DSW Inc announced net income of $30.2 million on net sales of $449.5 million for the first quarter ended May 1, 2010, compared with net income of $7.1 million on net sales of $385.8 million for the first quarter ended May 2, 2009. Same store sales increased 16.2% versus a decrease of 4.7% last year.
Diluted earnings per share were $0.67 for the first quarter of fiscal 2010 compared with diluted earnings per share of $0.16 last year.
Fiscal 2010 Annual Outlook
The Company reiterated its estimate of an increase in annual comparable store sales of approximately 6% to 8% and annual diluted earnings per share of approximately $1.65 to $1.75 for fiscal 2010. The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010. The second half performance implied in the guidance recognizes the more challenging last year comparisons for both sales growth and merchandise margins.
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