Footwear manufacturer K-Swiss on Thursday reported a smaller loss for the third quarter but still missed Wall Street estimates, sending shares sharply lower.

The Westlake Village company reported a net loss for the quarter of $15.4 million, or 43 cents per share, compared with a net loss of $28.3 million, or 80 cents per share, in the third quarter last year.

The consensus estimate of analysts who follow the company was a loss of 26 cents per share, according to Bloomberg.

The company also announced a 4.2 percent decline in future orders for shoes.

By mid-day, shares of K-Swiss had lost $1.41 or 31 percent to trade at $3.21 on the Nasdaq Stock Exchange.