UPDATE: DSW Posts Upbeat Q2 Profit

DSW

reported a drop in its second-quarter profit. DSW's quarterly profit declined to $29.3 million, or $0.65 per share, versus $139.9 million, or $3.96 per share, in the year-earlier period. Its adjusted profit came in at $0.66 per share. Its sales gained 7.5% to $512.2 million. However, analysts were expecting earnings of $0.62 per share on sales of $511.2 million. For the full year, DSW continues to project earnings of $3.25 to $3.40 per share, versus analysts' estimates of $3.28 per share. DSW shares dropped 2.25% to close at $61.23 yesterday.