DSW Q4 Comparable Sales Flat, Narrows FY13 Adj. EPS View; CFO To Retire

(RTTNews) - DSW Inc. (DSW), branded footwear and accessories retailer, announced that fourth quarter 2013 comparable sales for the thirteen-week period ended February 1, 2014 were flat compared to a 3.6% increase for the same period last year.

Excluding luxury sales of $1 million, total adjusted revenues decreased by 3.9% to $571 million, for the thirteen week period ended February 1, 2014 versus $594 million for the fourteen week period ended February 2, 2013. Excluding the impact of the fifty-third week last year, total Adjusted revenues increased by 1.6%.

The company narrowed its fiscal 2013 adjusted earnings per share guidance to a range of $1.85 to $1.87 per share. The new guidance range compared to the previous guidance of $1.80 to $1.90 per share and represents approximately 11% earnings growth.

Adjusted earnings per share excludes a $0.13 per share impact from the Company's luxury test and $0.10 per share of legacy charges related to RVI.

Full year Adjusted revenues grew by 4.1% to $2.35 billion, excluding luxury sales of $18 million. This was driven by a 0.2% increase in comparable sales and the opening of 30 new stores. Excluding the fifty-third week last year, full year Adjusted revenues increased by 5.6%.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.87 per share and revenues of $2.37 billion for fiscal 2013. Analysts' estimates typically exclude special items.

The company also announced Douglas Probst, Executive Vice President and Chief Financial Officer will be retiring effective May 1, 2014, after nine years of service. Probst joined DSW Inc. in 2005 and successfully guided the Company through its transition to a public company and its merger with Retail Ventures Inc. in 2011.

Helen Betsy Wallace, the Company's Senior Vice President of Finance who joined the Company in May 2013, will continue to serve as the Company's Principal Accounting Officer with responsibility for accounting, treasury, tax and internal audit functions.