Designer Brands (DBI) 8-K DSW Inc. Reports 2009 Fourth Quarter and Year-end Financial Results; Provides 2010 Annual Outlook

Exhibit 99.1

For Release at 7:00 AM Eastern on March 16, 2010

DSW INC. REPORTS 2009 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS;
PROVIDES 2010 ANNUAL OUTLOOK

COLUMBUS, Ohio, March 16, 2010 /PRNewswire/ — DSW Inc. (NYSE: DSW), a leading branded footwear specialty retailer, announced net income of $13.4 million on net sales of $402.6 million for the fourth quarter ended January 30, 2010, compared with a net loss of $7.5 million on net sales of $348.2 million for the fourth quarter ended January 31, 2009. Same store sales increased 12.9% versus a decrease of 7.2% last year.

Diluted earnings per share were $0.30 for the fourth quarter of fiscal 2009 compared with a diluted loss per share of $0.17 for the same period last year.

Annual Results

Net income was $54.7 million on net sales of $1.60 billion for the year ended January 30, 2010, compared with net income of $26.9 million on net sales of $1.46 billion for the year ended January 31, 2009. Same store sales increased 3.2% versus a decrease of 5.9% last year.

Diluted earnings per share were $1.23 for the year ended January 30, 2010 compared with diluted earnings per share of $0.61 for the same period last year.

Fiscal 2010 Annual Outlook

The Company estimates 2010 annual comparable stores sales in the low-single digit range and 2010 annual diluted earnings per share of approximately $1.35 to $1.45. The Company plans to open approximately 10 stores during the year.

The Company will discuss its 2010 annual outlook on its webcasted conference call to be held today.

Webcast and Conference Call

To hear the Company’s live earnings conference call, log on towww.dswinc.com today at 8:00 AM Eastern, or call 1-800-265-0241 and reference passcode 82131851. To hear a replay of the earnings call, which will be available approximately two hours after the conference call ends, dial 1-888-286-8010, followed by passcode 41297339. An audio replay of the conference call, as well as additional financial information, will also be available atwww.dswinc.com.

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About DSW Inc.

DSW Inc. is a leading branded footwear specialty retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear for women and men. As of March 16, 2010, DSW operated 306 stores in 39 states and operated an e-commerce site, www.dsw.com. DSW also supplied footwear to 354 leased locations in the United States. For store locations and additional information about DSW, visitwww.dswinc.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements in this release that are not historical facts, including the statements made in our “Outlook,” are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These factors include, but are not limited to: our success in opening and operating new stores on a timely and profitable basis; continuation of supply agreements and the financial condition of our leased business partners; maintaining good relationships with our vendors; our ability to anticipate and respond to fashion trends; fluctuation of our comparable store sales and quarterly financial performance; disruption of our distribution operations; failure to retain our key executives or attract qualified new personnel; our competitiveness with respect to style, price, brand availability and customer service; declining general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; risks related to our cash and investments; the success of dsw.com; RVI’s lease of an office facility; our ability to secure a replacement credit facility upon the expiration of our existing credit facility; and liquidity risks at Retail Ventures and their impact on DSW. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company’s latest annual or quarterly report, as filed with the SEC. All forward-looking statements speak only as of the time when made. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.

Source: DSW Inc.
CONTACT: Investor Relations for DSW Inc., 1-614-872-1474

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DSW INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	January 30,		January 31,
	2010		2009
ASSETS
Cash and equivalents	$	125,020	$	54,782
Short-term investments, net		164,265		101,404
Accounts receivable, net		5,529		7,187
Inventories		262,284		244,008
Prepaid expenses and other current assets		20,762		24,790
Deferred income taxes		29,130		21,876
Total current assets		606,990		454,047
Property and equipment, net		206,424		233,366
Goodwill		25,899		25,899
Deferred income taxes and other assets		11,443		7,885
Total assets	$	850,756	$	721,197
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	$	120,559	$	95,211
Accrued expenses		104,160		63,115
Total current liabilities		224,719		158,326
Non-current liabilities		101,156		97,287
Total shareholders’ equity		524,881		465,584
Total liabilities and shareholders’ equity	$	850,756	$	721,197

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DSW INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)

(Unaudited)

	Thirteen weeks ended						Fifty-two weeks ended
	January 30, 2010			January 31, 2009			January 30, 2010			January 31, 2009
Net sales	$	402,648		$	348,150		$	1,602,605		$	1,462,944
Cost of sales		(285,084	)		(276,267	)		(1,135,113	)		(1,083,845	)
Gross profit		117,564			71,883			467,492			379,099
Operating expenses		(92,294	)		(83,672	)		(374,037	)		(336,286	)
Operating profit (loss)		25,270			(11,789	)		93,455			42,813
Interest (expense) income, net		(474	)		777			803			2,606
Non-operating expense, net		(1,746	)		(1,134	)		(2,367	)		(1,134	)
Earnings (loss) before income taxes		23,050			(12,146	)		91,891			44,285
Income tax (provision) benefit		(9,652	)		4,625			(37,150	)		(17,383	)
Net income (loss)	$	13,398		$	(7,521	)	$	54,741		$	26,902
Basic and diluted earnings (loss) per share:
Basic	$	0.30		$	(0.17	)	$	1.24		$	0.61
Diluted	$	0.30		$	(0.17	)	$	1.23		$	0.61
Shares used in per share calculations:
Basic		44,136			44,016			44,093			43,998
Diluted		44,871			44,016			44,517			44,218

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