Shares of Guess Inc. sank more than 23 percent on Thursday after the Los Angeles apparel maker cut its annual profit and revenue forecasts

The company, which operates 511 stores in the U.S. and Canada, late Wednesday said comparable-store sales fell 8.5 percent in its fiscal second quarter.

The company now expects profit for the year ending Feb. 2 will range between $2.15 and $2.30 a share, compared to earlier guidance of $2.50 to $2.65 a share.

Second-quarter net income fell 29 percent to $42.9 million (49 cents a share) for the quarter ended July 28. Revenue fell 6 percent to $635 million. The Wall Street consensus was for profit of 51 cents a share on revenue of less than $630 million.

Shares closed down $7.59, or 23.6 percent, to $25.95 on the New York Stock Exchange.