For the third quarter ended Nov. 1, another American shoe retailer, DSW, had a 6.5 percent increase in net sales to $391.4 million, but its net income dropped by 41.3 percent to $13.2 million. Its gross profit margin for the period fell by 1.1 percentage point to 27.9 percent. Comparable store sales decreased by 4.1 percent for the quarter.
In the first nine months of the fiscal year, sales were $1.11 billion, 3.7 percent higher than last year. Net income fell by 34.7 percent to $34.4 million. For the nine months, comparable store sales went down by 5.5 percent.
DSW reiterated its guidance for the full fiscal year, expecting same-store sales to drop by the low single digits. The company plans to have opened 41 stores in this fiscal year, which ends Jan. 31.