DSW Inc. (NYSE:DSW) stock took a hit on Wednesday even after reporting an earnings beat for the first quarter of 2018.
DSW Inc. reported earnings per share of 39 during the first quarter of the year. This is an improvement over the company’s earnings per share of 32 cents from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 37 cents for the quarter.
During the first quarter of 2018, DSW Inc. reported net income of $24.30 million for the first quarter of 2018. This is better than its net income of $22.82 million that was reported in the first quarter of the previous year.
Operating profit reported by DSW Inc. for the first quarter of the year came in at $38.47 million. The shoe retailer reported an operating profit of $40.65 million for the same time last year.
DSW Inc.’s revenue for the first quarter of 2018 was $712.10 million. This is up from its revenue of $692.04 million that was reported by DSW in the first quarter of 2017. It also came in above analysts’ revenue estimate of $682.56 million for the period.
Despite the strong earnings report for the first quarter of the year, DSW Inc. didn’t update its guidance for 2018. Instead, the company simply reaffirmed its earnings per share estimate range of $1.52 to $1.67 for the period. Wall Street is looking for DSW to report earnings per share of $1.62 for the period.
DSW stock was down 7% as of noon Wednesday, but is up 19% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.