US: DSW narrows FY outlook following mixed Q3
Rising net income and falling comparable store sales provided a mixed picture for footwear retailer DSW during the company's third quarter.
Net sales for the three months to 3 November were up 10.6% to US$367.4m, while net income also rose 40% to $22.4m - but comparable store sales fell 3%.
That gave DSW net income for the first nine months of the fiscal year of $52.7m, up on last year's figure of $48.9m, with net sales up from $950m to $1.07bn. Comparable store sales edged down 0.5%.
The performance prompted the company to narrow its full 2007 EPS estimate to $1.24-1.29, compared to its previous forecast of at least 10% below last year's figure of $1.48.
Annual comparable store sales are now forecast at flat to down 1% for fiscal 2007, compared to the company's previous estimate of flat to down 2%. DSW still plans to open at least 35 new stores during the year.
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