COLUMBUS, Ohio -- Label-lovers aside, designer shoes -- even discounted designer shoes -- are considered discretionary items by most consumers, and the fact that DSW had such a strong quarter is indeed a good sign that the middle-income consumer is feeling more confident about her economic situation.
DSW Inc. has announced net income of $18.5 million on net sales of $468.5 million for the fourth quarter ended Jan. 29, compared with net income of $13.4 million on net sales of $402.6 million for the quarter ended Jan. 30, 2010. Same-store sales increased 14.9% for the comparable period versus an increase of 12.9% last year.
Diluted earnings per share were 41 cents for the fourth quarter of fiscal 2010 compared with diluted earnings per share of 30 cents last year.
Net income was $107.6 million on net sales of $1.82 billion for the year ended Jan. 29, compared with net income of $54.7 million on net sales of $1.6 billion for the year ended Jan. 30, 2010. Same-store sales increased 13.2% for the comparable period versus an increase of 3.2% last year.
Diluted earnings per share were $2.40 for the year, compared with $1.23 for the same period last year, and within the updated guidance range of $2.38 to $2.42 provided on Feb. 8.
DSW said it estimates an annual comparable-store sales increase of 3% to 5% and annual diluted earnings per share of $2.60 to $2.75 for fiscal 2011, excluding any impact from the proposed merger with Retail Ventures.