown has left its bottom line in tatters.

The maker of Tommy Bahama shirts made $4.8 million, or 27 cents a share, for the fiscal first quarter ended Aug. 31. That's down from the year-ago $11.2 million, or 63 cents a share. Sales fell 17% from a year ago to $238 million.

Analysts surveyed by Thomson Financial were looking for a 46-cent profit on sales of $247 million.

"Our quarterly results reflect the difficult condition of the retailing market," said CEO J. Hicks Lanier. "We believe that the slowdown in our Tommy Bahama business is related to current market conditions, but that the Tommy Bahama brand remains strong and the business is well-positioned to rebound as these conditions abate. We are encouraged by continued progress in the repositioning of the Ben Sherman business in both the U.S. and the U.K."

The bad news from Oxford hit shares elsewhere in the apparel sector, where Polo Ralph Lauren ( RL), Phillips Van Heusen ( PVH) and Liz Claiborne ( LIZ) each dropped around 2%.

Oxford also said it will change its fiscal year-end to January from May to conform with the rest of the retail industry. The company said sales and earnings for the current quarter should be flat with a move to slightly higher than those reported today.

Shares fell $7.52 to $28.73.