NEW YORK (AP) -- Shares of shoe retailers were mixed Monday after DSW Inc. gave a disappointing forecast for its fiscal second quarter but maintained its full-year forecast.
The Columbis, Ohio, company said it is selling more goods at clearance prices than it was a year ago. It expects to earn between 60 cents and 64 cents per share for the quarter that ends in July. Analysts were expecting 75 cents per share on average, according to FactSet.
DSW reiterated its forecast for the full year, which it raised in May.
Its shares dropped $6.75, or 11.5 percent, to $52.05 in afternoon trading.
Among the sector's hardest-hit companies was Steven Madden Ltd.; its shares lost $1.84, or 4.8 percent, to $36.22. Citi Investment Research analyst Oliver Chen said in a note to clients that 4 percent to 6 percent of Steven Madden's revenue comes from DSW. But he maintained a "buy" rating and $50 price target on the shares, saying the full year's results are not at risk.
Chen said the warm weather helped sales of sandals in early spring, but now they're selling more slowly than they did in June of 2011.
Stock of several shoe sellers slipped Monday as the Nasdaq rose and the Dow Jones industrial average held steady:
— Shares of Collective Brands, which operates Payless Shoe Source, declined 4 cents to $21.35;
— Shares of Brown Shoe Co., which operates Famous Footwear and Naturalizer stores and sells shoes under many other brands, fell 22 cents to $11.78;
— Crocs Inc. stock fell 10 cents to $16.14;
— Shares of Genesco Inc., which operates Journeys and other stores, fell $1.73, or 2.8 percent, to $60.96.
Others shoe sellers' shares rose:
— Shares of Deckers Outdoor Corp., which makes Ugg boots and Teva and Sanuk sandles, climbed 58 cents to $49.19, and
— Skechers USA Inc. stock picked up 21 cents, rising to $20.93.
