DSW Inc. reported net sales for the first quarter ended May 3, 2008 increased 3% to $366.3 million compared with $357.0 million for the quarter ended May 5, 2007. Same store sales decreased 5.4% for the quarter after a decrease of 3.6% last year.
2008 Outlook
For the fiscal year ending January 31, 2009, the company estimates annual comparable store sales to be in the negative mid-single digits and annual earnings per diluted share to be in the range of 75 cents to 85 cents. This outlook is updated from the company's previously announced guidance, issued on March 27, 2008, of negative comparable store sales for the first half of fiscal 2008 and earnings per diluted share for the first half of fiscal 2008 significantly below the 68 cents per diluted share reported for the first half of fiscal 2007.
