Ascena Retail Group Inc (NASDAQ:ASNA) posted its latest quarterly earnings results after the bell Monday.

The company reported net income of $6.6 million, or three cents a share. On an adjusted basis, Ascena earned 11 cents per share, meeting analysts’ expectations but falling below the 18 cents a share it earned a year ago.

Revenue came in at $1.59 billion during its first quarter of fiscal 2018, which was a decline from the $1.68 billion it brought in during the year-ago period. Analysts were calling for revenue of $1.59 billion, according to FactSet.

CEO David Jaffe admitted that the company had a disappointing quarter. “We were unable to capitalize on the improving macro traffic environment due to fashion missteps that we cannot afford in today’s environment,” he said in a prepared statement.

Ascena also issued an updated on what it projects to earn during its second quarter of the fiscal year, slated to be in the range of a loss of 12 cents to seven cents per share, while the Thomson Reuters consensus estimate forecasts a loss of seven cents per share.

Revenue is also expected to be underwhelming at $1.62 billion to $1.66 billion, compared to Wall Street’s outlook of $1.66 billion.

“Our liquidity position remains strong, and we have the needed financial flexibility to complete the remaining components of our transformation program, which will see the Company emerge as a much more agile, capable competitor,” Jaffe continued.

ASNA shares plummeted 21.5% after the bell.