DSW Inc. (NYSE:DSW) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
On August22, 2017, the Company issued a press release regarding its consolidated financial results for the second quarter ended July29, 2017. A copy of the press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated by reference herein.
to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.
Item 8.01 Other Events.
The press release also announced that the Company's Board of Directors declared a dividend of $0.20 per share, to be paid on September 29, 2017 to shareholders of record at the close of business on September 19, 2017.
The Company’s press release further announced that the Company’s Board of Directors authorized an additional $500 million for future repurchases of DSW Class A Common Shares under its share repurchase program (the “Repurchase Program”). As of August 22, 2017, the Company had approximately $33 million remaining under its Repurchase Program. The Company has no obligation to repurchase any amount of its common shares under the Repurchase Program. Share repurchases under the Repurchase Program may be effected from time to time through open market purchases, trading plans established in accordance with the Securities and Exchange Commission’s rules or other means, and in amounts considered appropriate by the Company based on price and market conditions. The Repurchase Program has no expiration date.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits.
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ExhibitNumber |
Description |
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99.1 |
Press Release dated August 22, 2017 |
DSW Inc. ExhibitEX-99.1 2 q22017earningsrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1DSW Inc. Reports Second Quarter 2017 Financial Results •Second quarter sales increased 3.3% to $680.4 million; comparable sales increased 0.6% •First six months sales increased 2.3% to $1.4 billion; comparable sales decreased 1.3% •Including $0.03 per diluted share related to the Ebuys acquisition,…To view the full exhibit click here
About DSW Inc. (NYSE:DSW)
DSW Inc. is a footwear retailer. The Company offers assortment of shoes, handbags and accessories for women, men and children. The Company operates through two segments: the DSW segment and the Affiliated Business Group (ABG) segment. The DSW segment includes DSW stores and dsw.com. The Company, through its ABG segment, partners with approximately three other retailers to help build and optimize their footwear businesses. The Company operates over 470 DSW stores, dsw.com and shoe departments in approximately 280 Stein Mart stores and Steinmart.com, over 100 Gordmans stores and Gordmans.com, and approximately one Frugal Fannie’s store. Its DSW stores average approximately 21,000 square feet and carry over 21,500 pairs of shoes. In addition, it offers DSW Rewards program, through which members earn points towards certificates every time they purchase.