Designer Brands Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Designer Brands Inc. (NYSE: DBI) reported its Q4 and fiscal year 2024 results, marking a return to positive comparable sales growth in Q4 for the first time in nine quarters. The company experienced a 5.4% decrease in Q4 net sales to $713.6 million, while achieving a slight 0.5% increase in comparable sales.
For the full year 2024, DBI saw a 2.1% decrease in net sales to $3.0 billion, with comparable sales declining 1.7%. The company reported a net loss of $10.5 million, or $0.20 per diluted share, though adjusted net income was $15.0 million ($0.27 EPS).
Notable financial metrics include: gross margin improvement to 39.6% in Q4, cash and equivalents of $44.8 million, and debt totaling $491.0 million. The company returned value to shareholders through share repurchases of 10.3 million shares at $68.6 million and maintained a quarterly dividend of $0.05 per share.
Designer Brands Inc. (NYSE: DBI) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, segnando un ritorno alla crescita positiva delle vendite comparabili nel Q4 per la prima volta in nove trimestri. L'azienda ha registrato un decremento del 5,4% nelle vendite nette del Q4 a $713,6 milioni, mentre ha ottenuto un leggero incremento dello 0,5% nelle vendite comparabili.
Per l'intero anno 2024, DBI ha visto un decremento del 2,1% nelle vendite nette a $3,0 miliardi, con le vendite comparabili in calo dell'1,7%. L'azienda ha riportato una perdita netta di $10,5 milioni, ovvero $0,20 per azione diluita, sebbene l'utile netto rettificato fosse di $15,0 milioni ($0,27 EPS).
I principali indicatori finanziari includono: miglioramento del margine lordo al 39,6% nel Q4, disponibilità liquide e equivalenti di $44,8 milioni e debito totale di $491,0 milioni. L'azienda ha restituito valore agli azionisti attraverso riacquisti di 10,3 milioni di azioni per un totale di $68,6 milioni e ha mantenuto un dividendo trimestrale di $0,05 per azione.
Designer Brands Inc. (NYSE: DBI) informó sus resultados del cuarto trimestre y del año fiscal 2024, marcando un regreso al crecimiento positivo de ventas comparables en el Q4 por primera vez en nueve trimestres. La compañía experimentó una disminución del 5.4% en las ventas netas del Q4 a $713.6 millones, mientras que logró un leve aumento del 0.5% en las ventas comparables.
Para el año completo 2024, DBI vio una disminución del 2.1% en las ventas netas a $3.0 mil millones, con ventas comparables en declive del 1.7%. La empresa reportó una pérdida neta de $10.5 millones, o $0.20 por acción diluida, aunque el ingreso neto ajustado fue de $15.0 millones ($0.27 EPS).
Los métricas financieras notables incluyen: mejora del margen bruto al 39.6% en el Q4, efectivo y equivalentes de $44.8 millones, y una deuda total de $491.0 millones. La empresa devolvió valor a los accionistas a través de recompras de 10.3 millones de acciones por un total de $68.6 millones y mantuvo un dividendo trimestral de $0.05 por acción.
디자이너 브랜드 주식회사 (NYSE: DBI)는 2024년 4분기 및 회계연도 결과를 보고하며, 9분기 만에 처음으로 4분기 동안 긍정적인 비교 매출 성장으로 돌아섰습니다. 이 회사는 4분기 순매출이 5.4% 감소하여 7억 1360만 달러에 달했으며, 비교 매출은 0.5% 증가했습니다.
2024년 전체 연도 동안, DBI는 순매출이 2.1% 감소하여 30억 달러에 이르렀고, 비교 매출은 1.7% 감소했습니다. 이 회사는 1050만 달러의 순손실을 보고했으며, 희석주당 0.20달러의 손실을 기록했지만, 조정된 순이익은 1500만 달러(주당 0.27달러 EPS)였습니다.
주요 재무 지표로는 4분기 총 매출 총 이익률이 39.6%로 개선되었고, 현금 및 현금성 자산이 4480만 달러, 총 부채가 4억 9100만 달러에 달했습니다. 이 회사는 1030만 주의 자사주 매입을 통해 주주에게 가치를 반환했으며, 주당 0.05달러의 분기 배당금을 유지했습니다.
Designer Brands Inc. (NYSE: DBI) a publié ses résultats du quatrième trimestre et de l'année fiscale 2024, marquant un retour à la croissance positive des ventes comparables au Q4 pour la première fois en neuf trimestres. L'entreprise a connu une diminution de 5,4 % des ventes nettes au Q4 à 713,6 millions de dollars, tout en réalisant une légère augmentation de 0,5 % des ventes comparables.
