US: DSW sees earnings growth in its fourth-quarter
- Q4 earnings climb 3.7%
- Total sales drop 3.7%
- Comparable sales flat
Despite a mixed bottom-line performance from DSW over the last 12 months, the branded footwear and accessories retailer has managed to report earnings growth in its final quarter.
Legacy charges from buying out its one-time majority shareholder Retail Ventures Inc. in 2011 hurt the company's 2013 figures. However, reported net income for its fourth quarter climbed 3.7% to US$28.1m from $27.1m a year earlier.
Reported sales, however, dropped 3.7% to $572m in the three months ended 1 February, while comparable sales were flat. Excluding an extra week of sales last year, sales were up 3.8%.
For the full year, the company said it expects revenue growth of 6% to 7%, with comparable sales growth in the low-single digit range. Full-year EPS is expected to range between $1.80 to $1.95.
Footwear retailer DSW has said it is encouraged by the sequential improvement in its sales trends in the second quarter as revenues increased 4.5%....
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