DSW earned $34.3 millionin the second quarter ended Aug. 2, bolstered by improving sales and reduced expenses. The adjusted net income was $33.6 million, down from $44.6 million in the same period a year earlier was $44.6 million.
Revenues increased to $587.1 million from $562.1 million in the same quarter a year earlier. All major categories recorded improved sales performance as compared to the first quarter. The company said it also managed to eliminate inventory imbalances, although this created margin pressure. Operating expenses declined to $118.6 million from $129.5 million.
During the second quarter, the company repurchased around 2 million shares for $55 million under its $100 million authorized share buyback plan, with $43 million of its current authorization remaining.
For the fiscal year ending Jan. 31, 2015, the company has raised its guidance, assuming total revenue growth in the mid-single-digit range.
Meanwhile, DSW has announced the implementation of EBay Enterprise's In-Store Pickup Service, allowing its customers to pick up orders placed online at any of its 410 stores to avoid shipping charges as part of an omni-channel shopping stategy.