US: DSW swings to Q4 net loss
Footwear retailer DSW has announced a net loss of US$7.5m for the fourth quarter, compared with net income of $1.1m in the same period last year, and slashed capital expenditure for the year ahead.
It posted net sales of $348.2m for the quarter ended 31 January, compared to $332.5m in the prior year period. Same-store sales decreased 7.2% versus a decrease of 1.7% in last year's Q4.
For the full-year, net income was $26.9m on net sales of $1.46bn, compared with net income of $53.8m on net sales of $1.41bn last year. Same-store sales decreased 5.9% versus a decrease of 0.8% last year.
The company anticipates a mid-single digit decrease in comparable store sales in fiscal 2009 and expects to open approximately 10 new DSW stores compared to 41 new stores in 2008.
Capital expenditures are expected to decrease to approximately $35m from $81m in 2008, the company said.
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