DSW 2014 Annual Report Download

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℠
FORM 10-K
DSW Inc. - DSW
Filed: March 26, 2015 (period: January 31, 2015)
Annual report with a comprehensive overview of the company
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user
assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be
limited or excluded by applicable law. Past financial performance is no guarantee of future results.

Table of contents

  • Page 1
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 2
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 3
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 4
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 5
    ... related to our information systems and data; failure to retain our key executives or attract qualified new personnel; our competitiveness with respect to style, price, brand availability and customer service; our reliance on our DSW Rewards program and marketing to drive traffic, sales and customer...

  • Page 6
    ... retail stores under the banner of Yellow Box footwear. DSW also has an equity investment in Town Shoes. Town Shoes is the market leader in branded footwear in Canada, with sales of $293 million CAD in its fiscal year ended January 2015. As of January 31, 2015, Town Shoes operated 182 locations...

  • Page 7
    ... for a sale event. In order to provide additional value to our customers, we maintain a loyalty program, DSW Rewards, which rewards customers for shopping, both in DSW stores and at dsw.com. DSW Rewards members earn reward certificates that offer discounts on future purchases. Reward certificates...

  • Page 8
    ... for new affiliated business partners. Through our investment in Town Shoes, we serve Canadian customers with great values on branded footwear and accessories within a variety of concepts, including DSW Designer Shoe Warehouse stores. 4 Source: DSW Inc., 10-K, March 26, 2015 Powered by...

  • Page 9
    .... Tdditional Information Affiliated Business Group As a division of DSW Inc., ABG partners with multi-category retailers and wholesalers to develop strategies and business models for targeted shoe assortments. ABG provides service to over 370 store locations and e-commerce channels through...

  • Page 10
    ... stores are a competitive advantage stimulating dsw.com sales and driving growth in DSW segment sales. Intellectual Property We have registered a number of trademarks, service marks and domain names in the United States and internationally, including DSW®, DSW Shoe Warehouse® and DSW Designer Shoe...

  • Page 11
    ... open and operate new DSW stores on a timely and profitable basis depends on many factors, including our ability to: identify suitable markets and sites for new store locations with financially stable co-tenants and landlords; negotiate favorable lease terms; build-out or refurbish sites on a timely...

  • Page 12
    ... our business and operations. For our DSW stores and affiliated businesses, the majority of our inventory is shipped directly from suppliers to our primary distribution center in Columbus, Ohio, where the inventory is then processed, sorted and shipped to one of our pool locations located throughout...

  • Page 13
    ... conditions and, in particular, the retail sales environment; changes in our merchandising strategy; timing and concentration of new DSW store openings and related new store and other start-up costs; expenses associated with new DSW stores, our omni-channel strategy and marketing expenses; changes...

  • Page 14
    ...customer loyalty program that we rely on to drive customer traffic, sales and loyalty. DSW Rewards members earn reward certificates that offer discounts on future purchases. In both fiscal 2014 and 2013, shoppers in the loyalty program generated approximately 90% of DSW sales. As of January 31, 2015...

  • Page 15
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 16
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 17
    ... years each. Our primary distribution facility, our corporate office headquarters and our dsw.com fulfillment center are located in Columbus, Ohio. ITEM 3. LEGTL PROCEEDINGS. Guarantee of Union Square lease. Filene's Basement was a party to a lease for space located in Union Square, New York. RVI...

  • Page 18
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 19
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 20
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 21
    ... Condition and Results of Operations" set forth in Item 7 of this Annual Report on Form 10-K. Fiscal 2014 2013 2012 2011 (1) 2010 (1) (dollars in thousands, except per share and net sales per average gross square foot) Statement of Operations Data (2): Net sales(3) Gross profit(4) Operating...

  • Page 22
    ... 12 above. Net sales for fiscal 2012 are based on a 53-week year. In fiscal 2013, we changed the measure to DSW segment net sales to better reflect the omni-channel nature 18 Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠The information contained herein may...

  • Page 23
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 24
    ... with DSW with a number of digital enhancements in 2014. We made free shipping easier online, added Paypal as a secure payment option and introduced a mobile app. We also made it easier to earn Rewards certificates through a new co-branded credit card that allows DSW Rewards members to earn points...

  • Page 25
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 26
    ... 2012 as well as our opening of 30 new DSW stores in fiscal 2013. The increase in total net sales for our Affiliated Business Group segment was primarily the result of comparable sales growth and the net addition of 12 new shoe departments and 9 Loehmann's locations in fiscal 2013. Gross Profit...

  • Page 27
    ... 2014 primarily as a result of asset impairments. Fiscal 2013 vs. Fiscal 2012- For the DSW segment, gross profit decreased 90 basis points primarily as a result of inventory adjustments related to our luxury test. Excluding the impact of the luxury test, gross profit as a percentage of net sales...

