Columbus, Ohio -- DSW Inc. experienced drops in both net income and same-store sales for the first quarter of fiscal 2013. Net income declined about 13%, dropping to $34.5 million from $39.9 million in the year-ago period, amid hefty one-time charges. Its results, however, beat analyst expectations.
For the quarter ended May 4, same-store sales declined 2.4%. In one bright spot, sales rose almost 8% to $601.4 million, from $558.6 million.
DSW cited unpredictable swings in weather during the quarter. President and CEO Mike McDonald credited merchandise and supply chain teams with adjustments to merchandise receipts and product flow.
“We were pleased with the strong sales rebound in the final four weeks of the quarter that allowed us to minimize our comparable sales decline and exit the quarter with well positioned inventories,” said MacDonald.