Pour l'année entière 2024, DBI a enregistré une diminution de 2,1 % des ventes nettes à 3,0 milliards de dollars, avec des ventes comparables en baisse de 1,7 %. L'entreprise a déclaré une perte nette de 10,5 millions de dollars, soit 0,20 dollar par action diluée, bien que le bénéfice net ajusté ait été de 15,0 millions de dollars (0,27 $ EPS).
Les indicateurs financiers notables incluent : amélioration de la marge brute à 39,6 % au Q4, liquidités et équivalents de 44,8 millions de dollars, et une dette totale de 491,0 millions de dollars. L'entreprise a restitué de la valeur aux actionnaires grâce à des rachats de 10,3 millions d'actions pour un montant de 68,6 millions de dollars et a maintenu un dividende trimestriel de 0,05 dollar par action.
Designer Brands Inc. (NYSE: DBI) hat seine Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht und damit zum ersten Mal seit neun Quartalen ein positives vergleichbares Umsatzwachstum im Q4 erzielt. Das Unternehmen verzeichnete einen Rückgang der Nettoumsätze im Q4 um 5,4% auf 713,6 Millionen Dollar, während die vergleichbaren Umsätze leicht um 0,5% zunahmen.
Für das gesamte Jahr 2024 verzeichnete DBI einen Rückgang der Nettoumsätze um 2,1% auf 3,0 Milliarden Dollar, während die vergleichbaren Umsätze um 1,7% zurückgingen. Das Unternehmen meldete einen Nettoverlust von 10,5 Millionen Dollar, oder 0,20 Dollar pro verwässerter Aktie, während der bereinigte Nettogewinn 15,0 Millionen Dollar betrug (0,27 Dollar EPS).
Bemerkenswerte Finanzkennzahlen umfassen: Verbesserung der Bruttomarge auf 39,6% im Q4, liquide Mittel und Äquivalente von 44,8 Millionen Dollar und eine Gesamtschuld von 491,0 Millionen Dollar. Das Unternehmen gab den Aktionären durch Rückkäufe von 10,3 Millionen Aktien im Wert von 68,6 Millionen Dollar einen Wert zurück und hielt eine vierteljährliche Dividende von 0,05 Dollar pro Aktie aufrecht.
- First positive comparable sales growth (0.5%) in nine quarters
- Q4 gross margin improved to 39.6% from 38.8% year-over-year
- Returned $68.6 million to shareholders through share repurchases
- Maintained quarterly dividend of $0.05 per share
- Q4 net sales declined 5.4% to $713.6 million
- Full-year net sales decreased 2.1% to $3.0 billion
- Reported full-year net loss of $10.5 million
- Debt increased to $491.0 million from $427.1 million year-over-year
- Operating cash flow declined to $82.2 million from $162.4 million
Insights
Designer Brands' Q4 results reveal a mixed financial picture with some encouraging signs amid ongoing challenges. The 0.5% increase in comparable sales breaks a nine-quarter negative streak, suggesting the company's strategic initiatives may be gaining traction. However, this modest comp growth couldn't prevent overall net sales from declining 5.4% to
The full-year performance shows similar contrasts - while total sales fell
Balance sheet metrics reveal potential pressure points. Debt increased
Management's commentary acknowledges consumer headwinds from inflation and reduced discretionary income but projects confidence in their transformation strategy focused on customer-centric and data-driven approaches. The continuation of shareholder returns through dividends and share repurchases (10.3 million shares at
Designer Brands' strategic reset shows early promise with Q4 comparable sales turning positive after nine consecutive negative quarters. This inflection point suggests their leadership refresh and merchandise revitalization initiatives are resonating with consumers, albeit modestly.
The company's footwear portfolio diversification strategy appears to be stabilizing, with brands like Topo Athletic, Keds, and Vince Camuto providing some resilience in a challenging retail environment. Their omnichannel approach spanning 650+ physical stores and digital commerce represents a substantial footprint in the specialty footwear space.
The strategic store closures (6 locations in Q4) reflect prudent network optimization rather than distress signals. However, the inventory increase to
Most telling is the Q4 gross margin improvement to
The company's explicit acknowledgment of consumer pressure signals realistic strategic planning rather than wishful thinking. Their focus on being "customer-first and product obsessed" with a "data-driven approach" aligns with successful retail transformation playbooks but will require flawless execution to overcome broader discretionary spending headwinds affecting the footwear category.
