On Tuesday, DSW Inc. (NYSE: DSW), the footwear and accessories retailer, announced its financial results for the fourth quarter of fiscal 2017. Shares of the company jumped 8% after the announcement on Tuesday.
According to the company, revenue for the fourth quarter increased from $674.62 million for the same period last year to $719.96 million, which was below analysts’ estimates of $728.17 million.
Net income for the quarter was $11.70 million, compared with net income of $30.53 million for the same period last year. The result was hurt by a one-time charge of $10.10 million from the recent tax reform, the company said. Earnings per share for the fourth quarter was $0.38 per share, compared with $0.20 per share for the same period of 2016. The result beat analysts’ estimates of $0.27 per share.
“Our fourth quarter performance capped our first year of adjusted earnings growth since 2013. Our initiatives drove comparable sales growth and strong margin improvement at the DSW Segment this quarter,” Roger Rawlins, the Chief Executive Officer of the retailer, said in the statement on Tuesday.
“We are drawing on our strong cash flow and the benefit from U.S. Tax Reform to enhance shareholder returns by boosting our quarterly dividend and reinvesting in strategic initiatives that will advance DSW's dominant position in the marketplace in the years to come,” Mr. Rawlins continued.