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Shoe retailer DSW stock plunges after company blames hurricanes for earnings miss

Stakes of shoe retailer DSW fell 11 percent Tuesday after the companions posted earnings below Wall Street expectations.

The footwear circle reported earnings of 45 cents per share in the third quarter, unworthy of the 53 cents analysts surveyed by Thomson Reuters expected. DSW also adjusted its fiscal 2017 earnings expectation to a range of $1.40 to $1.45 a split, down 5 cents on the low end and 10 cents on the high end.

“An unusually severe tornado season” hurt DSW’s same store sales and earnings, CEO Roger Rawlins broke in the earnings release. Hurricanes brought the last quarter’s earnings down by 5 cents per appropriation, according to DSW.

Hurricanes weren’t the only headwinds for DSW. “Warm weather in the spot hurt sales as cold weather product underperformed,” Susquehanna analyst Sam Poser wrote in a note Tuesday. The increased period of high temperatures across the nation hurts the sales of winter essentials such as boots, a crucial part of DSW’s business.

DSW stock was little changed for the year into done with Monday.

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