DSW Inc. (DSW) reported that first-quarter net income was $34.5 million, or $0.75 per share, down from $39.9 million or $0.89 per share in the same quarter last year.
The latest quarter result included a net charge of $11.4 million, or $0.25 per share from our luxury test, due mostly to an inventory valuation reserve. The prior year result included a non-cash charge of $4.3 million related to legacy charges from RVI.
Net income, adjusted for the net charge from luxury test, was $45.9 million, or $1.00 per share, compared to Adjusted net income for the same period last year of $44.1 million, or $0.98 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter increased 7.7% to $601.4 million from last year's first quarter sales of $558.6 million. For the thirteen week period ended May 4, 2013, comparable sales decreased by 2.4%. This follows an increase of 7.6% during the thirteen week period ended April 28, 2012. Adjusted net Sales for the latest-quarter were $596.11 million. Thirteen analysts had consensus revenue estimate of $588.81 million for the quarte.
DSW's Board of Directors approved an increase of the Company's quarterly cash dividend by 39% to $0.25 per share. The dividend will be paid on June 28, 2013 to shareholders of record at the close of business on June 18, 2013. The Board also extended the Company's existing $100 million share repurchase authorization.
For fiscal 2013, the company now expects full year comparable sales to grow in the 0% to 2% range. Earnings per share, excluding luxury and one-time charges, are expected to range from $3.40 to $3.60 per share. Analysts expect the company to report earnings of $3.49 per share for fiscal 2013.
While announcing the fourth-quarter result, the company expected comparable sales for the full year were to be flat, it expected earnings per share of $3.30 to $3.40 for fiscal 2013, excluding any impact from the merger with RVI and the company's luxury initiative.
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