DSW reports 2Q earnings dive

COLUMBUS, Ohio DSW Inc. today reported an earnings decrease during its second quarter ended Aug. 4. The company reported that earnings per share were 15 cents, compared with 35 cents for last year's second quarter.

The company reported net sales of $348.7 million for the quarter, compared with net sales $301.3 million for the second quarter 2006. Net income for the quarter was $6.5 million, compared with net income of $15.3 million last year. Same-store sales increased 5.9% for the comparable 13-week period versus an increase of 2.2% last year.

Net income was $30.3 million on net sales of $705.7 million for the six months ended Aug. 4, compared with net income of $32.9 million on net sales of $617.8 million for the six months ended July 29, 2006. Same-store sales increased 0.9% for the comparable 26-week period versus an increase of 3.2% last year.

Diluted earnings per share were 68 cents for the six months ended Aug. 4, compared with 74 cents for the same period last year.

DSW reported that it is maintaining its annual estimate for fiscal 2007 diluted earnings per share to be in the range of $1.63 to $1.68 and continues to expect comparable-store sales to be in the range of 0% to 3%.