US: DSW posts Q3 profit up 9.8%
- 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.
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