Although DSW Inc. is back in the black after a net loss in the fourth quarter, the company’s profits sank by 31 percent during the first quarter of 2009.
The Columbus, Ohio-based retailer on Wednesday reported a net income of $7.1 million, or 16 cents a diluted share, for the first quarter ended May 2, 2009. That is a 31 percent drop from a profit of $10.3 million, or 23 cents, in the year-ago period.
Revenue for the first quarter increased by 5 percent to $385.8 million, from $366.3 million in last year’s first quarter. The company narrowed its same-store sales decrease to 4.7 percent from 5.4 percent in the first quarter of 2008.
DSW also released earnings-per-share guidance for the full year to range between 30 cents and 35 cents, lower than analyst forecasts for 46 cents. The company expects same-store sales to decline in the mid-single digits.