DSW Net Declines in Q4, Exits Ebuys
Net income dropped 62% in the final quarter to $11,701,000 from $30,526,000 including net after-tax charges of $18.8 million this year, as revenues rose 7% to $719,975,000 from $674,617,000 with $35.6 million coming from the extra week. Comp store sales for the 13-week period increased 1.3% over last year’s 7.0% comp gain. The retailer announced that it is exiting the money-losing Ebuys business and wrote down its assets to liquidation value taking an $18.8 million charge. Adjusted earnings were up 90% to $30.5 million excluding costs related to Ebuys, restructuring, acquisition expenses and a $10.1 million net write down of ... Log in to view full article.