Shoe retailer DSW reports rise in 2Q profit

By Associated Press
August 28, 2008 | Comments (0)

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Shoe retailer DSW Inc. said Thursday its second-quarter profit jumped 68 percent despite a drop in same-store sales.

DSW said it earned $11 million, or 25 cents per share, in the quarter ended Aug. 2, compared with profit of $6.5 million, or 15 cents per share, in the corresponding quarter a year earlier.

Net sales rose to $357.2 million from $348.7 million.

Analysts expected the company to earn 10 cents per share on sales of $355.8 million, according to a survey by Thomson Reuters.

Same-store sales fell 6.9 percent in the quarter. Same-store sales, or sales at stores open at least a year, is a key

Shares of DSW climbed 75 cents, or 5 percent, to $15.70 in premarket activity. The stock has ranged from $10.10 to $31.65 over the past year.

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