DSW Q3 sales up 6.8 percent

REPORT_ For the third quarter DSW reported sales increased 6.8 percent. Comparable

sales decreased by 0.7 percent. Adjusted earnings per share rose by 14 percent. On a cost per square foot basis, DSW segment inventories decreased by 2.2 percent at the end of the quarter.

During the quarter DSW opened 16 new stores including two small format stores, advanced its omni-channel work and implemented a number of systems initiatives. For the nine month period reported sales increased 8 percent and comparable sales increased by 0.2 percent. Full year adjusted sales growth for fiscal 2013 is expected to increase in the range of 6 percent to 7 percent.

DSW is based in Ohio. It offers brand name and designer dresses, casual and athletic footwear and accessories for women, men and kids. As of November 26, 2013, DSW operated 393 stores in 42 states. DSW also supplies footwear to 356 leased locations in the United States under the Affiliated Business Group. Mike MacDonald, President and Chief Executive Officer, said, “We achieved our highest level of profitability in the third quarter while navigating through a promotional environment. We managed a solid increase in total sales combined with disciplined execution and inventory management. We were encouraged by the improvement in traffic and sales at the end of the quarter, as the fall selling season got off to a delayed start.”