DSW Q4 profit beats Street, on track to open up to 40 stores this year
Columbus, Ohio -- DSW Inc. reported Tuesday that profit for the fourth quarter rose to $19.4 million from $200,000 a year earlier, beating analysts’ estimates for the quarter.
Fourth-quarter revenue rose 10% to $513.7 million, surpassing Wall Street’s estimated $511.2 million in revenue. Same-store sales increased 5.6%.
For the full year, net income was $174.8 million, compared with $17.8 million the year before. Results included a one-time gain from the footwear retailer’s merger with Retail Ventures. Full year sales increased 11.1% to $2.02 billion; comparable sales increased 8.3% in 2011.
The retailer said it plans to open 35 to 40 new stores in 2012. “Our new stores continue to perform well and, with our strong balance sheet, we are well-positioned to continue to pursue our growth strategies,” said Mike MacDonald, president and CEO, DSW Inc.