DSW slashed its outlook for the year because retail is really hard right now

DSW shares fell 8% in pre-market trading Tuesday after the company cut its forecast for profits this year amid "a challenging retail environment."

In its first-quarter earnings report, the footwear retailer said it now expects adjusted earnings per share (EPS) of $1.32 to $1.42, down from a prior range of $1.54 to $1.64. The higher end of its new forecast trails analysts' estimate of $1.58, according to Bloomberg.

DSW also lowered its revenue expectations, and now sees 6% growth, down from an earlier forecast of 8% to 10%.

"This is the prudent action to take so that inventory, expenses and capital investments are aligned to maximize profitability and positioned to expand earnings as our trend improves," said CEO Roger Rawlins in the statement.

Several other department stores including Macy's and Gap have reported slowing sales, as more consumers shop from online retailers instead.

As for the most recent quarter, DSW reported sales and revenues that were also below expectations. Adjusted EPS was $0.40 ($0.46 expected) and net sales totaled $681.3 million (698.8 million expected).

Same-store sales, a key metric for retailers that only measures stores that have operated for at least a year, fell 1.6%, missing the forecast for 0.6% growth.

The company's shares have fallen 37% over the last year through Monday's close.