DSW Inc. handily topped Wall Street expectations as it more than quadrupled its first-quarter profits.
The Columbus, Ohio-based footwear retailer said Tuesday that for the first quarter ended May 1, net income jumped to $30.2 million, or 67 cents a diluted share, from $7.1 million, or 16 cents, in the same quarter last year.
Revenue expanded 17 percent to $449.5 million from $385.8 million in 2009, as comparable-store sales increased 16.2 percent — the same amount they retreated in the year-ago quarter.
Analysts were expecting earnings per share of 49 cents on sales of $441.2 million, according to Yahoo Finance.
Gross margin improved to 33 percent of sales versus 27 percent the prior year.
The company reiterated its fiscal 2010 outlook of an annual comps increase of between 6 percent and 8 percent. Profits for the year are anticipated to be in the range of $1.65 to $1.75. Analysts are looking for yearly EPS of $1.69.