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DSW with solid sales growth

Aug 27, 2015 United States
DSW with solid sales growth
The US-based footwear and accessories retailer announced financial results for the second quarter and first semester marked by consistent sales growth
"We were encouraged with our accomplishments in the second quarter. Our double digit earnings growth over the prior period reflected a significant shift in favor of regular priced merchandise selling. This shift enabled us to achieve meaningful merchandise margin rate expansion and gross profit dollar growth.", commented Mike MacDonald, President and Chief Executive Officer, adding: "We also advanced our strategy of becoming a more customer-centric company by evolving our organization, systems, and processes to meet our customers' changing expectations. As a result of this financial and strategic process, we remain confident in our direction."

Sales increased by 6.8% during the second quarter reaching 627 million US dollars compared to sales of 587 million US dollars in similar period last year's. Comparable sales increased by 1.8% compared to last year's increase of 0.8%.

Net income from continuing operations increased by 10.7% in the period, totaling 37.6 million US dollars. Earnings per share from continuing operations increased by 13.5% and reached 0.42 US dollars per share (compares to last year's 0.37 US dollars per share).

The company also announced the semester’s results, mainly characterized by a 8.1% sales increase, which resulted in 1.28 billion US dollars worth of sales in the period (compares to last year's sales of 1.19 billion US dollars). Comparable sales increased by 3.5% compared to last year's decrease of 1.5%.

Net income from continuing operations increased by 17.0% and totaled 85.0 million US dollars. Earnings per share from continuing operations increased by 20.3% totaling 0.95 US dollars per share (compares to last year's 0.79 US dollars per share).

DSW Board of Directors approved a quarterly dividend of 0.20 US dollar per share.

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