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.