by Brian Lipton

DSWLeading branded footwear and accessories retailer DSW announced financial results for its fourth quarter, ending January 30, 2016, and for its fiscal year, which ended on the same date.

For the fourth quarter, sales increased 5.0% to $672 million; comparable sales increased 0.7%, and net income was $11.8 million, or $0.14 per diluted share. Meanwhile, for the fiscal year, sales increased 5.0% to $2.6 billion; comparable sales increased 0.8%; and net income was $136.0 million, or $1.54 per diluted share.

In addition the company achieved several milestones in 2014, including opening 40 new stores in the U.S., expanding its presence in Canada, and rolling out its of Buy Online Pick-Up In Store and Buy Online Ship to Store programs.

For the full year ending January 28, 2017, DSW expects revenue growth of 8% to 10%, with comparable sales growth in the 1% to 2% range, and also expects to open 34 stores and close two stores.

“During the fourth quarter, we acted quickly to drive sales and gain market share, in the face of a challenging retail environment,” said CEO Roger Rawlins. “While these actions negatively impacted operating margin in the near term, we believe they were the right steps to expand our customer base and exit the year with a clean inventory position. In 2016, we will move decisively to improve our execution, intensify our focus on delivering value to our customers and drive additional growth by entering new categories, markets and digital channels. We recognize there is much more we need to accomplish and we are committed to returning DSW to sustainable and profitable growth while delivering strong shareholder returns.”