The
company
offers a wide
2012 Nike Free Run 2 Light Grey Red Mannen selection of brand name
2012 Nike Free Run 4.0 Blue Grey Men and designer dress,
Nike Free Run 3.0 Wol Skin Winter 2013 Blauw Wit Heren casual, and athletic footwear for women and men in a self service environment. In
2012 Nike Free Run 2 Black Men the interest
Nike Free Run 3.0 Flyknit Groen Blauw Mannen of background, DSW shares are down over 40% in 2007, due to slowing same store
sales (‘SSS’) and lower margins on more
Nike Free Run 3 clearance merchandise. On Friday October 26th, DSW shares declined nearly 10%
on lowered earnings guidance for 3Q07 and FY07 (annual EPS guidance was
Nike Free Run 4.0 Anti Fur Zwart Wit Heren lowered to at least 10% below 2006 levels,
2012 Nike Free Run 3.0 V3 Red Black Men implying earnings of
no more than $1.33 per
2012 Nike Free Run 2 Blauw Wit Heren share in 2007). Analysts
Nike Free Run 3.0 V5 Ext 2015 Zwart Wit Heren were expecting a
Nike Free Run 2014 Grijs Zwart Heren reduction in guidance but
2012 Nike Free Run 2 Moon Black Men the magnitude was surprising.

Given the correction, MADreturns believes the current price for DSW shares offers a good entry point
for longer
Nike Free Run 4 term value investors and
2012 Nike Free Run 3.0 V2 Grijs Zwart Heren sees upside assuming
2012 Nike Free Run 2 Green White Men strong new unit
Nike Free Run 4.0 V3 Zwart Groen Blauw Mannen growth
Nike Free Run 3 and a rebound in SSS in 2008.

Attractive
Nike Free Run 4.0 Fly Line Geel Grijs Mannen Growth Story We expect DSW to accelerate its new
2012 Nike Free Run 4.0 V2 Grey Green Men store openings in 2008 and beyond given its strong financial profile with no debt
Nike Free Run 3.0 V5 Ext 2015 Black Green Men and around $4 per
2012 Nike Free Run 2 Blauw Zwart Green Men share in cash. Management sees a potential for 400 stores
Nike Free Run 4.0 Anti Fur Gray Orange Men versus 230 currently,
which implies growth of 15%
to 20% in the next two years (assuming 30 to 40 stores per year) before trending down due to a larger existing base. We view the company’s
Nike Free Run 4.0 Anti Fur Sky Blue White Men expansions plans favorably especially considering the new
Nike Free Run OG 2014 Anti-bont Donker Blauw Geel Mannen store prototype, which is smaller (approximately 17,000 square feet versus 24,000 currently) and more efficient (trending
Nike Free Run 2014 Green Black Men at
2012 Nike Free Run 3.0 V3 Khaki Oranje Heren $230 annual sales per square foot versus $217 at the older, existing stores anecdotally,
Nike Free Run 4.0 Anti Fur Mannen Zwart Wit management’s goal is
Nike Free Run 3.0 Wol Skin Winter Zwart Wit Heren $300).

SSS are expected
2012 Nike Free Run 4.0 Black Red Grey Men to be flat
Nike Free Run 4.0 Anti Bont Fire Red Black Men to down 3% in 2007. We expect DSW’s SSS to improve in 2008 given the easy comparisons and hopefully a return to more normal weather. You are probably
telling yourself this is a terrible play given the economic and consumer spending
Nike Free Run 2012 Wool Skin Grey Green Men concerns. Well, MADreturns
Nike Free Run 2014 Zwart Wit Heren has somewhat of a contrarian view. We believe consumers will
Nike Free Run 4.0 Fly Line Blauw Zwart Mannen continue to delay big ticket purchases on homes, autos, motorcycles, large home remodels, and mid level items like sets of golf clubs, large furniture
Nike Free Run 3.0 V5 Ext 2015 Sky Blue White Men sets, etc., leaving more money to spend on smaller ticket items such as footwear in
Nike Free Run 4.0 Fly Line Men Wit Zwart
2008. Moreover, we expect DSW SSS to benefit from the company’s improved merchandising and new rewards program. DSW is focused
2012 Nike Free Run 2 Dark Grey Moon Men on keeping inventories lean and fresh with stronger performing categories. Aggressive inventory management should also help reduce the number of inventory clearance sales that
Nike Free Run 4.0 Anti Bont Mannen Gray Orange weigh on margins. The rewards program should
2012 Nike Free Run 3.0 V3 Grijs Zwart Rood Heren also help drive SSS. The program, which changed
in September
2012 Nike Free Run 3.0 V2 Grey Blue Men 2006, offers loyal customers more frequent coupons at a lower spending limit. Importantly,
2012 Nike Free Run 2 Light Grey Black Men loyal customers generate around 60% of DSW’s sales.

We
Nike Free Run 4.0 V3 Red Black Men are also excited about the company’s e commerce
2012 Nike Free Run 2 Blauw Grijs Wit Heren launch, which is expected some time
in 2008, as only multi channel retailers will thrive in the future retail landscape. Finally, there’s a
Nike Free Run 3.0 V5 Ext 2015 Grey Blue Men chance DSW remodels stores in 2008, which should boost sales per square foot at older, existing stores.

Upside
Nike Free Run 3.0 V5 Ext 2015 Dark Blue White Men DSW has traded at
Nike Free Run 4.0 V3 Dark Blue Lake Blue Men
an average forward 12 months earnings multiple of 24x since going public in
Nike Free Run 4.0 V3 Ademende Black Men 2005. Footwear retailers generally trade in the
Nike Free Run 3.0 V5 Ext 2015 Black Red Mannen 10x to 24x forward earnings range, depending on growth prospects. High growth specialty retailers trade around 20 25x forward earnings, while slower growth peers trade around 13 15x. Assuming earnings growth in the 20% 25% range and a multiple of 20 25x forward
EPS, DSW
stock is arguably
2012 Nike Free Run 3.0 V3 Black Grey Men worth
Nike Free Run 4.0 Anti Fur Dark Blue Men $32
Nike Free Run 3.0 V5 2014 Gy Green Men to $42 (the implied PEG ratio at this level is
1.0).

In summary, we see the potential for accelerating growth in 2008 related
to easy SSS comparisons and accelerated expansion plans combined with DSW’s new and more productive prototype stores, store remodels, e commerce
Nike Free Run OG 2014 Anti-bont Wit Geel Mannen launch, improved
merchandising, and better rewards program for loyal customers. We believe patient investors with a 12 month investment horizon should be buyers at the
current low $20 level.

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