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Columbus-based footwear retailer posts Q2 financial results

06 Sep '07

2 min read

DSW Inc, a leading branded footwear specialty retailer, announced net income of $6.5 million on net sales of $348.7 million for the second quarter ended August 4, 2007, compared with net income of $15.3 million on net sales of $301.3 million for the second quarter ended July 29, 2006. Same store sales increased 5.9% for the comparable thirteen-week period versus an increase of 2.2% last year.

The Company said second quarter sales were driven by significant promotional activity aimed at clearing seasonal merchandise, which negatively impacted gross margin for the quarter.

Diluted earnings per share were $0.15 for the second quarter of 2007 compared with $0.35 for last year's second quarter.

Six Month Results:
Net income was $30.3 million on net sales of $705.7 million for the six months ended August 4, 2007, compared with net income of $32.9 million on net sales of $617.8 million for the six months ended July 29, 2006. Same store sales increased 0.9% for the comparable twenty-six week period versus an increase of 3.2% last year.

Diluted earnings per share were $0.68 for the six months ended August 4, 2007, compared with $0.74 for the same period last year.

2007 Outlook:
Based on the performance through the second quarter reported, the Company is maintaining its annual estimate for fiscal 2007 diluted earnings per share in the range of $1.63 to $1.68 and is maintaining its annual estimate for comparable store sales in the range of 0% to 3%. In addition, the Company plans to open at least 35 new DSW stores during the year, an increase from its original estimate of at least 30 new stores.

DSW Inc

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