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DSW reduces field leadership workforce

Nov '08
DSW Inc reported net sales for the quarter ended November 1, 2008 increased 6.5% to $391.4 million compared with $367.4 million for the quarter ended November 3, 2007. Same store sales decreased 4.1% for the comparable period versus a decrease of 3.0% last year.

Net sales for the thirty-nine week year-to-date period ended November 1, 2008 increased 3.9% to $1.11 billion compared with $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.

Workforce and Expense Reduction
The company reduced its home office and field leadership workforce by 98 positions, or approximately 13%, which included 82 current positions and 16 vacant positions that will not be filled. The move was part of a plan to decrease its cost structure in light of the general economic decline and expectations for continued lower consumer spending into 2009. The company provided associates affected by the reduction with severance packages and job placement services.

The company intends to record a pre-tax charge of approximately $3 million in the fourth quarter of 2008 to recognize severance and other expenses related to the workforce reduction.


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