Oxford Industries shares fell after the company cut its outlook, citing challenges in its Lilly Pulitzer brand.

Shares slid 19% to $29.80 in after-hours trading Thursday. Through the close, shares were up 2% this year.

The apparel company said it now expects annual revenue to be $1.43 billion to $1.47 billion, down from its previous guidance of $1.48 billion to $1.51 billion. It expects adjusted earnings per share to be $1.60 to $2, down from $2.30 to $2.70.

The outlook cut came after Oxford posted sales declines across most of its brands in the second quarter. Lower sales across Lilly Pulitzer, Johnny Was and the company's emerging brands offset a 0.8% increase in revenue from the Tommy Bahama brand.

Total net sales declined 2.2% to $394.4 million, roughly in line with analysts' projections.

It was a particularly bad quarter for its Lilly Pulitzer brand, where sales fell 5.6%. Chief Executive Tom Chubb attributed the decline to challenges in marketing and addressable products across the fashion merchandising business.

Profit was $49.0 million, or $3.25 a share, compared with $16.7 million, or $1.12 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $1.34, ahead of the $1.31 anticipated by analysts, according to FactSet.

Oxford has implemented a broader review across the company to identify ways to improve long-term earnings and become less dependent on historical revenue growth rates, Chubb said.

In the current third quarter, Oxford expects sales to be $280 million to $300 million, with an adjusted loss per share of $1.40 to $1.20. Analysts were forecasting $313.5 million in sales with an adjusted loss of 60 cents a share.