DSW Inc. (NYSE:DSW) was on its way down today on an abysmal earnings miss for the third quarter of 2017.
The poor earnings report for the third quarter of the year starts with earnings per share of 45 cents. This is down from DSW Inc.’s earnings per share of 51 cents from the same time last year. It was also a blow to DSW stock by coming in far below Wall Street’s earnings per share estimate of 53 cents for the quarter.
Net income for the third quarter of 2017 also took a nose dive by coming in at $4.04 million. This is a far cry from DSW Inc.’s net income of $38.96 million that was reported in the same period of the year prior.
DSW Inc. says that its comparable sales for the third quarter of 2017 were down 0.4% from the same quarter of the previous year. The shoe seller attributes this decline in comparable store sales to negative impacts from the recent hurricane season.
DSW Inc.’s revenue of $708.31 million also didn’t help out DSW stock at all today, despite being an increase from the $696.62 million reported in the third quarter of 2016. This is due to it missing analysts’ revenue estimate of $709.63 million for the third quarter of the year.
DSW Inc. also updated its guidance for 2017 in its most recent earnings report. The company says it is lowering its earnings per share expectations to between $1.40 to $1.45 due to the recent troubles from hurricanes. This is bad news for DSW stock as Wall Street is estimating earnings per share of $1.50 for the year.
DSW stock was down 12% as of noon Tuesday and is down 12% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.