DSW Raises Full Year Forecast After Strong Q2 Increases

DSWColumbus, OH—Helped by an upswing in sales and improved expense costs, DSW Inc. today posted a 15% increase in its second quarter profit well ahead of estimates.

For the quarter ended August 3, the footwear and accessories retailer reported net income of $33.7 million, or 73 cents a share, compared with last year’s $29.3 million, or 65 cents a share. Excluding one-time items, such as its luxury test, DSW’s adjusted earnings were 97 cents a share beating analysts’ average estimate for 80 cents.

‘Sales Bounce’

Net revenue rose 9.7% to $562, again beating analysts’ estimate for $559.7 million in sales. Comparable store sales rose 4.4%.

“Second quarter sales rebounded nicely after a difficult start to the year,” CEO Mike MacDonald said. “This sales bounce, coupled with excellent inventory management and prudent expense discipline, resulted in solid quarterly profit results.”

For the year to date, DSW reported sales increased 8.7% to $1.2 billion. Comparable store sales increased 0.8%.

Due to the improving trends at retail, DSW raised its fiscal full year forecast to $3.60 to $3.80 a share, up from its previous range of $3.40 to $3.60 a share. Total sales are expected to grow 5% to 7% with a low single-digit range increase in comp store sales.

Analysts’ consensus expects $3.72 a share.

 

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com