- Prachi Singh |
For the third quarter, DSW’s sales increased 1.7 percent to 708.3 million dollars, while comparable sales decreased 0.4 percent with a negative impact of 50 to 60 bps from hurricane disruption. Reported net income was 4 million dollars or 0.05 dollar per diluted share, while adjusted net income was 35.9 million dollars or 0.45 dollar per diluted share, including weather related impact of approximately 0.05 dollar per diluted share.
Commenting on the company’s third quarter, Roger Rawlins, Chief Executive Officer said in a press release, "Much of our core business performed in-line with expectations this quarter, despite an unusually severe hurricane season which impacted comps and earnings. Additionally, cold weather related product struggled to gain the traction we had anticipated; however, tight inventory management protected our bottom line from excessive markdowns and we ended the quarter with inventories below last year.”
DSW’s sales up 2.1 percent for nine month period
For the nine months ended October 28, 2017, sales increased 2.1 percent to 2.1 billion dollars, while comparable sales decreased 1 percent compared to last year's 1.6 percent decrease.
Reported gross profit decreased by 80 bps, and reported net income was 55.6 million dollars or 0.69 dollar per diluted share. Adjusted net income was 92.2 million dollars or 1.14 dollars per diluted share.
DSW lowers outlook for FY17
The company updating its full year outlook said that adjusted earnings are now expected in the range of 1.40 dollars to 1.45 dollars per diluted share to reflect lower expectations for Ebuys and the impact of weather related disruptions this quarter.
DSW's board of directors declared a quarterly cash dividend of 0.20 dollar per share.