The American footwear retailer, which opened its 300th store in the U.S. in March, reported a 4.7 percent increase in sales to $348.2 million for the fourth quarter ended Jan. 31, even as comparable store sales fell by 7.2 percent. The same period ended with a net loss of $7.52 million against a profit of $1.08 million.

DSW’s gross profit margin for the quarter was 1.3 percentage points higher at 21.9 percent. For the full year, the gross profit margin rose as well, climbing by 0.4 percentage points to 26.3 percent.

For the full year, profits slid by 50 percent to $26.9 million on a 4 percent rise in revenues to $1,462.9 million. Comparable store sales slipped by 5.9 percent.

DSW is currently forecasting a mid-single-digit drop in comparable store sales for this fiscal year. The chain intends to open only 10 new stores this year, compared with the 41 opened last year. The annual budget for capital expenditures is being slashed by 57 percent to approximately $35 million.

The company has appointed Michael MacDonald, the former chairman and chief executive of Shopko Stores, to be its president and CEO starting next month. Jay Schottenstein, the chain’s former CEO, remains chairman.