Shares of Perry Ellis (PERY) tumbled 23% to nearly a two-year low on Wednesday after the designer cut its outlook below Wall Street expectations.

Weak shipments, particularly in its private label business, as well as softer-than-expected sales through its direct retail channel, weighed on Perry Ellis during the third quarter and are expected to continue to impact sales through the rest of the year. 

The Miami apparel company predicted a loss for the third quarter ending Nov. 2 of between 15 cents and 17 cents a share, which would fall short of last year’s 25-cent profit and would be well below the consensus view of a 13-cent profit.

Perry Ellis also lowered its fiscal 2014 guidance, now predicting revenues in the range of $960 million to $970 million, below its earlier view of $985 million to $995 million and missing the Street's view of $989.4 million.

Full-year adjusted earnings are expected to be in the range of 95 cents to $1.01 a share, below its earlier view of $1.50 to $1.60. Analysts on average are calling for  EPS of $1.50.

The earnings were met with a wave of disappointment on Wall Street, with its shares plummeting 23% to $14.95 in recent trade. 

A bright spot, notes Perry Ellis, is that its golf lifestyle apparel and Nike swim business continued to perform in line with expectations. 

Follow Jennifer Booton on Twitter at @Jbooton