DSW beats Street with Q4 earnings; will open 35 stores

Columbus, Ohio – DSW Inc. exceeded Wall Street expectations with profit in the fourth quarter of fiscal 2014. The specialty footwear retailer reported net income of $30.8 million, up 10% from $28.1 million the same quarter a year earlier.



Cost of sales grew at a slower pace than actual sales, helping boost profits. DSW plans to open 35 stores in fiscal 2015, including eight to 10 small format stores. Sales rose 12$ to $640 million, from $572 million.



"We were gratified to report strong sales and profit growth in the fourth quarter,” said Mike MacDonald, president and CEO. “Our decisive actions earlier in the year in the areas of leadership, value, and marketing produced strong results.”



For the full year, net income grew 2% to $153.3 million. Sales rose 5% to $2.5 billion from $2.4 billion.