DSW 2010 Annual Report Download - page 68

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in its consolidated statement of income. As of January 29, 2011 and January 30, 2010, $0.3 million and $1.9 million,
respectively, was accrued for the payment of interest and penalties.
The Company is no longer subject to U.S federal income tax examination for years prior to 2008. In general,
the Company is no longer subject to state tax examination for fiscal years prior to 2007. The Company estimates the
range of possible changes that may result from any current and future tax examinations to be insignificant at this
time.
13. QUARTERLY FINANCIAL DATA (UNAUDITED)
May 1,
2010
July 31,
2010
October 30,
2010
January 29,
2011
Thirteen Weeks Ended
(In thousands, except per share data)
Net sales ............................. $449,537 $ 415,120 $ 489,269 $ 468,450
Cost of sales .......................... (302,172) (289,402) (330,049) (335,072)
Operating expenses .................. (98,220) (87,623) (104,148) (102,107)
Operating profit ........................ 49,145 38,095 55,072 31,271
Interest expense ........................ (252) (236) (211) (337)
Interest income ........................ 1,037 373 1,256 566
Interest income, net.................. 785 137 1,045 229
Non-operating income ................... 1,500
Earnings before income taxes .............. 49,930 38,232 57,617 31,500
Income tax provision .................... (19,746) (14,778) (22,104) (13,027)
Net income ........................ $ 30,184 $ 23,454 35,513 $ 18,473
Earnings per share:(1)
Basic .............................. $ 0.69 $ 0.53 $ 0.81 $ 0.42
Diluted............................. $ 0.67 $ 0.52 $ 0.79 $ 0.41
May 2,
2009
August 1,
2009
October 31,
2009
January 30,
2010
Thirteen Weeks Ended
(In thousands, except per share data)
Net sales ............................. $385,846 $ 369,490 $ 444,621 $ 402,648
Cost of sales .......................... (280,865) (271,702) (297,462) (285,084)
Operating expenses ..................... (92,878) (86,427) (102,438) (92,294)
Operating profit .................... 12,103 11,361 44,721 25,270
Interest expense ........................ (183) (188) (176) (867)
Interest income ........................ 437 766 621 393
Interest income (expense), net .......... 254 578 445 (474)
Non-operating (expense) income, net ........ (395) 528 (754) (1,746)
Earnings before income taxes .............. 11,962 12,467 44,412 23,050
Income tax provision .................... (4,817) (4,900) (17,781) (9,652)
Net income ........................ $ 7,145 $ 7,567 $ 26,631 $ 13,398
Earnings per share:(1)
Basic .............................. $ 0.16 $ 0.17 $ 0.60 $ 0.30
Diluted............................. $ 0.16 $ 0.17 $ 0.60 $ 0.30
(1) The earnings per share calculations for each quarter are based upon the applicable weighted average shares
outstanding for each period and may not necessarily be equal to the full year share amount.
F-22
DSW INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)