US: DSW narrows FY guidance amid flat sales
- Q4 comparable sales flat
- Narrows FY EPS guidance
- CFO announces retirement
Branded footwear and accessories retailer DSW has narrowed its full-year EPS guidance amid flat sales in the fourth quarter.
In the three months ended 1 February, comparable sales remained flat compared to a 3.6% increase in the year ago period. Excluding luxury sales of US$1m, total adjusted revenues dropped 3.9% to $571m.
The company narrowed its full-year adjusted EPS guidance to $1.85 to $1.87 per share from $1.80 to $1.90 per share previously.
"Given the weak retail environment, we were satisfied with our financial performance," said CEO Mike MacDonald. "The updated earnings guidance means that DSW will post its fifth consecutive year of double digit EPS growth."
DSW also announced the retirement of CFO Douglas Probst with effect from 1 May, after nine years of service. Having joined DSW in 2005, he guided the company through its transition to a public company and its merger with Retail Ventures in 2011.
Helen Betsy Wallace, DSW's senior vice president of finance will continue to serve as the company's principal accounting officer.
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