Wednesday's Winners & Losers: Payless ShoeSource

Shares of Payless ShoeSource(PSS Quote) were among the NYSE's losers Wednesday, sliding 10% after the shoe retailer posted second-quarter earnings that missed expectations.

For the three months ended July 29, the company earned $32.5 million, or 48 cents a share, on revenue of $706.4 million. Analysts polled by Thomson First Call expected earnings of 53 cents a share and revenue of $703.8 million. During the year-earlier quarter, the company earned $19.9 million, or 29 cents a share, on revenue of $639.9 million. Shares were trading down $2.63 to $23.41.

Regis(RGS Quote) fell 4% after the operator of hair salons posted better-than-expected fourth-quarter earnings but offered mixed guidance. For the period ended June 30, the company reported first-quarter earnings of $41.5 million, or 90 cents a share. The results included a $50 million termination fee from the company's scuttled merger with Alberto-Culver(ACV Quote) and one-time charges totaling $28.4 million.

Excluding items, Regis would have earned 60 cents a share, a penny above analysts' target. Revenue totaled $636 million, shy of Wall Street's forecast of $639.2 million. A year earlier, the company earned $29.5 million, or 64 cents a share, on revenue of $593 million.

Looking ahead, Regis sees first-quarter earnings of 44 cents to 48 cents a share, below analysts' target of 55 cents a share. The company projects revenue of $630 million to $635 million, compared with Wall Street's forecast of $628 million. For all of fiscal 2007, the company sees earnings of $2.22 to $2.34 a share and revenue of $2.6 billion. Analysts project earnings of $2.38 a share on revenue of $2.64 billion. Shares recently changed hands at $34.83, down $1.37.