Wall Street closed lower on Monday, as the Dow suffered its worst day since Nov. 7, after investors weighed a mixed start to the holiday shopping season. 

After the closing bell, shares of Krispy Kreme Doughnuts (NYSE: KKD) tumbled more than 13 percent on news the company posted fiscal 2015 guidance between 71 cents to 76 cents a share, a penny below analysts’ forecasts.

The doughnut maker issued fiscal third-quarter earnings of $6.8 million, or nine cents a share, up from $5 million, or seven cents a share, a year ago. For the quarter ended Nov. 3, revenue increased 6.7 percent to $114.2 million. Excluding items, adjusted earnings rose to 16 cents from 12 cents a share a year earlier.

"Our third-quarter financial performance was consistent with our expectations,” said Chairman, President and Chief Executive Officer James H. Morgan in the company’s earnings statement. “We are pleased to be raising the lower end of our expected range of adjusted EPS for fiscal 2014 to a new range of $0.60 to $0.63 from $0.59 to $0.63.  If achieved, this would represent growth of from 28 percent to 34 percent compared to last year on a 52-week basis.  Our preliminary expectation of adjusted EPS for fiscal 2015 is in the range of $0.71 to $0.76 per share."

In addition, Krispy Kreme announced a development agreement with Dulce Restaurants, LLC, to develop 10 new Krispy Kreme shops in Houston over the next five years.

On Monday, shares of Krispy Kreme plunged 13.93 percent to $21.13 in extended-hours trading.

Also after the bell, Shoe Carnival, Inc. (NASDAQ: SCVL) posted a fiscal third-quarter profit of $10.9 million, or 54 cents a share, down from $12.2 million, or 60 cents a share, in the prior-year period. Meanwhile, revenue declined 3.5 percent to $235.8 million due to an adjustment from the previous fiscal year having 53 weeks.

“The arrival of October’s seasonably cool weather and an end to the federal government shutdown was a welcomed relief in the third quarter,” said Cliff Sifford, President and CEO of Shoe Carnival, Inc. “October’s mid-single digit comparable store sales gain, together with August’s sales performance, more than offset our negative September sales trend. Higher merchandise margins coupled with lower expenses than were originally projected resulted in earnings at the high end of our expectations.”

Ahead of the earnings announcement, Shoe Carnival shares closed the session down 5.05 percent to $27.47, but rose more than 3 percent in after-hours trading.

Female apparel retailer Ascena Retail Group Inc. (NASDAQ: ASNA) said fiscal first-quarter 2014 earnings from continuing operations were 33 cents per diluted share, compared to earnings from continuing operations of 29 cents per diluted share a year earlier. Adjusted earnings for the period ended Oct. 26 came in at 36 cents a share on revenue of $1.2 billion. Net sales were driven by a consolidated total comparable sales increase of 4 percent for the quarter versus the prior year.

"We expect the retail environment to be challenging for the foreseeable future, with a highly promotional holiday season,” said David Jaffe, President and Chief Executive Officer of Ascena. “We have taken a conservative approach to planning inventory, and have developed promotional contingencies to ensure we end the season clean. Regardless of the environment, our teams are focused on driving profitable growth, and we feel that our brands are well positioned for success."

Ascena’s stock jumped 4.17 percent to $21.75 in extended-hours trading.