DSW Inc. reported first-quarter earnings increased four-fold to $30.2 million, or 67 cents a share, from 16 cents, a year ago. Sales grew to $449.5 million from $385.8 million. Same store sales increased 16.2% versus a decrease of 4.7% last year.
Fiscal 2010 Annual Outlook
The company reiterated its estimate of an increase in annual comparable store sales of approximately 6% to 8% and annual diluted earnings per share of approximately $1.65 to $1.75 for fiscal 2010. The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010. The second half performance implied in the guidance recognizes the more challenging last year comparisons for both sales growth and merchandise margins.
As of May 25, 2010, DSW operated 311 stores in 39 states and operated an e-commerce site, www.dsw.com.
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DSW INC. |
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CONDENSED CONSOLIDATED |
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(In thousands) |
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(Unaudited) |
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May 1, |
January 30, |
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2010 |
2010 |
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ASSETS |
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Cash and equivalents |
$141,863 |
$125,020 |
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Short-term investments |
152,358 |
164,265 |
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Accounts receivable, net |
6,195 |
5,529 |
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Inventories |
286,657 |
262,284 |
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Prepaid expenses and other |
21,064 |
20,762 |
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Deferred income taxes |
30,542 |
29,130 |
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Total current assets |
638,679 |
606,990 |
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Property and equipment, net |
204,038 |
206,424 |
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Goodwill |
25,899 |
25,899 |
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Other assets |
18,180 |
11,443 |
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Total assets |
$886,796 |
$850,756 |
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