DSW Inc. reported net income in the third quarter climbed 33.4% to $35.5 million, or 79 cents a share, from $$26.6 million, or 60 cents, a year ago. Revenues increased 10.1% to $489.3 million from $444.6 million in the year-ago quarter. Same store sales increased 10.1% for the comparable period versus an increase of 8.7% last year.
In the nine months, net income was $89.2 million on net sales of $1.35 billion for the thirty-nine week year-to-date period ended October 30, 2010, compared with net income of $41.3 million on net sales of $1.20 billion for the thirty-nine week year-to-date period ended October 31, 2009. Same store sales increased 12.6% for the comparable period versus an increase of 0.4% last year.
Diluted earnings per share were $1.99 for the thirty-nine week period compared with $0.93 for the same period last year.
Fiscal 2010 Annual Outlook
As a result of better-than-expected sales performance for the first three weeks of the fiscal fourth quarter, the company now estimates an annual comparable store sales increase of approximately 12% and annual diluted earnings per share of approximately $2.30 to $2.40 for fiscal 2010. This is updated from the company's previous estimate of an annual comparable store sales increase of approximately 11% and annual diluted earnings per share of approximately $2.20 to $2.30 for fiscal 2010. Fiscal 2009 annual diluted earnings per share were $1.23.
