COLUMBUS, Ohio, Nov. 25 /PRNewswire-FirstCall/ -- DSW Inc. (NYSE: DSW), a
leading branded footwear specialty retailer, 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.
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Diluted earnings per share were $0.30 for the third quarter this year
compared with $0.51 last year.
Nine Month Results
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.
2008 Outlook
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.
Webcast and Conference Call
To hear the Company's live earnings conference call, log on to
www.dswinc.com today at 8:00 AM Eastern, or call 1-866-831-6243 and reference
passcode 83119093. To hear a replay of the earnings call, which will be
available approximately two hours after the conference call ends, dial
1-888-286-8010, followed by passcode 17987583.
