DSW (DSW) Guides Q2 Earnings Below the Street, Affirms FY12 Guidance; Announces $100M Buyback Plan
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DSW Inc. (NYSE: DSW) continues to expect comparable sales to increase in the 3% to 5% range for the full year. In addition, the Company confirms its previous guidance for full year earnings per diluted share of $3.25 to $3.40, excluding any impact from the RVI merger and related items. This compares to 2011 adjusted earnings per diluted share of $3.00 for the year ended January 28, 2012.
The company said "based on more normalized gross margin performance in the second quarter and previously announced pre-opening costs associated with the acceleration in the Company's store expansion," second-quarter EPS will be in the range of 60-64 cents, which compares to the Street estimate of 76 cents and earnings of 74 cents per share during the same quarter last year.
The company's Board also authorized the repurchase of up to $100 million over the next 12 months.
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The company said "based on more normalized gross margin performance in the second quarter and previously announced pre-opening costs associated with the acceleration in the Company's store expansion," second-quarter EPS will be in the range of 60-64 cents, which compares to the Street estimate of 76 cents and earnings of 74 cents per share during the same quarter last year.
The company's Board also authorized the repurchase of up to $100 million over the next 12 months.
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