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What: Shares of discount shoe retailer DSW (NYSE:DBI) were flying off the rack today, climbing as much as 11% today on an impressive earnings report.

So what: Adjusted earnings per share of $1.02 topped estimates of $0.89, while revenues improved 11.7% to $592.7 million. Same-store sales grew nicely as well at a 6.3% clip. CEO Mike MacDonald said he was pleased with the quarter, noting that it was the 13th consecutive period the company has shown positive comps and that it added a record 26 stores in the quarter. Management plans to increase store count by about 8% next year, adding 25 to 30 new locations.

Now what: This quarter marks the fifth in a row that the chain has beaten estimates. With an ambitious store expansion plan in place and a cost-efficient business model that avoids the usual hassle of shoe shopping by eliminating salesmen, DSW looks poised to continue delivering market-beating returns for investors. Notably, the company chose not to raise its 2012 guidance, but with 26 stores added last quarter it should cruise past the $3.31 analysts are expecting.

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