  • Page 28
    ... 2013 compared to fiscal 2012. Income from Town Shoes In fiscal 2014, income from Town Shoes includes interest on the shareholder note, income from Town Shoes' operations, and amortization of purchase price adjustments. Income Taxes Fiscal 2014 vs. Fiscal 2013- Our effective tax rate for fiscal 2014...

  • Page 29
    ... stores and $34.0 million related to information technology and business infrastructure. During fiscal 2013, we had net purchases of short-term and long-term investments of $148.9 million compared to net sales and maturities of short-term and long-term investments of $13.9 million during fiscal 2012...

  • Page 30
    ... new stores and remodeling stores, we have invested in technology projects to support DSW becoming an omni-channel retailer. To support business growth, we have invested in the reconfiguration of the Columbus distribution center and the expansion of the dsw.com fulfillment center. With the purchase...

  • Page 31
    ...Following the Merger with Retail Ventures in fiscal 2011, a subsidiary of DSW, Merger Sub, assumed RVI's obligations under lease guarantees for three Filene's Basement retail store locations for leases assumed by Syms in its purchase of Filene's Basement in fiscal 2009 (see Item 3. Legal Proceedings...

  • Page 32
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 33
    ...projections or our strategies change, the conclusion regarding impairment may differ from our current estimates. Customer Loyalty Program. We maintain a customer loyalty program for DSW in which program members earn reward certificates that result in discounts on future purchases. Upon reaching the...

  • Page 34
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 35
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 36
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 37
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 38
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 39
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 40
    ... PUBLIC TCCOUNTING FIRM To the Board of Directors and Shareholders of DSW Inc. Columbus, Ohio We have audited the accompanying consolidated balance sheets of DSW Inc. and subsidiaries (the "Company") as of January 31, 2015 and February 1, 2014, and the related consolidated statements of operations...

  • Page 41
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 42
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 43
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 44
    ... of taxes Excess tax benefits related to stock-based compensation Equity impact of Corporate Headquarters and Distribution Center Acquisition, net of income taxes $17,877 Exchange of Class B Common Shares for Class A Common Shares Dividends declared ($1.435 per share) Balance, February 2, 2013 64...

  • Page 45
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 46
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 47
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 48
    ... the Affiliated Business Group ("ABG") segment. DSW offers a wide assortment of brand name dress, casual and athletic footwear and accessories for women, men and kids. As of January 31, 2015, DSW operated a total of 431 stores located in 42 states, the District of Columbia and Puerto Rico, and dsw...

  • Page 49
    ... RVI financial information. References to Retail Ventures or RVI refer to the pre-merger entity. 3. INVESTMENT IN TOWN SHOES LIMITED On May 12, 2014, DSW Inc. completed its initial closing of its equity investment in Town Shoes Limited ("Town Shoes"), the largest branded footwear and accessories...

  • Page 50
    ... expenses related to buying, information technology, depreciation expense for corporate cost centers, marketing, legal, finance, outside professional services, customer service center expenses, payroll and benefits for associates and payroll taxes. Stock-Based Compensation- The Company recognizes...

  • Page 51
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 52
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 53
    ...-insurance reserves were $4.0 million and $3.0 million as of January 31, 2015 and February 1, 2014, respectively. Customer Loyalty Program- The Company maintains a customer loyalty program for DSW in which program members earn reward certificates that result in discounts on future purchases. Upon...

  • Page 54
    ... for the customer loyalty program, costs associated with rewards points and certificates are accrued as the points are earned by the cardholder and are recorded in cost of sales. Administrative costs related to the co-branded credit card program, including payroll, store expenses, marketing expenses...

  • Page 55
    ...normally settle in the form of cash in 30 to 60 days. Related party balances are disclosed on the consolidated balance sheets. Corporate Office Headquarters and Distribution Center Acquisition- In fiscal 2012, DSW Inc. acquired 810 AC LLC, an Ohio limited liability company from certain Schottenstein...

  • Page 56
    ... allows Town Shoes to use the DSW Designer Shoe Warehouse tradename for their new larger concept Canadian stores. Town Shoes pays DSW Inc. a royalty fee based on a percentage of net sales. The first two Canadian DSW stores opened in August 2014. F- 16 Source: DSW Inc., 10-K, March 26, 2015 Powered...

  • Page 57
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 58
    ...Annual volatility of DSW Common Shares Expected option term Dividend yield Other Data: Weighted average grant date fair value 2014 1.8% 44.5% 5.4 years 2.3% $11.82 2013 0.7% 53.4% 4.7 years 1.3% $12.85 2012 1.2% 56.2% 5.5 years 1.2% $12.59 As of January 31, 2015, the total compensation cost related...

