Shares of shoe retailer DSW fell 11 percent Tuesday after the company posted earnings below Wall Street expectations.
The footwear company reported earnings of 45 cents per share in the third quarter, below the 53 cents analysts surveyed by Thomson Reuters expected. DSW also reduced its fiscal 2017 earnings expectation to a range of $1.40 to $1.45 a share, down 5 cents on the low end and 10 cents on the high end.
“An unusually severe hurricane season” hurt DSW’s same store sales and earnings, CEO Roger Rawlins said in the earnings release. Hurricanes brought the last quarter’s earnings down by 5 cents per share, according to DSW.
Hurricanes weren’t the only headwinds for DSW. “Warm weather in 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 stock was little changed for the year through Monday.