DSW 1Q income rises, comps fall

COLUMBUS, Ohio DSW announced net income of $23.7 million on net sales of $357 million for the first quarter ended May 5, compared with net income of $17.5 million on net sales of $316.5 million for the first quarter ended April 29, 2006. Same-store sales decreased 3.6% for the comparable thirteen-week period versus an increase of 4.2% last year.

Diluted earnings per share were 54 cents for the first quarter of 2007 compared with 40 cents for last year's first quarter.

Based on the performance through the first quarter reported today, the company is maintaining its current estimate for fiscal 2007 annual diluted earnings per share in the range of $1.63 to $1.68, and reducing its estimate for annual comparable-store sales to the range of 0% to 3%.