• Q3 net income up 9.8% to US$55m 
  • Sales increase 6.8% to $633m
  • Comparable sales down 0.7%

Branded footwear and accessories retailer DSW has today (26 November) reported a 9.8% increase in third-quarter profit, thanks to solid sales growth and careful control of inventory.

The company said it opened 16 new stores during the quarter, advanced its omni-channel work, and implemented a number of systems initiatives.

President and CEO Mike MacDonald said: "A solid increase in total sales combined with disciplined execution and inventory management allowed us to increase our adjusted earnings per share by 14%.

"We achieved our highest level of profitability in the third quarter while navigating through a promotional environment. We were encouraged by the improvement in traffic and sales at the end of the quarter, as the fall selling season got off to a delayed start."

Year-to-date net income reached $123m, up 3% on last year's $119.3m, while sales grew 8% to $1.8bn from $1.7bn in the same period of the prior year.

The company expects full-year adjusted earnings per share to range from $1.80-1.90 based on flat same store sales and a 4-5% increase in adjusted sales.