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Footwear retailer DSW Inc announces Q2 results
08 Sep '05
3 min read
Six-Month Results
For the six months ended July 30, 2005, DSW had net income of $16.2 million on net sales of $558.0 million, compared with net income for the comparable period last year of $16.7 million on net sales of $467.0 million. The fiscal 2005 six-month results include $6.6 million of interest expense on the dividend notes to RVI that were repaid in full from the net proceeds of the initial public offering, and $6.5 million for the accrual for losses associated with the data theft announced in March 2005.
Diluted earnings per share for the six months ended July 30, 2005 were $0.53 compared with $0.60 for the comparable six-month period last year. After adjusting for the dividend interest, the data theft accrual and the increase in shares as a result of the initial public offering, pro forma net income for the six months was $24.1 million, or $0.55 per share, compared with $16.7 million, or $0.38 per share, for the six-month period last year. The exhibit at the end of this release reconciles net income for the 2005 and 2004 six-month periods to non-GAAP pro forma net income.
Store Growth
DSW opened seven stores and added one leased department during the second quarter of 2005. As of July 30, 2005, the Company operated 184 DSW stores and 232 leased shoe departments. Since that date, the Company has opened three more stores and added two more leased shoe departments.
Webcast
To hear the Company's live second quarter earnings conference call, log on to http://www.dswshoe.com at 5:00 p.m. Eastern time today, Wednesday, September 7, 2005, or call 1-866-202-4683 and reference passcode 66869384.
US based DSW is a specialty branded footwear retailer operating 186 DSW stores in 32 states and also supplies, under supply arrangements, to 25 locations for related retailers and to 209 locations for other non-related retailers in the United States.
For the six months ended July 30, 2005, DSW had net income of $16.2 million on net sales of $558.0 million, compared with net income for the comparable period last year of $16.7 million on net sales of $467.0 million. The fiscal 2005 six-month results include $6.6 million of interest expense on the dividend notes to RVI that were repaid in full from the net proceeds of the initial public offering, and $6.5 million for the accrual for losses associated with the data theft announced in March 2005.
Diluted earnings per share for the six months ended July 30, 2005 were $0.53 compared with $0.60 for the comparable six-month period last year. After adjusting for the dividend interest, the data theft accrual and the increase in shares as a result of the initial public offering, pro forma net income for the six months was $24.1 million, or $0.55 per share, compared with $16.7 million, or $0.38 per share, for the six-month period last year. The exhibit at the end of this release reconciles net income for the 2005 and 2004 six-month periods to non-GAAP pro forma net income.
Store Growth
DSW opened seven stores and added one leased department during the second quarter of 2005. As of July 30, 2005, the Company operated 184 DSW stores and 232 leased shoe departments. Since that date, the Company has opened three more stores and added two more leased shoe departments.
Webcast
To hear the Company's live second quarter earnings conference call, log on to http://www.dswshoe.com at 5:00 p.m. Eastern time today, Wednesday, September 7, 2005, or call 1-866-202-4683 and reference passcode 66869384.
US based DSW is a specialty branded footwear retailer operating 186 DSW stores in 32 states and also supplies, under supply arrangements, to 25 locations for related retailers and to 209 locations for other non-related retailers in the United States.
DSW Inc
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