The company brought in earnings of $0.22 per share, nearly half what it earned in the year-ago quarter. Analysts had called for earnings of $0.36 perare.
Consolidated sales grew 7.2% to $677.8 million, just ahead of Wall Street expectations of $673.2 million. Net income shrunk to $9.1 million from $17.2 million.
The stock lost its footing after hours, falling 2% to $19.
Famous Footware same-store sales declined 1% year-over-year, and its net sales dropped 3% to $352.2 million.
“At Famous Footwear, while the quarter ended on an encouraging note – with positive same-store-sales for both March and April – the slow start in February was tough to overcome,” CEO Diane Sullivan said. “Going forward, we expect to see softness at Famous Footwear through at least the second quarter, as we continue to prepare for back-to-school by aggressively clearing underperforming inventory.”
The St. Louis-based company adjusted its guidance accordingly, lowering its projected full-year earnings to between $2.35 to $2.45 a share from between $2.45 and $2.55 a share. Analysts expect an average earnings of $2.48 per share.
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