DSW reports 3Q sales, earnings growth

COLUMBUS, Ohio DSW today reported that its net income for the third quarter was $22.4 million and net sales for the quarter were $367.4 million. This compares to net income of $16 million and net sales of $332.2 million for the same period last year. The company reported same-store sales decreased 3% for the quarter versus an increase of 2.6% last year.

The company reported that diluted earnings per share were 51 cents for the third quarter of 2007 compared with 36 cents for the same period last year.

DSW said that it now estimated that fiscal 2007 diluted earnings per share will be in the range of $1.24 to $1.29, updated from the company's previously announced estimate of at least 10% below last year's reported diluted earnings per share of $1.48. The company also said it now expects comparable-store sales to be in the range of flat to down 1% for fiscal 2007, updated from the company's previously announced estimate of flat to down 2%.