DSW raises fiscal 2010 annual earnings outlook

26 Nov '10

2 min read

DSW Inc., a leading branded footwear specialty retailer, announced net income of $35.5 million on net sales of $489.3 million for the third quarter ended October 30, 2010, compared with net income of $26.6 million on net sales of $444.6 million for the quarter ended October 31, 2009. Same store sales increased 10.1% for the comparable period versus an increase of 8.7% last year.

Diluted earnings per share were $0.79 for the third quarter of fiscal 2010 compared with diluted earnings per share of $0.60 last year.

Nine-month Results
Net income was $89.2 million on net sales of $1.35 billion for the thirty-nine week year-to-date period ended October 30, 2010, compared with net income of $41.3 million on net sales of $1.20 billion for the thirty-nine week year-to-date period ended October 31, 2009. Same store sales increased 12.6% for the comparable period versus an increase of 0.4% last year.

Diluted earnings per share were $1.99 for the thirty-nine week period compared with $0.93 for the same period last year.

Fiscal 2010 Annual Outlook
As a result of better-than-expected sales performance for the first three weeks of the fiscal fourth quarter, the Company now estimates an annual comparable store sales increase of approximately 12% and annual diluted earnings per share of approximately $2.30 to $2.40 for fiscal 2010. This is updated from the Company's previous estimate of an annual comparable store sales increase of approximately 11% and annual diluted earnings per share of approximately $2.20 to $2.30 for fiscal 2010. Fiscal 2009 annual diluted earnings per share were $1.23.

DSW Inc

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