DSW Finance Chief Douglas Probst to Retire
DSW (NYSE:DSW) lowered the high-end of its full-year guidance range on Tuesday and reported flat same-store sales, however its shares ticked higher as the footwear retailer reiterated its optimism and announced the retirement of long-time finance chief Douglas Probst.
Having guided DSW through its initial public offering and merger with Retail Ventures in 2011, Probst will retire on May 1 after nine years with the company to pursue new entrepreneurial and philanthropic endeavors.
“Doug’s contributions to DSW’s success were significant and he will be missed,” DSW chief executive, Mike MacDonald, said in a statement. “During that period, the company doubled its sales and grew its net income by almost five times.”
Investors sent shares of DSW up 2% to $38.65 in recent trade.
The Columbus, Ohio-based company narrowed its adjusted fiscal 2013 earnings outlook with non-GAAP EPS in the range of $1.85 to $1.87 a share, compared with an earlier guidance of $1.80 to $1.90 a share. Analysts on average are calling for earnings of $1.87.
The outlook change comes after DSW reported flat same-store sales in January compared with an increase of 3.6% in the year-earlier period.
The shoe retailer nevertheless maintained its optimism and MacDonald said the company was satisfied with its financial performance despite the “weak retail environment.”