DSW lowers 2007 outlook

COLUMBUS, Ohio DSW today announced that it has lowered its guidance for 2007. The company now expects annual comparable-store sales to be in the range of flat to down 2%, below its original guidance for comparable-store sales to be flat to up 3%.

The change in the outlook, according to DSW, is because the company estimates a mid-single-digit decline in comparable-store sales for the third quarter ending Nov. 3, based on net sales results for the 11 weeks ended Oct. 20.

DSW said that based on current business trends, estimated annual 2007 earnings are now expected to be at least 10% below last year's reported diluted earnings per share of $1.48, below the company's previously announced estimate for diluted earnings per share of $1.63 to $1.68.