DSW Shares Fall After Profit Outlook Cut

DSW Inc. shares fell in the extended session Tuesday after the shoe retailer cut its earnings outlook and announced its chief executive was retiring. DSW shares dropped 11% to $21.80. The company forecast full-year earnings of $1.40 to $1.50 a share, down from its previously forecast range of $1.80 to $1.90 a share, and 41 cents to 44 cents a share for the third quarter. Analysts surveyed by FactSet had forecast earnings of $1.83 a share for the year and 56 cents a share for the third quarter. DSW also said CEO Michael MacDonald would retire at the end of the year and be succeeded by Roger Rawlins.