US: DSW cuts FY earnings forecast as Q3 profit dips
Author: just-style.com | 26 November 2008
Cut-price footwear retailer DSW has reduced its full-year profit forecast after the company's third quarter profit fell 41% to US$13.2m.
Sales were up 6.5% to $391.4m in the three months to 1 November, but same store sales decreased 4.1%.
For the first nine months of the fiscal year, DSW sales were up 3.7% to $1.11bn, but same store sales fell 5.5%.
The company's net profit was down 35% to $34.4m. DSW reiterated its full-year sames store sales projections in the negative mid-single digits.
However, the company said it now expected diluted earnings per share of $0.62-0.72, down from its previous forecast of $0.75-0.85.
Sectors: Finance, Footwear, Retail
Companies: DSW
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US: DSW cuts FY earnings forecast as Q3 profit dips
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