Ohio based branded footwear retailer DSW Inc announced net income of $10.0 million on net sales of $283.8 million for the fiscal fourth quarter ended January 28, 2006, compared with net income of $8.8 million on net sales of $231.7 million for the same period last year.
Diluted earnings per share were $0.23 for the fiscal fourth quarter of 2005 compared with $0.32 for last year's fourth quarter.
After adjusting for the significant increase in shares as a result of DSW's initial public offering on June 29, 2005, pro forma diluted earnings per share for the fourth quarter of last year were $0.20. The exhibit at the end of this release reconciles the non-GAAP pro forma diluted earnings per share to the reported diluted earnings per share for the fourth quarters of 2005 and 2004.
Comparable store sales for the fourth quarter of 2005 increased 11.3 percent compared with an increase of 5.8 percent for the same period last year.
Fiscal Year Results In an initial public offering on June 29, 2005, the Company issued 16.2 million shares of Class A common stock, which included the underwriters' over- allotment option of 2.1 million shares, at a price of $19.00 per share. The Company received net proceeds of $277.9 million and used $196.6 million of the net proceeds to repay in full $190.0 million in dividend notes and accrued interest to the Company's controlling shareholder, Retail Ventures Inc.
Diluted earnings per share for the fiscal year were $1.00 compared with $1.26 last year.
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