DSW Inc. (DSW) reduced its revenue and earnings guidance for fiscal 2016 following a challenging first quarter that saw the footwear and accessories retailer experience a 1.6% decline in same-store sales, compared to a 5.1% increase in the year-ago period. Profit was $30 million, or $0.36 per diluted share, in the three months ended Apr. 30. However, sales increased 3.9% to $681 million, including $15.1 million from the acquisition of Ebuys.
Express Inc. shares (EXPR) slumped more than 9 percent in afternoon trading Wednesday after the youth-oriented retailer revealed that net sales of $502.9 million in the first quarter were essentially flat compared to $502.4 million in the same period last year. Comparable store sales, including e-commerce, decreased 3 percent, while online sales slipped 1 percent to $77 million. Profits fell to $12.9 million, or $0.16 per diluted share versus $13.1 million, or $0.15 per diluted share, in the first quarter of 2015.