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Tuesday, March 13, 2018

DSW (DSW) reported earnings on Tue 13 March 18 (b/o)

  • March 12:  4/20  $22.25  .35/.45 (hi vol);   March 13:  .45/.60
** charts after earnings **


DSW beats by $0.11, misses on revs; guides FY19 EPS in-line, revs in-line; Q4 comps +1.3%
  • Reports Q4 (Jan) earnings of $0.38 per share, excluding non-recurring items, $0.11 better thanthe Capital IQ Consensus of $0.27; revenues rose 6.7% year/year to $720 mln vs the $728.46 mln Capital IQ Consensus. Q4 comparable sales increased 1.3% compared to last year's 7.0% decrease.
  • Co issuesguidance for FY19, sees EPS of $1.52-1.67, excluding non-recurring items, vs. $1.64 Capital IQ Consensus Estimate; sees FY19 revs of +2-4% (excluding exit from non-core business) to ~ vs. $2.85 bln Capital IQ Consensus Estimate. This assumes comparable sales increase in the low single digit range and the opening of 3 to 6 net new locations for the DSW Segment.
  • Based on its initial analysis of the U.S. Tax Reform, the Company estimates an effective tax rate of approximately 29% for fiscal year 2018 compared to its historical rate of 39%, with the benefit from the reduction in federal tax rate partly offset by other provisions in the new law. The Company's effective tax rate will be subject to changes in its interpretation and application of the new tax legislation, future guidance and regulatory updates from governing bodies go forward. 

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