Nov 24, 2009
DSW third quarter profit tops Street; raises full-year outlook
Nov 24, 2009
Nov 24 (Reuters) - Footwear retailer DSW Inc (DSW.N) posted better-than-expected quarterly results on higher sales and cost control, and raised its full-year outlook for the second time in a little more than a month.
For the full year, the company, which had raised its earnings outlook in October, now sees earnings of 90 cents to $1 a share, up from its prior view of 70 cents to 80 cents a share.
The company, which sells branded footwear for men and women at discounted prices, also expects annual same-store sales to be up 1 percent, while it had earlier expected flat sales at stores open at least a year.
For the third quarter ended Oct. 31, DSW earned $26.6 million, or 60 cents a share, compared with $13.2 million, or 30 cents a share, a year earlier.
Analysts on average expected 46 cents a share, before items, according to Thomson Reuters I/B/E/S.
Revenue rose 14 percent to $444.6 million, surpassing analysts' consensus of $424.6 million. Same-store sales increased 8.7 percent.
Shares of Columbus, Ohio-based DSW closed at $20.54 Monday 23 November on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore)
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