DSW Q4 sales up 15.7%, expects weaker 2013
COLUMBUS, Ohio — DSW reported that its fourth quarter sales increased 15.7% to $594.3 million from $513.7 million for the same period last year. Comparable sales increased 3.6%.
The company reported that fourth quarter adjusted EPS rose to 69 cents per share, an increase of 35.3% per share.
Full year sales increased 11.5% to $2.3 billion, and comparable sales increase 5.5%.
Adjusted EPS for the year rose to $3.35 per share for the full year, up from $3.00 per share in 2011.
"I am proud of what we have accomplished as a team. We delivered solid sales and earnings growth this quarter, which represented our 14th consecutive quarter of positive comparable sales growth," stated Mike MacDonald, president and CEO, DSW Inc.
MacDonald continued, "This quarter concluded a very strong year for the company in which we grew total sales by 12%, generated a two year comparable store gain of 13.8% and increased earnings per share by 12%. We continue to make excellent progress on our strategic initiatives, all of which are designed to enhance our shopping experience, regardless of how and where the customer chooses to shop. We also rewarded our shareholders with dividends totaling $128 million in 2012."
DSW said that in light of its weak start for fiscal 2013, it is difficult to project full year sales and profit performance with confidence. If comparable sales for the full year were to be flat, the company estimates diluted earnings per share of $3.30 to $3.40, excluding any impact from the merger with RVI and the company's luxury initiative.