Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of apparel manufacturer G-III Apparel (Nasdaq: GIII) were looking out of style today as they fell as much as 17% in intraday trading on heavier-than-average volume.

So what: Earnings, or rather lack thereof, were the culprit for G-III's decline today. For the first quarter, the company reported a loss of $0.03 per share on revenue of $197 million. Though revenue topped analyst estimates and the loss was narrower than last year's, the folks on Wall Street were expecting a $0.04-per-share profit.

Now what: The company's outlook may have been just as disappointing for investors. Management maintained its previous full-year earnings-per-share guidance of $3.15 to $3.25 and introduced a second-quarter forecast of $0.18 to $0.22 per share. Current analysts' forecasts fall at the upper end of both ranges, whereas investors typically like to see those expectations line up with the midpoint of management's view.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.