5.09%QQQQ 34.86 3.65%XLF 17.80 5.22%
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COLUMBUS, Ohio - Discount shoe retailer DSW Inc. on Thursday said first-quarter profit fell 57 percent, hurt by weak same-store sales.
| DSW | 13.06 |  0.92 |
Profit for the quarter ended May 3 fell to $10.3 million, or 23 cents per share, from $23.7 million, or 54 cents per share, last year.
Revenue rose 3 percent to $366.3 million from $357 million last year.
Analysts polled by Thomson Financial predicted a profit of 24 cents per share on revenue of $368.9 million.
Sales in stores open at least one year, a key retail metric known as same-store sales, fell 5.4 percent during the quarter.
Also on Thursday, the company said its President Peter Horvath is leaving. A search for his successor is ongoing.
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