(Bloomberg) — Victoria’s Secret & Co. shares plunged by roughly 30% in premarket trading after the beleaguered lingerie maker’s full-year sales guidance fell short of analysts’ expectations.

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Underscoring the retailer’s struggle to gain relevance with customers, the company said it expects net sales of $6 billion this year, weaker than last year.

The company’s pledges to improve sales “did not come to fruition,” said JP Morgan analyst Matthew Boss in a note, downgrading the stock from neutral to underweight.

Victoria’s Secret has been working to attract and retain customers through initiatives like a rebranded fashion show and the expansion of swim and apparel categories, but the efforts have yet to pay off.

In the quarter ended Feb. 3, which included the crucial holiday shopping season, comparable sales at Victoria’s Secret fell 6%. Profitability, meanwhile, beat expectations thanks in part to better inventory management.

“The burden of proof rests on management execution,” said BMO analyst Simeon Siegel, who lowered his price target to $26 from $29. “The catalyst path is difficult.”

Through Wednesday’s close, the stock had fallen 26% in the last year.

Read More: Victoria’s Secret Fashion Show Is Back After $1.8 Billion Drop

(Updates with pre-market shares in first paragraph.)

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