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From: SurgicalScalper (Rep: 1700)Date: 06/07/2007 08:24
Forum: DSW - Msg #3No Thread (Rec: 0)
DSW 1Q Profit Climbs 36 Percent
Wednesday June 6, 4:36 pm ET
DSW 1Q Profit Rises 36 Percent Even As Sales Miss Wall Street Estimates

COLUMBUS, Ohio (AP) -- Footwear retailer DSW Inc. said Wednesday its first-quarter profit climbed 36 percent, handily beating Wall Street earnings estimates, even as it reported sales below analysts' expectations.

For the quarter ended May 5, net income grew to $23.7 million, or 54 cents per share, from $17.5 million, or 40 cents per share, a year earlier.

Analysts polled by Thomson Financial expected earnings of 47 cents per share on revenue of $359.2 million.

Revenue missed Wall Street's estimates, rising 13 percent to $357 million from $316.5 million in the first quarter of 2006.

Same-store sales, or sales at stores open at least a year, fell 3.6 percent during the quarter. Same-store sales are a key measure of retailer performance since it counts growth at existing stores rather than newly opened ones.

Cost of sales rose 11 percent during the quarter and income tax provisions climbed 30 percent.

DSW shares fell 44 cents to close at $36.56 in the regular session. The shares slipped 8 cents to $36.48 in after-hours trading.

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