DSW Inc. net sales were up 15.9% to $329.1 million for the fourteen-week fourth quarter from net sales of $283.8 million for the fourth quarter in the prior year. Same-store sales increased 1.0% for the quarter, on top of an 11.3% for the same period last year.
The retailer saw strength in dress casual, fashion athletic and accessories. Boots posted a “small decrease” against the strong 22% comp gain in Q4 in the prior year. Fashion athletic styles drove the womens athletic business. The mens business was said to be relatively flat for the period, with mens dress and casual posting positive comps.
DSW reported net income of $16.6 million, or 37 cents per diluted share, for the fourth quarter, compared to net income of $10.0 million, or 23 cents per diluted share, in the prior-year period.
The company currently estimates fiscal 2007 annual diluted EPS to be in the range of $1.63 to $1.68 per share. Annual comparable store sales are projected to increase approximately 3% to 5%. The company plans to open at least 30 DSW stores during the year.
| DSW, Inc. | |||
| Full Year Results | |||
| (in $ millions) | 2006 | 2005 | Change |
| Total Sales | $1,279 | $1,144 | 11.8% |
| GP % | 28.6% | 27.6% | +100 bps |
| Net Income | $65.5 | $37.2 | +76.1% |
| Diluted EPS | $1.48 | $1.00 | +48.0% |
| Comp Sales | +2.5% | +5.4% | |
| Inventory* | $237.7 | $216.7 | +9.7% |
| *at year-end | |||
