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DSW updates annual outlook

26
Nov '08
DSW Inc announced net income of $13.2 million on net sales of $391.4 million for the third quarter ended November 1, 2008, compared with net income of $22.4 million on net sales of $367.4 million for the third quarter ended November 3, 2007. Same store sales decreased 4.1% for the comparable period versus a decrease of 3.0% last year.

Diluted earnings per share were $0.30 for the third quarter this year compared with $0.51 last year.

Net income was $34.4 million on net sales of $1.11 billion for the thirty-nine week year-to-date period ended November 1, 2008, compared with net income of $52.7 million on net sales of $1.07 billion for the thirty-nine week year-to-date period ended November 3, 2007. Same store sales decreased 5.5% for the comparable thirty-nine week period versus a decrease of 0.5% last year.

Diluted earnings per share were $0.78 for the thirty-nine week year-to-date period ended November 1, 2008, compared with $1.19 for the same period last year.

For the fiscal year ending January 31, 2009, the Company reiterated its estimated annual same store sales in the negative mid-single digits. Based on the performance through the third quarter reported today, annual 2008 diluted earnings per share are now estimated to be in the range of $0.62 to $0.72, updated from the Company's previously announced estimate of $0.75 to $0.85.

Annual earnings estimate includes a severance charge to be taken in the fourth quarter, uncollectible fees from the bankruptcy of Value City Department Stores and anticipated continued economic decline. The Company plans to open 41 DSW stores during the current fiscal year.

DSW


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