DSW (DSW) Shares Plunge as Q2 Guidance Comes In Below the Street
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Shares of DSW (NYSE: DSW) are down more than 13 percent in Monday's pre-open session following an update from the company earlier.
Although DSW reiterated its FY12 outlook for same-store sales and EPS, the company said "based on more normalized gross margin performance in the second quarter and previously announced pre-opening costs associated with the acceleration in the Company's store expansion," second-quarter EPS will be in the range of 60-64 cents, which compares to the Street estimate of 76 cents and earnings of 74 cents per share during the same quarter last year.
The company's Board also authorized the repurchase of up to $100 million over the next 12 months.
The stock last traded at $51 even.
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Although DSW reiterated its FY12 outlook for same-store sales and EPS, the company said "based on more normalized gross margin performance in the second quarter and previously announced pre-opening costs associated with the acceleration in the Company's store expansion," second-quarter EPS will be in the range of 60-64 cents, which compares to the Street estimate of 76 cents and earnings of 74 cents per share during the same quarter last year.
The company's Board also authorized the repurchase of up to $100 million over the next 12 months.
The stock last traded at $51 even.
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