DSW 2010 Annual Report Download - page 31

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information technology infrastructure. As of January 29, 2011, our cash and short-term investments balance was
$335.2 million. We had $50.0 million in long-term investments and had no long-term debt.
As of January 29, 2011, we operated 311 DSW stores, dsw.com and leased departments in 263 Stein Mart
stores, 68 Gordmans stores, 20 Filene’s Basement stores and one Frugal Fannie’s store. We manage our operations
in three operating segments, defined as DSW stores, dsw.com and leased departments. DSW stores and dsw.com are
aggregated and presented as one reportable segment, the DSW segment.
The following table represents selected components of our historical consolidated results of operations,
expressed as percentages of net sales:
January 29,
2011
January 30,
2010
January 31,
2009
For the Fiscal Years Ended
Net sales ....................................... 100.0% 100.0% 100.0%
Cost of sales .................................... (69.0) (70.8) (74.1)
Gross profit ..................................... 31.0 29.2 25.9
Operating expenses................................ (21.5) (23.4) (23.0)
Operating profit . . ................................ 9.5 5.8 2.9
Interest income, net ............................. 0.1 0.1 0.2
Non-operating income (expense), net................... 0.1 (0.2) (0.1)
Earnings before income taxes ........................ 9.7 5.7 3.0
Income tax provision .............................. (3.8) (2.3) (1.2)
Net income ..................................... 5.9% 3.4% 1.8%
Fiscal Year Ended January 29, 2011 (Fiscal 2010) Compared to Fiscal Year Ended January 30, 2010
(Fiscal 2009)
Net Sales. Sales for fiscal 2010 increased by 13.7% from fiscal 2009. The following table summarizes the
increase in our net sales:
For the Fiscal Year Ended
January 29, 2011
(In millions)
Net sales for the fiscal year ended January 30, 2010 .................. $1,602.6
Increase in comparable store sales . . . ............................. 206.6
Net increase from non-comparable and closed store sales ............... 13.2
Net sales for the fiscal year ended January 29, 2011 .................. $1,822.4
The following table summarizes our sales by segment and in total:
January 29,
2011
January 30,
2010
For the Fiscal Years Ended
(In millions)
DSW.................................................... $1,680.9 $1,455.0
Leased departments ......................................... 141.5 147.6
Total DSW Inc. ........................................... $1,822.4 $1,602.6
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