Shares of the Ohio-based footwear and accessories company, Designer Shoe Warehouse (DSW) (NYSE:DSW) have taken a dive of almost ten percent since the company released its first quarter financial results on Wednesday.
The company’s total revenue increased by 2.9% and reached $712 million USD, while comparable sales also increased by 2.2% compared to the first quarter of the previous year.
Adjusted net income for the company was able to reach $31.5 million, or $0.39 per diluted share.
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During this quarter, DSW has also completed its acquisition of the Canadian footwear retailer Town Shoes, which they had a partial stake in. The company was able to purchase the remaining stake in Town Shoes for approximately $35 million.
DSW Cheif Administrative Officer William Jordan has been named the new President of Town Shoes.
According to DSW Cheif Executive Officer, Roger Rawlins believes that the first quarter of 2018:
“[marks] an exciting return to growth for the DSW brand.”
Rawlins has also added that the company has “launched a new integrated and cross-channel loyalty program…reaching an important milestone in DSW’s history.” The loyalty program works on a point system where customers can gain points through purchases.
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The company expects that its adjusted earnings for the full-year of 2018 should be anywhere between $1.52 to $1.67 per diluted share.
Although the company reported positive increases, shares of Designer Shoe Warehouse have fallen since the market opened on Wednesday.
As of 12:10 pm EDT, the company was sitting at a share value of $24.22 on Wednesday, after opening at $24.01. The high share value for the company reached $24.34 with a low share value of $22.96.
Comparatively, the company closed at a share value of 26.07 on Tuesday and was able to reach a high of $26.45 and a low of $25.57.
Featured Image: Depositphotos/© wolterke
