SAN FRANCISCO -- Coldwater Creek ( CWTR) has owned up to the mistakes that will sink its profits for the rest of the year, but it's unclear how the women's apparel retailer will dig itself out of its mess. Coldwater Creek shares plummeted 28% to $7.82 Friday after the company cut its profit forecasts for the second half of the year. With the plunge, the stock has now fallen 61% since the beginning of the year. On a conference call with analysts Friday morning, Coldwater Creek executives pointed to a large stock of suede jackets and coats that did not sell well during the fall season. Those are products, though, that the retailer has historically relied on as its signature items. Instead, customers turned to lower-priced items like woven shirts and knits that could not make up for the diminished revenue. For the third quarter, the company now expects sales of $260 million to $265 million and a loss of 11 cents to 13 cents a share. Sales for the fourth quarter should be $360 million to $365 million, and Coldwater expects to break even on the bottom line. Analysts were projecting profits of 14 cents a share for the third quarter and 20 cents in the fourth quarter, according to Thomson Financial. Previously, Coldwater's forecast profits for the second half would be flat with the prior year, when earnings were 34 cents a share.