Columbus, OH—Citing flat comparable store sales in its fourth quarter, DSW today lowered its earnings forecast as a result.
For the 13-week period ending Feb. 1, the footwear and accessories retailer said comp store sales were flat compared with a 3.6% increase in the same period a year ago. Excluding $1 million in luxury sales, adjusted revenue fell by 3.9% to $571 million. Without the year-ago period’s benefit of an extra week, however, adjusted revenue for the most recent period grew 1.6%.
“Given the weak retail environment, we were satisfied with our financial performance.The updated earnings guidance means that DSW will post its fifth consecutive year of double digit EPS growth,” said Mike MacDonald, president/ceo.
CFO to Retire
DSW now projects its adjusted per-share earnings for the full year to range from $1.85 to $1.87, compared with the previous range of $1.80 to $1.90.
Full year adjusted revenues grew by 4.1% to $2.35 billion, excluding luxury sales of $18 million. That accounts for a 0.2% in comp sales and contributions from 30 new stores.
Analysts’ consensus expects the company to report earnings of $1.87 a share and revenues of $2.37 billion for fiscal 2013.
In other news, DSW announced the retirement of Douglas Probst, executive vice president/chief financial officer on May 1.
Probst joined DSW Inc. in 2005, helping to guide the company through its transition to a public company and its merger with Retail Ventures Inc. in 2011. No replacement has been named so far.
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