DSW plans to open 30 new stores during 2008

27 Mar '08

2 min read

DSW Inc, a leading branded footwear specialty retailer, announced net income of $1.1 million on net sales of $332.5 million for the thirteen-week fourth quarter ended February 2, 2008, compared with net income of $16.6 million on net sales of $329.1 million for the fourteen-week fourth quarter ended February 3, 2007. On a comparable thirteen-week basis, same store sales decreased 1.7% versus an increase of 1.0% last year.

Diluted earnings per share were $0.02 for the thirteen-week fourth quarter this year compared with $0.37 for last year's fourteen-week fourth quarter.

Fiscal Year Results:
For the fifty-two week fiscal year ended February 2, 2008, net income was $53.8 million on net sales of $1.41 billion, compared with net income of $65.5 million on net sales of $1.28 billion for the fifty-three week fiscal year ended February 3, 2007. On a comparable fifty-two week basis, same store sales decreased 0.8% versus an increase of 2.5% last year.

Diluted earnings per share for the fifty-two week fiscal year ended February 2, 2008 were $1.21 compared with $1.48 for the fifty-three week fiscal year ended February 3, 2007.

2008 Outlook:
Given the current economic uncertainty, at this time the Company will not provide full-year guidance for 2008. For the first half of 2008, comparable store sales are anticipated to be negative and earnings per diluted share are anticipated to be significantly below the $0.68 per diluted share reported for the first half of last year. The Company maintains its plans to open at least 30 DSW stores during the year and to launch its online business, DSW.com.

DSW Inc

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