Stock Monitor: New York & Co. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 20, 2018 / Active-Investors.com has just released a free earnings report on DSW Inc. (NYSE: DSW). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DSW. The Company reported its financial results on March 13, 2018, for the fourth quarter and full fiscal year ended February 03, 2018. The Company surpassed analysts' forecasts for earnings but missed estimates for revenues for Q4 FY17. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q4 FY17, DSW's total sales reached $719.98 million, reflecting an increase of 6.72% from $674.62 million in Q4 FY16. The Company's revenue numbers fell behind analysts' consensus estimates of $723.2 million. The Company's consolidated comparable sales on a 13-week basis increased 1.30% in Q4 FY17 compared to a decrease of 7% in Q4 FY16.
During Q4 FY17, DSW's cost of sales was $529.52 million compared to $505.78 million in Q4 FY16. The Company had a gross margin of 26.50% in Q4 FY17, up from 25% in Q4 FY16. DSW's operating expenses hiked 5.86% to $153.63 million in the reported quarter from $145.12 million in the previous year's same quarter. DSW reported an operating profit of $33.91 million in Q4 FY17, 30.72% lower than $48.95 million in Q4 FY16.
DSW had a net income of $11.70 million, or $0.15 per diluted share, in Q4 FY17 compared to $30.53 million, or $0.38 per diluted share, in Q4 FY16. DSW's reported quarter results included costs related to Ebuys, restructuring, acquisition expenses related to Town Shoes, and the impact of the US Tax Reform. The Company's adjusted diluted earnings per share (EPS), after excluding these special items, was $0.38 in Q4 FY17, an increase of 90% from $0.20 in Q4 FY16. Excluding the impact of the 53rd week of $0.06 per diluted share, the Company's adjusted diluted EPS increased by 60% in the quarter under review. DSW's adjusted EPS was higher than analysts' consensus estimates of $0.27.
For the full fiscal year ended February 03, 2018, DSW reported net sales of $2.8 billion, reflecting an increase of 3.26% from $2.71 billion in FY16. The Company's comparable sales on a 52-week basis decreased 0.40% in FY17 compared to a 3% decrease in FY16. The Company's operating profit declined 37.57% to $124.96 million on a y-o-y basis in the reported year. DSW's net income was $67.30million, or $0.83 per share, in FY17, 45.96% lower than $124.54million, or $1.52 per share, in FY16. The Company's adjusted diluted EPS, excluding special items, was $1.52 in FY17, up 4.11% from $1.46 in FY16. The fiscal year 2017 marked the Company's first year of adjusted earnings growth since 2013.
DSW operates through two segments, namely (i) the DSW segment, which includes DSW stores and dsw.com, and (ii) the Affiliated Business Group (ABG) segment.
The DSW segment reported net sales of $664.20 million in Q4 FY17, an increase of 8.55% on a y-o-y basis. This segment reported a gross profit margin of 29.20% in the reported quarter, up 2.40% from 26.80% in the year ago same quarter.
The Affiliated Business Group (ABG) segment's net revenues were $55.78 million in Q4 FY17, 11.07% lower than in the previous year's same quarter. The segment had a gross loss margin of 6.70% in Q4 FY17 compared to a gross profit margin of 7.5% in Q4 FY16.
DSW had cash and cash equivalents of $175.93 million as on February 03, 2018, 58.99% higher than $110.66 million as on January 28, 2017. The Company's long-term liabilities reduced 20.44% to $138.73 million as on February 03, 2018, from $174.38 million as on January 28, 2017.
DSW repurchased 0.5 million shares for a total of $9.40 million in FY17, and had $524.1 million remaining under its share repurchase program at the end of FY17.
For the full fiscal year 2018 (52-week period ending February 02, 2019), DSW expects revenue growth to decrease by 1% to 3%, due to the exit of non-core businesses and the impact of the 53rd week. Excluding the exit of non-core businesses and the 53rd week, the Company expects its total revenues to increase by 2% to 4%. DSW expects adjusted diluted EPS to be in the range of $1.52 to $1.67 for FY18, which represents an increase of 4% to 14%, excluding the income from the 53rd week.
DSW's Board of Directors increased its quarterly cash dividend by 25% to $0.25 per share. The dividend was paid on April 06, 2018, to shareholders of record at the close of business as on March 23, 2018.
Stock Performance Snapshot
April 19, 2018 - At Thursday's closing bell, DSW's stock was slightly down 0.32%, ending the trading session at $21.48.
Volume traded for the day: 1.13 million shares.
Stock performance in the last three-month – up 1.75%; previous six-month period – up 14.19%; past twelve-month period – up 7.13%; and year-to-date – up 0.33%
After yesterday's close, DSW's market cap was at $1.75 billion.
Price to Earnings (P/E) ratio was at 22.40.
The stock has a dividend yield of 4.66%.
The stock is part of the Services sector, categorized under the Apparel Stores industry.
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