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DSW posts Q4 2006 results, plans to open at least 30 stores during 2007

30 Mar '07

3 min read

DSW Inc announced net income of $16.6 million on net sales of $329.1 million for the fourteen-week fourth quarter ended February 3, 2007, compared with net income of $10.0 million on net sales of $283.8 million for the thirteen-week fourth quarter ended January 28, 2006. On a comparable thirteen-week basis, same store sales increased 1.0% versus an increase of 11.3% for the same period last year.

Diluted earnings per share were $0.37 for the fourteen-week fourth quarter this year compared with $0.23 for last year's thirteen-week fourth quarter.

Fiscal Year Results:
For the fifty-three week fiscal year ended February 3, 2007, net income was $65.5 million on net sales of $1.28 billion, compared with net income of $37.2 million on net sales of $1.14 billion for the fifty-two week fiscal year ended January 28, 2006. On a comparable fifty-two week basis, same store sales increased 2.5% versus an increase of 5.4% for last year.

Diluted earnings per share for the fifty-three week fiscal year ended February 3, 2007 were $1.48 compared with $1.00 for the fifty-two week fiscal year ended January 28, 2006.

The fiscal 2005 results include $6.6 million of interest expense on a dividend note to the Company's controlling shareholder, Retail Ventures, Inc., and $6.5 million for the accrual for losses associated with the data theft announced in March 2005.

After adjusting for the dividend interest, the data theft accrual and the significant increase in shares as a result of the Company's initial public offering in June 2005, pro forma net income for the fiscal 2005 full-year period was $45.0 million, or diluted earnings per share of $1.02. The exhibit at the end of this release reconciles the non-GAAP pro forma net income and diluted earnings per share to the reported net income and diluted earnings per share for fiscal 2005.

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