DSW 1Q same-store sales slide; year outlook disappoints

COLUMBUS, Ohio—DSW Inc.'s first-quarter same-store sales fell 5.4 percent, the discount shoe retailer said Thursday.

DSW also issued a full-year profit target well below the average estimate on Wall Street.

The company's total sales in the quarter ending May 3 rose 3 percent to $366.3 million from $357 million last year. Same-store sales is a more closely watched indicator of retail performance because it measures growth at existing stores rather than newly opened ones.

DSW expects that metric to decline by a mid-single-digit percentage in the year ending Jan. 29. It expects profit between 75 and 85 cents per share. Analysts project profit of $1 per share, according to Thomson Financial.