World Footwear

Companies

Sales up at DSW

Sep 9, 2016 United States
Sales up at DSW
The branded footwear and accessories retailer, announced financial results for the second quarter and first semester. Sales increased by 5% in both periods
Roger Rawlins, Chief Executive Officer of DSW Inc. stated: "We are on track to deliver our outlook for the full year and we've made progress on a number of initiatives to drive sales and improve our financial trajectory. We've positioned fall inventories conservatively to chase the trend of the business and after conducting a comprehensive assessment of DSW's cost structure, we've identified actions, most of which will benefit 2017, with approximately 25 million US dollars in annualized cost savings. We are committed to getting back to sustained earnings growth while planting the seeds for long term success."

Quarter sales increased by 5.1% totaling 659 million US dollars, including 19.6 million US dollars from Ebuys. Comparable sales decreased by 1.2% compared to last year's increase of 1.8%.

Reported net income in the period reached 25.0 million US dollars, or 0.30 US dollars per diluted share. Adjusted net income totaled 29.1 million US dollars, or 0.35 US dollars per diluted share, excluding costs related to the Ebuys acquisition and restructuring.

First semester sales increased by 4.5% totaling 1.3 billion US dollars, including 34.7 million US dollars from Ebuys. Comparable sales decreased by 1.4% compared to last year's increase of 3.5%. Reported net income was 55.0 million US dollars, or 0.67 US dollar per diluted share. Adjusted net income reached 61.9 million US dollars, or 0.75 US dollars per diluted share, excluding costs related to the Ebuys acquisition and the company's restructuring costs.

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