COLUMBUS, Ohio, May 8 /PRNewswire-FirstCall/ -- DSW Inc. (NYSE: DSW) today reported net sales for the quarter ended May 3, 2008 increased 3% to $366.3 million compared with $357.0 million for the quarter ended May 5, 2007. Same store sales decreased 5.4% for the comparable period versus a decrease of 3.6% last year.
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For the fiscal year ending January 31, 2009, the Company estimates annual comparable store sales to be in the negative mid-single digits and annual earnings per diluted share to be in the range of $0.75 to $0.85. This outlook is updated from the Company's previously announced guidance, issued on March 27, 2008, of negative comparable store sales for the first half of fiscal 2008 and earnings per diluted share for the first half of fiscal 2008 significantly below the $0.68 per diluted share reported for the first half of fiscal 2007.
DSW Inc. is a leading branded footwear specialty retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear for women and men. As of May 8, 2008 DSW operated 269 stores in 37 states and supplied footwear to 384 leased locations (36 for related retailers and 348 for non-related retailers) in the United States. For store locations and additional information about DSW, visit www.DSWinc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements in this release that are not historical facts, including the statements made in our "Outlook," are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These factors include, but are not limited to: our success in opening and operating new stores on a timely and profitable basis; maintaining good relationships with our vendors; our ability to anticipate and respond to fashion trends; fluctuation of our comparable store sales and quarterly financial performance; disruption of our distribution operations; our dependence on Retail Ventures, Inc. for key services; impact of the disposition of a majority interest in Value City by Retail Ventures on the allocation of expenses pursuant to the shared services agreement with RVI; failure to retain our key executives or attract qualified new personnel; our ability to successfully launch an e- commerce business; our competitiveness with respect to style, price, brand availability and customer service; declining general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; liquidity risks related to our investments; and security risks related to our electronic processing and transmission of confidential customer information. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company's latest annual or quarterly report, as filed with the SEC. All forward-looking statements speak only as of the time when made. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.
SOURCE DSW Inc. -0- 05/08/2008 /CONTACT: Investor Relations for DSW Inc., +1-614-872-1474/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050629/CLW021LOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, email@example.com/ /Web site: http://www.DSWinc.com / (DSW) CO: DSW Inc. ST: Ohio IN: REA FAS SU: ERP CB-JK -- CLTH026 -- 1259 05/08/2008 08:00 EDT http://www.prnewswire.com