DSW Inc. posted net income of $7.6 million for the quarter ended August 1, a 31% decrease from net income of $11.0 million in the 2008 second quarter. Net sales increased 3.4% to $369.5 million for the most recent quarter, compared with net sales of $357.2 million for the year-ago quarter. Same store sales decreased 2.9% versus a decrease of 6.9% last year.
Diluted earnings per share were 17 cents for the second quarter of fiscal 2009 compared with diluted earnings per share of 25 cents last year.
For the six months ended August 1, 2009, net income was $14.7 million on net sales of $755.3 million, compared with net income of $21.2 million on net sales of $723.4 million for the six months ended August 2, 2008. Same-store sales decreased 3.8% for the comparable six month period versus a decrease of 6.2% last year.
Diluted earnings per share were 33 cents for the six months ended August 1, 2009, compared with 48 cents for the same period last year.
For the fiscal year ending January 30, 2010, the company reiterated its estimate of a mid-single digit decrease in comparable store sales. Based on the performance through the second quarter reported today, annual 2009 diluted earnings per share are now estimated to be in the range of 37 cents to 45 cents, updated from the company's previously announced estimate of 30 cents to 35 cents.
