On Wednesday, DSW (DSW) posted disappointing fiscal first-quarter results and trimmed its outlook for the rest of the year. Investors didn’t like the news and DSW stock plunged about 20% in pre-market trading.
DSW shares sank after the shoe retailer said it earned $38.6 million during the quarter. That was slightly better than the $34.5 million profit it reported in the year-ago period. EPS came in at 42 cents, but that missed the 48 cents that analysts had forecast, the Wall Street Journal noted.
Sales of $598.9 million fell short of the $622 million that analysts had forecast.
Looking forward, DSW said that it now anticipates full-year earnings of between $1.45 and $1.60 per share. DSW had previously predicted a fiscal year profit of between $1.80 and $1.95 per share.
DSW also indicated that it expects same-store sales to fall in the low single digits this year.
The retailer’s stock closed at $32.93 per share on Tuesday.
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