DSW reports sales increase and job cuts
06/11/2008
Footwear retail chain DSW has reported an increase of 6.5% in net sales for the quarter ended November 1, 2008, with a total of $391.4 million compared to $367.4 million for the same period last year. However, same-store sales decreased by 4.1% for the comparable period.
Net sales for the year-to-date period ended November 1, 2008 increased by 3.9% to $1.11 billion compared with $1.07 billion for the same period in 2007, but with same-store sales again dropping, in this case by 5.5% .
The company has cut its workforce by 13%, including 16 vacant positions that will not now be filled. The move was part of a plan to decrease the cost structure in light of the general economic decline and expectations for continued lower consumer spending into 2009.
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