02 Jun DSW Reduces Sales and Earnings Guidance
The US-based footwear and accessories retailer announced financial results for the quarter with a decrease in comparable sales. The company adjusted their guidance based on current state of the business.
“We have reduced our sales and earnings guidance to reflect the current trend of our business in a challenging retail environment. This is the prudent action to take so that inventory, expenses and capital investments are aligned to maximize profitability and positioned to expand earnings as our trend improves”, stated Roger Rawlins, Chief Executive Officer adding: “Over the past three years, we have invested heavily in technology, stores, marketing and support services. These investments have driven sales, but we haven’t grown our bottom line. We have begun an assessment of our cost structure to improve earnings and reinforce our competitive position in a rapidly changing environment.”