DSW cuts 98 jobs as same-store sales fall in 3Q

COLUMBUS, Ohio. - Discount shoe retailer DSW Inc. said Wednesday that it was cutting nearly 100 jobs as same-store sales fell during the third quarter.

The company said it was laying off 82 employees in its headquarters and field leadership positions while not filling another 16 vacant slots. The job cuts will result in a $3 million pretax charge in the fourth quarter.

Same-stores sales fell 4.1 percent for the three months ending Nov. 1. For the year, comparable sales are down 5.3 percent. Sales revenue for the quarter grew 6.5 percent to $391.4 million.

Analysts surveyed by Thomson Reuters expect the company to earn 28 cents per share on revenue of $389.8 million during the third quarter.

DSW shares fell 93 cents, or 7.2 percent, to $12.07 in trading Wednesday.

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