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Footwear specialty retailer DSW reiterates annual outlook

28
Aug '08
DSW Inc, a leading branded footwear specialty retailer, announced net income of $11.0 million on net sales of $357.2 million for the second quarter ended August 2, 2008, compared with net income of $6.5 million on net sales of $348.7 million for the second quarter ended August 4, 2007. Same store sales decreased 6.9% for the comparable period versus an increase of 5.9% last year.

Diluted earnings per share were $0.25 for the second quarter this year compared with $0.15 last year. The Company said the year-over-year increase in second quarter earnings was attributed to merchandise margin rate.

Six Month Results:
Net income was $21.2 million on net sales of $723.4 million for the six months ended August 2, 2008, compared with net income of $30.3 million on net sales of $705.7 million for the six months ended August 4, 2007. Same store sales decreased 6.2% for the comparable six month period versus an increase of 0.9% last year.

Diluted earnings per share were $0.48 for the six months ended August 2, 2008, compared with $0.68 for the same period last year.

2008 Outlook:
For the fiscal year ending January 31, 2009, the Company reiterates its estimated annual same store sales in the negative mid-single digits and annual earnings per diluted share in the range of $0.75 to $0.85. The Company plans to open at least 35 DSW stores during the year.

DSW Inc


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