DSW 2014 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2014 DSW annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

Table of Contents
in fiscal 2015, and believe we have the potential to operate 500 to 550 stores in the United States, which excludes small format stores.
As of January 31, 2015, we operated 431 DSW stores, dsw.com and shoe departments in 269 Stein Mart stores and Steinmart.com, 97 Gordmans stores, one
Frugal Fannie’s store and four Yellow Box stores. DSW Inc. has two reportable segments: the DSW segment, which includes the DSW stores and dsw.com, and
the Affiliated Business Group segment.

The following table represents selected components of our consolidated results of operations, expressed as percentages of net sales:
Fiscal
2014
2013
2012
Net sales
100.0 %
100.0 %
100.0 %
Cost of sales
(69.8)
(68.8)
(67.9)
Gross profit
30.2
31.2
32.1
Operating expenses
(20.5)
(21.0)
(21.3)
Change in fair value of derivative instruments
—
—
(0.3)
Operating profit
9.7
10.2
10.5
Interest income, net
0.1
0.1
0.2
Income from continuing operations before income taxes and income from
Town Shoes
9.8
10.3
10.7
Income tax provision
(3.8)
(3.9)
(4.2)
Income from Town Shoes
0.1
—
—
Income from continuing operations, net of tax
6.1
6.4
6.5
Total income from discontinued operations, net of tax
0.0
—
0.1
Net income
6.1 %
6.4 %
6.6 %
 

Net Sales- Net sales for fiscal 2014increased by 5.4% from fiscal 2013 and net sales for fiscal 2013 increased by 4.9% from fiscal 2012. The following table
summarizes the increase in our net sales:
Fiscal
2014
2013
2012
(in millions)
Net sales for the beginning of the fiscal year $ 2,368.7
$ 2,257.8
$ 2,024.3
Increase in comparable sales 40.0
4.0
105.9
(Decrease) increase from fiscal 2013 luxury test sales (18.4)
18.4
—
Net increase from non-comparable and closed store sales 105.8
88.5
127.6
Net sales for the end of the fiscal year $ 2,496.1
$ 2,368.7
$ 2,257.8
The following table summarizes our net sales by reportable segment and in total:
21
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 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.