Shares of shoe retailer DSW fell more than 14 percent in premarket trading Tuesday after the company posted earnings below what Wall Street expected.
The footwear company reported earnings of 45 cents per share from the third quarter, below the 53 cents per share analysts surveyed by Thomson Reuters expected. DSW also reduced its fiscal 2017 earnings expectation to a range of $1.40 a share to $1.45 a share, down 5 cents on the low end along with 10 cents on the high end.
“An unusually severe hurricane season” hurt both DSW’s same store sales along with earnings, CEO Roger Rawlins said from the earnings Discharge. Hurricanes brought the last quarter’s earnings down by 5 cents per share, according to DSW.
“Warm weather from the quarter hurt sales as cold weather product underperformed,” Susquehanna analyst Sam Poser wrote in a note Tuesday. The extended period of high temperatures across the nation hurts the sales of winter staples such as boots, a crucial part of DSW’s business.
DSW was little changed for the year through Monday.