DSW

DSW Q3 Profit on Target, Sales Miss

In Industry News, Reports, What's New by Jeff PrineLeave a Comment

DSWColumbus, OH—DSW Inc. today reported third quarter earnings in line with analysts’ estimate although its sales missed.

For the quarter ended Nov. 2, the footwear and accessories retailer posted net income of

$53.6 million, or 58 cents a share, compared with net income of $46.6 million, or 51 cents a share, during third quarter 2012. On an adjusted basis, earnings rose to 58 cents a share from 51.

Net revenue rose 7% to $633 million while comparable store sales decreased 0.7%.

Analysts were expecting earnings of 58 cents a share on revenue of $647.6 million.

“We achieved our highest level of profitability in the third quarter while navigating through a promotional environment,” said Mike MacDonald, president/ceo. “We were encouraged by the improvement in traffic and sales at the end of the quarter, as the fall selling season got off to a delayed start.”

DSW forecast that comparable store sales would remain flat through the end of its fiscal year with earnings predicted at between $1.80 to $1.90 a share. Analysts’ estimate expects $1.90 a share.

 

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