The fiscal 2005 six-month results include $6.6 million of interest expense on a dividend note to the Company's controlling shareholder, Retail Ventures, Inc, and $6.5 million for the accrual for losses associated with the data theft announced March 2005.
After adjusting for the dividend interest, the data theft accrual and the significant increase in shares as a result of the Company's initial public offering in June 2005, pro forma net income for the fiscal 2005 six-month period was $24.1 million, or $0.55 per share.
The exhibit at the end of this release reconciles the non-GAAP pro forma net income and diluted earnings per share to the reported net income and diluted earnings per share for the fiscal 2005 six-month period.
Comparable store sales for the six months ended July 29, 2006 increased 3.2 percent compared with the same period last year.
2006 Outlook
The Company reiterated its previous estimate for fiscal 2006 annual diluted earnings per share of $1.24 to $1.27. Comparable store sales are projected to increase 3-5 percent and the Company plans to open 30 DSW stores during the year.
To hear the Company's live second quarter earnings conference call, log on to company website at 8:00 a.m. ET today, Wednesday, August 30, 2006 or call 1-866-277-1184 and reference passcode 23706620.
DSW Inc, headquartered in Columbus, Ohio, is a leading U.S. branded footwear specialty retailer that offers a wide selectionof brand name and designer dress, casual and athletic footwear for women and men.
As of August 29, 2006, DSW operated 209 stores in 33 states and supplied footwear to 242 leased locations (26 for related retailers and 216 for non-related retailers) in the United States.
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