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Footwear retailer DSW Inc announces Q2 results

Sep '05
Ohio based branded footwear retailer DSW Inc announced net income of $9.3 million on net sales of $276.2 million for the second quarter ended July 30, 2005, compared with the second quarter of 2004 net income of $8.9 million on net sales of $234.4 million. The second quarter of 2005 results include $3.9 million of interest expense on dividend notes to our controlling shareholder, Retail Ventures Inc, that were repaid in full from the net proceeds of DSW's initial public offering.

Diluted earnings per share were $0.28 for the second quarter of 2005 compared with $0.32 for the comparable quarter last year. After adjusting for the dividend interest paid to RVI and the increase in shares as a result of the initial public offering, pro forma net income for the second quarter of 2005 was $11.6 million, or $0.26 per share, compared with $8.9 million, or $0.20 per share, for the second quarter of 2004. The exhibit at the end of this release reconciles net income for the 2005 and 2004 second quarters to non-GAAP pro forma net income.Comparable store sales for the second quarter of 2005 increased 3.3% compared with 3.0% for the same period last year.

On June 29, 2005, DSW's initial public offering of 16.2 million shares of Class A common stock, which included the underwriters' over-allotment option of 2.1 million shares, was sold at $19.00 per share. The Company received net proceeds of $278 million. The Company used $196.6 million of the net proceeds to repay in full$190.0 million in dividend notes and accrued interest to RVI.

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