Discount shoe retailer DSW Inc. (NYSE: DSW) posted profit increases for its fourth consecutive quarter, fueled by cost-conscious shoppers looking for discounts, the Columbus, Ohio-based retailer reported Tuesday.
The company reported a net income of $19.4 million, or 37 cents per share, for the fiscal fourth quarter ended Jan. 28, up from $18.5 million, or 41 cents per share, during the same period last year. (The number of shares outstanding nearly doubled from 2010 to 2011.)
Operating income rose to $39.9 million, up from $30 million during the same quarter in 2010.
Net sales for the fourth quarter increased 9.7 percent to $513.7 million from $468.5 million during the same quarter last year.
Analysts expected earnings of 49 cents per share on revenue of $511.2 million, according to the Reuters consensus estimate.
Net income for all of fiscal 2011 was $174.8 million, or $4.54 per share, up from $17.8 million or 82 cents per share in fiscal 2010.
Revenue for the full year increased 11 percent to $2.02 billion, up from $1.82 billion in 2010.
Total sales growth was broad-based across all of our key categories and geographic regions, said CEO Mike MacDonald in a statement.
DSW expects earnings of $3.20 to $3.35 a share for 2012, while analysts forecast $3.31 a share.
The company's shares were up $2.11, or 3.9 percent, to $56.47 in late afternoon trading.