NEW YORK (TheStreet) -- DSW Inc (DSW) stock is plummeting on Wednesday after the company reported its first quarter below analysts' consensus and guided for full-year profits less than forecasts. By early afternoon, shares had tanked 27.4% to $23.60.
The shoe retailer earned 42 cents a share over its April-ending quarter, 6 cents less than what analysts surveyed by Thomson Reuters had forecast. Revenue edged 0.5% higher to $598.95 million, short of analysts' estimates of $622.33 million.
For its full year, management expects earnings of $1.45 to $1.60 a share and comparable sales falling by low single digits. Analysts had expected earnings of $1.90 a share.
- You can view the full analysis from the report here: DSW Ratings Report
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