DSW Inc., a leading branded footwear specialty retailer, announced net income of $18.5 million on net sales of $468.5 million for the fourth quarter ended Jan. 29, 2011, compared with net income of $13.4 million on net sales of $402.6 million for the quarter ended Jan. 30, 2010. Same store sales increased 14.9% for the comparable period versus an increase of 12.9% last year.
Diluted earnings per share were 41 cents for the fourth quarter of fiscal 2010 compared with diluted earnings per share of 30 cents last year.
For the fiscal year ended Jan. 29, the company reported net income of $107.6 million on net sales of $1.82 billion, compared with net income of $54.7 million on net sales of $1.60 billion for the year ended Jan. 30, 2010. Same store sales increased 13.2% for the comparable period versus an increase of 3.2% last year.
Diluted earnings per share were $2.40 for the year, compared with $1.23 for the same period last year, and within the updated guidance range of $2.38 to $2.42 provided on February 8, 2011.
Fiscal 2011 Annual Outlook
The company estimates an annual comparable store sales increase of 3% to 5% and annual diluted earnings per share of $2.60 to $2.75 for fiscal 2011, excluding any impact from the proposed merger with Retail Ventures, Inc.
As of March 15, DSW operated 312 stores in 39 states and operated an e-commerce site, www.dsw.com. DSW also supplied footwear to 351 leased locations in the United States