DSW H1 earnings up 20 percent

REPORT_ For the second quarter DSW reported sales increased by 9.7 percent. Comparable sales

increased 4.4 percent. Second quarter adjusted EPS showed an increase of 47 percent over last year. For the second quarter reported net income was 33.7 million dollars, or 0.73 dollar per diluted share, on 45.9 million weighted average shares outstanding. For the first six months reported net income was 68.2 million dollars, or 1.49 dollars per diluted share, on 45.8 million weighted average shares outstanding. For the first six months reported sales increased by 8.7 percent and comparable sales increased 0.8 percent. Earnings grew by 20 percent for the first half of the fiscal year.

For fiscal 2013 the company expects earnings to range from 3.60 to 3.80 dollars per share compared to the previous range of 3.40 to 3.60 dollars per share. The midpoint of the revised range represents a 10 percent increase in earnings per share. This assumes comparable sales growth in the low single digit range and revenue growth of 5 to 7 percent. Full year revenue growth for fiscal 2013 is expected in the range of 6 to 8 percent.

DSW is based in Ohio. It is a footwear and accessories retailer. “Second quarter sales rebounded nicely after a difficult start to the year,” said Mike MacDonald, President and Chief Executive Officer. “This sales bounce, coupled with excellent inventory management and prudent expense discipline, resulted in solid quarterly profit results. DSW’s continued progress on its strategic initiatives supports our long term growth trajectory. These results underscore the compelling nature of the DSW formula that is based on the brand cornerstones of assortment, value and convenience.”