Designer Brands Inc. — Director's Dealing 2012

May 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DSW Inc. (DSW)
CIK: 0001319947
Period of Report: 2012-04-30

Reporting Person: McDermott Carrie S. (EVP, Stores and Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Class A Common Shares	M	3200.0000	$25.4100	Acquired	8756.0000	Direct
2012-04-30	Class A Common Shares	M	110.0000	$13.6500	Acquired	8866.0000	Direct
2012-04-30	Class A Common Shares	S	3310.0000	$56.7600	Disposed	5556.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Stock Option - Right to Buy	$25.4100	M	3200.0000	Disposed	2020-03-23	Class A Common Shares (3200.0000)	Direct
2012-04-30	Stock Option - Right to Buy	$13.6500	M	110.0000	Disposed	2019-09-10	Class A Common Shares (110.0000)	Direct

Footnotes

F1: The sales in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ms. McDermott on November 23, 2011.

F2: Price represents a weighted average of the sale price. Shares were sold at prices ranging from $56.45 to $57.35. Upon the request by the SEC staff, the Issuer, or a security holder of the Issuer, the reporting person will provide the full information about the number of shares sold at each separate price.

F3: Previously reported stock option has been adjusted to reflect a special stock dividend declared by the Issuer and exempt pursuant to Rule 16a-9.

F4: Option vests 20% per year beginning on the first anniversary of the date of grant.