World Footwear

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DSW back on track

Nov 23, 2016 United States
DSW back on track
The US-based branded footwear and accessories retailer, announced financial results for the third quarter, with sales increasing by 4.7%, totaling 697 million US dollars
Roger Rawlins, Chief Executive Officer of DSW stated: "This quarter reflects the first step in our return to year over year earnings growth. After four consecutive declines, we reported a 16% increase in Adjusted Earnings Per Share this quarter. Tighter inventory management drove improvements in gross margin which, combined with effective expense management, resulted in an increase in net income. We've reduced clearance markdowns and we are positioned to generate more profitable sales in the holiday season".

Sales increased by 4.7% totaling 697 million US dollars in the quarter, including 21.3 million US dollars from Ebuys. Comparable sales decreased by 2.0% compared to last year's decrease of 3.9%.

Reported net income reached 39.0 million US dollars, or 0.47 US dollars per diluted share, including pre-tax charges of 3.1 million US dollars, or 0.02 US dollars per share, from the acquisition of Ebuys and restructuring costs of 1.3 million US dollars, or 0.01 US dollars per share. Adjusted net income was $41.7 million, or $0.51 per diluted share, a 16% increase over last year.

Sales in the first nine months of the year, increased by 4.5% to 2.0 billion US dollars, including 56.0 million US dollars from Ebuys. Comparable sales decreased by 1.6% compared to last year's increase of 0.9%.

Reported net income, for the first nine months, totaled 94.0 million US dollars, or 1.14 US dollars per diluted share, including pre-tax charges of 11.5 million US dollars, or 0.09 US dollars per share, from the Ebuys acquisition, and 4.1 million US dollars, or 0.03 US dollars per share, from restructuring costs. Adjusted net income was 103.6 million US dollars, or 1.26 US dollars per diluted share, excluding costs related to the Ebuys acquisition and the company's restructuring costs.

DSW increased its full year earnings guidance of 1.35 US dollars to 1.45 US dollars per share. Guidance excludes the impact of purchase price accounting, transaction costs and the fair market value accounting related to the acquisition of Ebuys and restructuring charges.

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