• Q1 adjusted profit up 11.4% to $44.1m
  • Sales increased 10.9% to $558.6m from $503.6m
  • Comparable sales rose 7.6% 

Footwear retailer DSW Inc has raised its full-year earnings guidance after getting off to a strong start to the year with double-digit sales and profit growth.

The company, which sells branded footwear and accessories, said profit in the three months to 28 April, adjusted to reflect its merger with RVI, rose 11.4% to $44.1m.

On a reported basis, it swung to a net income of $39.9m, or $0.89 per share, from a loss of $38.1m, or $1.74 per share, in the same period last year.

"We are delighted with our strong start to the year, a further validation of the increasing preference for DSW by our customers and the strong execution of our strategies," said president and CEO Mike MacDonald.

"Earnings were at record levels despite absorbing incremental costs related to the acceleration in our store expansion."

The company is on track to open 35 to 40 new stores in the current year, and raised its full-year guidance by $0.05 per share to $3.25 to 3.40.