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 sportswear specialist G-III Apparel Group (Nasdaq: GIII) sank 17% on Thursday after its second-quarter earnings and full-year forecast missed Wall Street expectations.

So what: This marks the second straight quarter in which G-III has whiffed on its previous guidance, so investors are naturally growing skeptical over management's ability to meet targets. The company has been forced to offer customers significant margin-pressuring discounts in recent months, suggesting that the market remains a lot softer than many investors think.

Now what: Don't expect things to turn around anytime soon. G-III now sees full-year earnings of just $3.05 to $3.15 per share, well below the average analyst estimate of $3.21 per share. Of course, with the stock now down more than 45% since the end of April, and trading at a substantial P/E discount to rivals Columbia Sportswear (Nasdaq: COLM) and Nike (NYSE: NKE), G-III seems like an intriguing bargain for long-term Fools.

Interested in more info on G-III? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Nike and Columbia, as well as creating a diagonal call position in Nike. Try any of our Foolish newsletter services free for 30 days.

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