DSW bounces back in Q2
COLUMBUS, Ohio — Following a difficult start to the year, leading branded footwear and accessories retailer DSW has rebounded with an increase in sales that resulted in solid quarterly profit results for the second quarter ended Aug. 3.
The company reported sales of $562 million for the quarter, up 9.7% from $512 million for the prior-year period. Comparable-store sales increased 4.4% for the quarter on top of the prior-year quarter’s 4.2% increase.
"In a volatile sales environment, DSW was able to post a solid 20% earnings growth for the first half of the fiscal year," stated Mike MacDonald, president and CEO. "These results underscore the compelling nature of the DSW formula that is based on the brand cornerstones of assortment, value and convenience. DSW's continued progress on its strategic initiatives supports our long term growth trajectory. With that in mind, we raised our full year guidance earlier this month to $3.60 to $3.80 per share."
For the quarter, the company reported net income of $33.7 million, compared to the prior-year quarter’s net income of $29.3 million.
DSW operates 377 stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site. DSW also supplies footwear to 351 leased locations in the United States under the Affiliated Business Group.