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DSW Investors Applaud Q2 Results

DSW Inc. DSW announced higher than expected earnings and revenue for the second quarter. The company maintained its full year earnings forecast.

The footwear retailer reported net income of $25.03 million or $0.30 a share, down from $37.61 million or $0.42 a share in the year-ago quarter. On an adjusted basis, it would have EPS of $0.35, which topped the Street analysts' estimates of $0.30.

DSW's net sales rose 5.1 percent from $627.21 million to $658.94 million and came in ahead of the analysts' projection of $658.68 million. Comparable store sales witnessed a drop of 1.2 percent in the second quarter.

CEO Roger Rawlins commented about the results, "We've positioned fall inventories conservatively to chase the trend of the business and after conducting a comprehensive assessment of DSW's cost structure, we've identified actions, most of which will benefit 2017, with approximately $25 million in annualized cost savings."

Moving ahead, DSW maintained its full year EPS outlook of $1.32-$1.42. Street is looking for an EPS of $1.36.

Shares were up more than 3.5 percent at $27.20.

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