DSW Inc. (DSW: Quote) posted first-quarter net income of $39.9 million or $0.89 per share compared to net loss of $38.1 million or $1.74 per share last year.
Adjusted net income rose to $44.1 million or $0.98 per share from $39.6 million or $0.87 per share in the same quarter a year earlier.
Quarterly sales increased 10.9% to $558.6 million from $503.6 million recorded a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share on revenues of $548.09 million for the quarter. Analysts' estimates typically exclude special items.
Going ahead, the company raised its annual 2012 guidance to a range of $3.25 to $3.40 for fiscal 2012 compared to prior guidance of $3.20 to $3.35. Analysts expect the company to earn $3.31 per share for the year.
Further, the company said its board of directors approved an increase in its dividend from $0.15 per share to $0.18 per share, an increase of 20%. The dividend will be paid on June 29, 2012 to shareholders of record at the close of business on June 19, 2012.
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by RTT Staff Writer
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