DSW steps up growth plan
Leading footwear retailer DSW said it would open between 25 and 30 new stores next year, adding to an existing base of 364 units.
The company disclosed its expansion plans in conjunction with the release of third quarter results that saw same store sales advance a hefty 6.1% and profits grow by double digits. Adjusted net income increased 17% to $46.6 million, or $1.02 per share, compared to $39.8 million, or $0.88 per share.
DSW president and CEO Mike MacDonald said the company was pleased with the results which extended to 13 the number of quarters in which same store sales have been in positive territory.
"During the quarter, we opened a record 26 new stores," MacDonald said. "We also paid a special dividend of $2.00 per share to DSW shareholders this quarter, the second such dividend in the last 13 months. Finally, we continued to make strategic investments that will enable DSW to maintain its growth trajectory."
Total sales for the period increased 11.7% to $593 million and through the first nine months of the company’s fiscal year sales are up 10.1% to nearly $1.67 billion.