  • Page 59
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 60
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 61
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 62
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 63
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 64
    ..., real estate taxes, maintenance, insurance and contingent rentals based on sales in excess of specified levels. Under supply agreements, the Company pays contingent rents based on sales for the shoe departments it operates through ABG. As of January 31, 2015 and February 1, 2014, the Company had no...

  • Page 65
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 66
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 67
    ...certain statutory requirements, the Company will recognize a reduction of the associated liability. Filene's Basement- Following the Merger, a subsidiary of DSW Inc., Merger Sub, assumed RVI's obligations under lease guarantees for three Filene's Basement retail store locations for leases assumed by...

  • Page 68
    ... equity investment in Town Shoes (see Note 3). The settlement of the pension plan in fiscal 2013 was recorded in Other. Affiliated Business Group DSW Other DSW Inc. (in thousands) As of and for the fiscal year ended January 31, 2015 Net sales Gross profit Capital expenditures Total assets As of...

  • Page 69
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 70
    ...31, 2015 February 1, 2014 (in thousands) Deferred tax assets: State net operating loss and tax credits Inventory Construction and tenant allowances Stock-based compensation Benefit from uncertain tax positions Guarantees Accrued expenses Accrued rewards Accrued rent Other Total deferred tax assets...

  • Page 71
    ... information for the periods presented: Thirteen weeks ended May 3, 2014 August 2, 2014 November 1, 2014 January 31, 2015 Net sales Cost of sales Operating expenses Operating profit Interest income, net Income from continuing operations before income taxes and income from Town Shoes Income tax...

  • Page 72
    ..., 2015, DSW Inc.'s Board of Directors increased the Company's quarterly cash dividend from $0.1875 per share to $0.20 per share. The dividend will be paid on March 31, 2015 to shareholders of record at the close of business on March 20, 2015. Union Square- See Note 16 for a subsequent event related...

  • Page 73
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 74
    ... DSW Shoe Warehouse, Inc., as assignee, re: Madison, TN DSW store. Incorporated by reference to Exhibit 10.55.1 to Retail Ventures' Form 10-K/A (file no. 110767) filed May 12, 2005. E-2 Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠The information contained...

  • Page 75
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 76
    ... 1, 2007 between 4300 Venture 34910 LLC, an affiliate of Schottenstein Stores Corporation and eTailDirect LLC re: new fulfillment center for the business of dsw.com. Incorporated by reference to Exhibit 10.5 to Form 8-K (file no. 1-32545) filed March 6, 2008. Employment Agreement, dated March 27...

  • Page 77
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 78
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 79
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 80
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 81
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 82
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 83
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 84
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 85
    ... INCENTIVE PLAN BENEFICIARY DESIGNATION FORM RELATING TO STOCK UNITS ISSUED TO ____ ON ____ Instructions for Completing This Form You may use this form to [1] name the person you want to receive any amount due under the DSW Inc. 2014 Long-Term Incentive Plan after your death or [2] change the person...

  • Page 86
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 87
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 88
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 89
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 90
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 91
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 92
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 93
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 94
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 95
    ... and records, information regarding sales, information regarding properties and any other Confidential Information regarding the business, operations, properties or personnel of the Group (or any Group Member) which are disclosed to or learned by the Executive as a result of employment with any...

  • Page 96
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 97
    ... Parties to be the sale of significant branded or discount and off-price shoes at department stores, specialty retail stores or online footwear retailers. Illustrations of businesses that compete with the Group's business include, but are not limited to, The TJX Companies, Inc. (T.J. Maxx; Marshall...

  • Page 98
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 99
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 100
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 101
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 102
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 103
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 104
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 105
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 106
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 107
    ... 1N Name DSW Inc. DSW Shoe Warehouse, Inc. Brand Card Services LLC DSW Information Technology LLC eTailDirect LLC Mint Studio LLC DSW MS LLC DSW Leased Business Division LLC aka Affiliated Business Group 810 AC LLC DSW PR LLC Retail Ventures Services, Inc. DSW Shoe Warehouse Lux S.a.r.l. DSW Canada...

  • Page 108
    ... this Annual Report on Form 10-K of DSW for the year ended January 31, 2015. /s/ DELOITTE & TOUCHE LLE Columbus, Ohio March 26, 2015 Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and...

  • Page 109
    ...Financial Officer) Executive Chairman of the Board and Director Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes...

  • Page 110
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 111
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 112
    ... with the Annual Report of DSW Inc. (the "Company") on Form 10-K for the fiscal year ended January 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael R. MacDonald, President and Chief Executive Officer of the Company, certify, pursuant...

  • Page 113
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...

  • Page 114
    ... distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee...