DSW beats by $0.05, beats on revs; raises FY15 EPS guidance; comps +0.8%
Reports Q2 (Jul) earnings of $0.37 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 4.4% year/year to $587.1 mln vs the $563.66 mln consensus; comparable sales increase 0.8%.
- Co issues raised guidance for FY15, sees EPS of $1.57-1.72 from $1.52-1.67 prior, excluding non-recurring items, vs. $1.53 Capital IQ Consensus Estimate; sees FY15 revs of mid single digits (cons +2.3%) vs. $2.4 bln Capital IQ Consensus Estimate; assumes 'flattish comps' (prior guidance assumed low single digit comparable sales decline and Adjusted sales growth in the low single digit range).
- "In the quarter we accomplished our goal of achieving improvement in the underlying sales trends and eliminating any inventory imbalances. All major categories recorded improved sales performance in the second quarter compared to the first quarter. In addition, we were encouraged by the sequential improvement in sales trends as the quarter progressed."