DSW Swings to Q4 Profit

DSW Swings to Q4 Profit
A DSW Shoes location.

DSW Inc. said Tuesday that it swung to a fourth-quarter profit from a loss the prior year on a 16 percent rise in revenues.

The Columbus, Ohio-based retailer had earnings of $13.4 million, or 30 cents a diluted share, compared with a loss of $7.5 million, or 17 cents, a year ago. Analysts had been expecting a profit of 32 cents.

As a result, shares of DSW fell in early Tuesday trading, recently down 9 percent at $26.78.

Revenues rose to $402.7 million, from $348.2 million. Same-store sales rose 12.9 percent.

For the year, the firm earned $54.7 million, or $1.23, compared with a profit of $26.9 million, or 61 cents, a year ago. Revenues increased to $1.6 billion from $1.46 billion.

Looking ahead, DSW said it expects earnings per share in full year 2010 to be in the $1.35 to $1.45 range, versus analyst estimates for $1.40.

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