US: DSW raises full-year guidance on strong Q2 sales
US footwear retailer DSW has raised its full year earnings guidance after recording strong sales growth during the second quarter.
The company said it now expects full year earnings to reach US$3.60-3.80 per share from prior guidance of $3.40-3.60 per share, excluding one-off charges.
Over the quarter ended 28 July, sales increased approximately 9% to reach US$558m, rising 4.3% on a same-store basis.
The company has also said it will seek approval for a 2-for-1 stock split of its common stock. It entails issuing one Class A share for each Class A or Class B share outstanding.
If approved, it will create approximately 90.2m shares, comprised of approximately 81.6 million Class A shares and 8.6m Class B shares. Currently, the company has 45.1m total shares outstanding, which is comprised of 36.5m Class A shares and 8.6m Class B shares.
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....
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