Shares in Burberry have fallen 11% after the British fashion house said its retail sales were lower than hoped in the last three months of 2007.
Retail sales were "modestly behind" its plan, Burberry said, after consumers waited for the sales to go shopping.
It also admitted that analysts might cut their earnings forecasts, although the firm said it was still aiming for full-year earnings of £210m ($412m).
Total revenue rose by 26% to £254m in the three-month period.
Retail sales, which account for 60% of the firm's total revenues, grew at an underlying rate of 14% in the period.
In the US, same-store sales showed double-digit growth, Burberry said. In Europe, the best market was Italy, but sales in Spain fell compared with the same quarter last year.
"We are still shooting for £210m [earnings]... (but) analysts' forecasts may be a tad lighter this morning," said Burberry finance director Stacey Cartwright.
Burberry's shares closed down 16% at 406.5p.