• Q2 profit down 31% to $7.6m
  • Sales fall 3.4% to $369.5m
  • Lifts earnings guidance for the year

Second quarter profit at DSW Inc has plunged 31% on lower sales, but the branded footwear retailer still managed to lift its earnings guidance for the year.

The Columbus, Ohio based retailer said net income dropped to $7.6m or $0.17 per share, from $11.0m or $0.25 per share a year earlier.

Sales for the three months to 1 August fell 3.4% to $369.5m, down from $357.2m last time. Same store sales dropped 2.9%.

Looking ahead the company, which operates 307 stores, reiterated its estimate of a mid-single digit decrease in comparable store sales for the year.

But it lifted its earnings per share forecast to a range of $0.37 to $0.45, up from earlier forecasts of $0.30 to $0.35.