DSW Inc. reported second quarter earnings jumped 69% to $11.0 million, or 25 cents a share, from $6.5 million, or 15 cents, a year earlier. Revenues inched ahead 2.4% to $357.2 million from $348.7 million. Same store sales decreased 6.9% for the comparable period versus an increase of 5.9% last year.
Net income was $21.2 million on net sales of $723.4 million for the six months ended August 2, 2008, compared with net income of $30.3 million on net sales of $705.7 million for the six months ended August 4, 2007. Same store sales decreased 6.2% for the comparable six month period versus an increase of 0.9% last year.
Diluted earnings per share were $0.48 for the six months ended August 2, 2008, compared with $0.68 for the same period last year.
For the fiscal year ending January 31, 2009, the company reiterates its estimated annual same store sales in the negative mid-single digits and annual earnings per diluted share in the range of $0.75 to $0.85. The company plans to open at least 35 DSW stores during the year.