DSW income down in Q1

Columbus, Ohio DSW reported for its first quarter ended May 2, a net income of $7.1 million on net sales of $385.8 million, compared with a net income of $10.3 million on net sales of $366.3 million for the same period last year. Same-store sales decreased 4.7%, compared with a decrease of 5.4% last year.

The company expects to open approximately 10 new DSW stores this year compared with 41 new stores last year. Capital expenditures are expected to decrease to approximately $35 million compared with $81 million last year.