DSW opens several new stores
The shoe retailer has been expanding its store base aggressively.
By Zacks Equity Research
DSW Inc. (DSW), a leading footwear and accessories retailer, has been expanding its store base aggressively over time. Recently, it announced two more store openings -- one in Modesto, Calif., and another at St. Petersburg, Fla.
Earlier this week, DSW announced five store openings -- one each in Maplewood, Minn.; Providence, R.I.; Gurnee, Ill.; Washington, D.C.; and another in Wisconsin Avenue Northwest.
The company is in sync with its strategic policy of opening about 26 stores in the fiscal third quarter of 2012 (ending October 2012) and one in the fiscal fourth quarter, bringing the total number to 39 in fiscal 2012. With the latest openings, the company will soon achieve its target.
DSW's store expansion strategy is expected to be accretive to its top-line growth, since it offers a wide range of designer shoes at discounted prices for both men and women. Its wedding shop collection provides exclusive assortments for bridal parties and occasions.
DSW, in its recently released fiscal-second-quarter results, revealed that it opened two larger-than-average downtown stores and relocated two. Ending the first six months of fiscal 2012, the company opened 12 stores and completed four store relocations.
The Columbus, Ohio, company operates 356 stores in 41 states and supplies footwear to 344 leased locations in the U.S. It also runs an e-commerce site, dsw.com, and a mobile website, m.dsw.com. The company's fiscal-third-quarter results are expected to be released on Nov. 19.
DSW, which competes with J.C. Penney (JCP), carries a Zacks No. 2 rank, implying a short-term "buy" rating for the next one to three months on the back of rising earnings momentum over the past four quarters.
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