DSW Inc. (NYSE: DSW), which is a leading branded footwear and accessories retailer, announced its financial results for the first quarter of fiscal 2018, with both earnings and revenue beating expectations.
According to the company, revenue for the first quarter increased 2.9% to $712.1 million, which was above analysts’ estimates of $681.9 million. Same-store sales increase 2.2%, also beating analysts’ estimates of a 1.9% growth.
Net income for the quarter increased from $22.8 million, or 28 cents per share, for the same period last year, to $24.3 million, or 30 cents per share. The company reported adjusted earnings per share of 39 cents, beating estimates of 37 cents.
“We are pleased this quarter to report our second consecutive positive comp for DSW Inc. and the fourth positive footwear comp in the DSW brand. With our solid first quarter results, we have delivered a 4% revenue increase and a 16% earnings increase over the last twelve months, marking an exciting return to growth for the DSW brand,” Roger Rawlins, the Chief Executive Officer of the retailer, said in the statement on Wednesday.
“We remain committed to innovating our customer experience with initiatives that will elevate Designer Shoe Warehouse and drive customer acquisition and loyalty for years to come,” Mr. Rawlins continued.