DSW to end Ebuys ecommerce division

Wednesday 14 March 2018 10:41 CET | News

DSW is planning to shutter Ebuys, the footwear and accessories ecommerce company acquired in February 2016 for USD 62.5 million upfront, plus additional payments.

After a review of the Ebuys business, DSW has chosen to liquidate all inventory and assets – a process that it expects to complete in 2018.

Meanwhile, the retailer earnings for the fiscal year 2017 and the recent fourth quarter saw favourable gains and beat Wall Street expectations.

For the most recent quarter, ended on Februrary 8, DSW reported earnings of 15 cents per diluted share. On an adjusted basis, EPS were 38 cents, outpacing analyst estimates for 27 cents a share.

For the fiscal year, EPS were USD 1.52 on an adjusted basis, marking DSW’s first increase since 2013. And revenues for the year increased 3.3% to a new high of USD 2.8 billion.

According to the company, it recorded an additional USD 10.1 million net tax expense resulting from the remeasurement of its net federal deferred tax assets. And for the upcoming fiscal year 2018, its effective tax rate will be 29%, compared with its historical rate of 39%.

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Keywords: DSW, Ebuys, ecommerce, US, UK, North America, Europe, payments
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce