World Footwear

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Sales up by 9.4% at DSW

Jun 3, 2015 United States
Sales up by 9.4% at DSW
First quarter sales reached 655 million US dollars. Net income, up by 22.6%, totaled 47.4 million US dollars
Mike MacDonald, President and Chief Executive Officer stated: ''Our first quarter performance was a solid start to the spring season. Athletic footwear provided the strongest sales increase, but all major categories posted solid growth. Healthy regular priced sales and lower clearance inventory than last year drove a significant improvement in our gross profit rate. The West Coast port congestion delayed some receipts, but we released pre-buy merchandise to mitigate the impact on sales."

Sales increased by 9.4% to reach 655 million US dollars compared to last year's sales of 599 million US dollars.

Gross profit increased 110 bps, driven by a 85 bps increase in merchandise margin and a 25 bps of occupancy, distribution and fulfillment rate leverage.

Net income increased by 22.6% totaling 47.4 million US dollars. Earnings per share increased by 26.2% to 0.53 US dollars per diluted share.

On the 22nd of May DSW Inc.'s Board of Directors declared a quarterly cash dividend payment of 0.20 US dollars per share. The dividend will be paid on the 30th of June.

For fiscal 2015 DSW reiterated its earnings outlook to be in the range of 1.80 US dollars to 1.90 US dollars per share. Total revenues are expected to increase in the 7%-8% range, driven by low to mid-single digit comparable sales growth and the opening of 35 to 40 new stores.

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