DSW 2011 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 of the 2011 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 120

  • 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
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

Table of Contents
estates.
Noncontrolling interests.
For fiscal 2011 and fiscal 2010, net income was impacted by $20.7 million and $40.7 million
, respectively, to reflect that
portion of the income attributable to DSW minority shareholders prior to the Merger. As of the effective time of the Merger, there were no
noncontrolling interests.
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:
The following table summarizes our sales by reportable segment and in total:
The following table summarizes our comparable sales change by reportable segment and in total:
Beginning in fiscal 2010, dsw.com is included in the change in comparable sales. The increase in comparable sales was primarily a result of an
increase in transactions driven by more customers visiting our stores and dsw.com, and a higher percentage of those customers making a purchase. For
the DSW segment, all merchandise categories had positive comparable sales. DSW segment comparable sales increased in women's footwear by 15%,
men's by 13%, athletic by 10% and accessories by 19%.
Gross Profit. Gross profit is defined as net sales less cost of sales. Gross profit increased as a percentage of net sales to 31.0% in fiscal 2010
from
29.2% in fiscal 2009 . By reportable segment and in total, gross profit as a percentage of net sales was:
DSW segment merchandise margin, defined as gross profit excluding occupancy and warehousing expenses, a non-
GAAP measure, was 44.7% as a
percentage of net sales for both fiscal 2010 and 2009. Sales volume exceeded our expectations during the spring
22
Fiscal year ended January 29,
2011
(in millions)
Net sales for the fiscal year ended January 30, 2010
$
1,602.6
Increase in comparable 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
Fiscal years ended
January 29, 2011
January 30, 2010
(in millions)
DSW segment
$
1,680.9
$
1,455.0
Leased business division segment
141.5
147.6
Total DSW Inc.
$
1,822.4
$
1,602.6
Fiscal year ended
January 29, 2011
DSW segment
14.0
%
Leased business division segment
4.6
%
Total DSW Inc.
13.2
%
Fiscal years ended
January 29, 2011
January 30, 2010
DSW segment
31.9
%
30.2
%
Leased business division segment
21.4
%
19.1
%
Total DSW Inc.
31.0
%
29.2
%