• Q1 profit rose 27% to $38.4m from $30.2m
  • Net sales increased 12.0% to $503.6m
  • Comparable sales up 10.8%
  • Gross profit margin up 140 basis points to 34.2% 

Footwear retailer DSW Inc has raised its full-year earnings guidance after higher sales of accessories and men's shoes helped lift its first quarter profit by 27%.

"We have had a strong start to the year," said president and CEO Mike MacDonald. "We attribute our ongoing strength to the successful execution of our key growth initiatives, and the increasing importance and attachment to the DSW brand by consumers.

"Our new stores performed well and we were also pleased with the growth in our leased business division, which generated its highest quarterly sales in over four years."

In February, DSW agreed to merge with its largest shareholder Retail Ventures Inc. It now expects full-year comparable sales to increase in the mid single-digit range and earnings per share in the range of $2.65 to $2.80.