Footwear retailer DSW, Inc. (NYSE: DSW) said Wednesday that profit for its first fiscal quarter rose 36 percent but also lowered its full-year same-store sales guidance on lower-than-expected sales.
Net earnings for the quarter which ended on May 5 were $23.7 million, or 54 cents a share, up 36 percent from $17.5 million, or 40 cents a share, during the year-ago period.
The Columbus, Ohio-based footwear retailer said revenue for the 13 weeks ended May 5 rose to $357 million from $316.5 million in the comparable period last year.
Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 47 cents on revenue of $359 million, however.
First-quarter same-store sales fell 3.6 percent compared to an increase of 4.2 percent in the same quarter last year.
DSW said it now expects same-store sales, or sales at stores open at least a year to range between flat and a rise of 3 percent for the year.
Previously, the company predicted same-store sales would rise 3 percent to 5 percent during the year.
It expects its fiscal year to remain in tact, however, with the planned opening of more than 30 stores during the year. It expects net income
of $1.63 per share to $1.68 per share. Analysts polled by Thomson Financial expect earnings of $1.66 per share for the year.
Shares of DSW fell 64 cents, or 1.75 percent, to $35.92 in afternoon trading on the New York Stock Exchange.