DSW 2015 Annual Report Download - page 73
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Table of Contents
Thirteen weeks ended
May 3, 2014
August 2, 2014
November 1,
2014
January 31,
2015
(in thousands, except per share data)
Net sales $ 598,947
$ 587,096
$ 669,872
$ 640,177
Cost of sales (410,942)
(415,192)
(451,315)
(463,622)
Operating expenses (126,754)
(118,582)
(138,720)
(128,480)
Operating profit 61,251
53,322
79,837
48,075
Interest income, net 991
659
737
734
Income from continuing operations before income taxes and income from Town
Shoes 62,242
53,981
80,574
48,809
Income tax provision (23,603)
(20,860)
(32,069)
(19,860)
Income from Town Shoes —
849
1,049
1,915
Income from continuing operations 38,639
33,970
49,554
30,864
Income (loss) from discontinued operations, net of tax —
358
—
(86)
Net income $ 38,639
$ 34,328
$ 49,554
$ 30,778
Diluted earnings per share(1): $ 0.42
$ 0.38
$ 0.55
$ 0.34
(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.
- On March 15, 2016, DSW Inc.'s Board of Directors declared a quarterly cash dividend payment of $0.20 per share. The dividend will be paid on
April 15, 2016 to shareholders of record at the close of business on April 1, 2016.
On February, 15, 2016, DSW Shoe Warehouse, Inc., a wholly owned subsidiary of DSW Inc., entered into a Stock Purchase Agreement to acquire
Ebuys, Inc. (“Ebuys”), an online close-out footwear and accessories retailer for $62.5 million, less adjustments for working capital. Ebuys sells products to
customers located in North America, Europe, Australia and Asia. The transaction supports DSW Inc.'s efforts to grow its market share within footwear and
accessories domestically and internationally.
Ebuys may also receive future payments contingent on its performance. The provisional fair value of this contingent consideration is estimated to be $55
million, subject to final closing adjustments. DSW Inc. estimated the fair value of the contingent consideration using a risk-weighted discounted cash flow
model. At each future reporting date, DSW Inc. will remeasure the contingent consideration liabilities at fair value until the contingencies are resolved in
2020. Ebuys will be a wholly owned subsidiary of DSW Shoe Warehouse, Inc. and will maintain its team and facilities. The transaction closed on March 4,
2016. The allocation of the purchase price was not complete as of the time that financial statements were ready for issuance.
F- 34
Source: DSW Inc., 10-K, March 24, 2016 Powered by Morningstar® Document Research℠
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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.