Delivers full year 2024 EPS at high end of guidance range
Fiscal 2025 guidance reflects expectations for profitable growth
"Positive comparable sales in the fourth quarter reflect a return to growth for the first time in nine quarters, highlighting the success of our strategic initiatives throughout the year," stated Doug Howe, Chief Executive Officer. "This year's achievements are a direct result of our decisive actions and commitment to refresh and strengthen our leadership, revitalize and modernize our assortment, refine our marketing strategies, right size our brand portfolio, and elevate our customers' omnichannel experience."
Howe continued, "Looking ahead to 2025, we are confident that our ongoing business transformation will drive continued stability and growth, with expectations to significantly increase EPS compared to our 2024 adjusted results. We anticipate our reinvigorated efforts to be customer-first and product obsessed will help us better understand our customers and strengthen our product offerings through a data-driven approach. Although we do see pressure on the consumer in the short term as a result of ongoing inflation, rising prices and less discretionary income, we believe these initiatives will drive improved financial performance through 2025 and continue to position us well for long-term, sustainable growth."
Fourth Quarter Operating Results (Unless otherwise stated, all comparisons are to the fourth quarter of 2023)
- Net sales decreased
5.4% to$713.6 million - Total comparable sales increased by
0.5% . - Gross profit decreased to
$282.6 million $292.6 million 39.6% compared to38.8% last year. - Reported net loss attributable to Designer Brands Inc. was
$38.2 million $0.80 - Adjusted net loss was
$21.3 million $0.44
Full Year Operating Results (Unless otherwise stated, all comparisons are to full year 2023)
- Net sales decreased
2.1% to$3.0 billion - Total comparable sales decreased by
1.7% . - Gross profit decreased to
$1.29 billion $1.32 billion 42.7% compared to43.1% last year. - Reported net loss attributable to Designer Brands Inc. was
$10.5 million $0.20 - Adjusted net income was
$15.0 million $0.27
Liquidity
- Cash and cash equivalents totaled
$44.8 million $49.2 million $127.3 million $491.0 million $427.1 million - Net cash provided by operating activities was
$82.2 million $162.4 million - Inventories totaled
$599.8 million $571.3 million
Return to Shareholders
- During 2024, the Company repurchased an aggregate 10.3 million Class A common shares at an aggregate cost of
$68.6 million $19.7 million - A dividend of
$0.05
Store Count
(square footage in thousands) | February 1, 2025 | February 3, 2024 | |||||
Number of | Square | Number of | Square | ||||
494 | 9,740 | 499 | 9,958 | ||||
Canada Retail segment: | |||||||
The Shoe Co. stores | 121 | 623 | 118 | 618 | |||
Rubino stores | 28 | 149 | — | — | |||
DSW stores | 26 | 512 | 25 | 496 | |||
175 | 1,284 | 143 | 1,114 | ||||
Total number of stores | 669 | 11,024 | 642 | 11,072 | |||
During the fourth quarter of 2024, the Company closed two stores in
2025 Financial Outlook
The Company has announced the following guidance for the full year 2025:
Metric | 2025 Guidance | |
Designer Brands Net Sales Growth | Low-single digits | |
Diluted EPS |
Webcast and Conference Call
The Company is hosting a conference call today at 8:30 am Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-888-317-6003, or the international dial in, 1-412-317-6061, and reference conference ID number 3141611 approximately ten minutes prior to the start of the conference call. The conference call will also be broadcast live over the internet and can be accessed through the following link, as well as through the Company's investor website at investors.designerbrands.com:
https://app.webinar.net/AOd2N6dpl4r
For those unable to listen to the live webcast, an archived version will be available at the same location until April 3, 2025. A replay of the teleconference will be available by dialing the following numbers:
International: 1-412-317-0088
Passcode: 5154029
Important information may be disseminated initially or exclusively via the Company's investor website; investors should consult the site to access this information.
About Designer Brands
Designer Brands is one of the world's largest designers, producers, and retailers of the most recognizable footwear brands and accessories, transforming and defining the footwear industry through a mission of being shoe obsessed. With a diversified, world-class portfolio of coveted brands, including Topo Athletic, Keds, Vince Camuto, Kelly & Katie, Jessica Simpson, Lucky Brand, Mix No. 6, Crown Vintage and others, Designer Brands designs and produces on-trend footwear and accessories for all of life's occasions delivered to the consumer through a robust direct-to-consumer omni-channel infrastructure and powerful national wholesale distribution. Powered by a billion-dollar digital commerce business across multiple domains and over 650 DSW Designer Shoe Warehouse, The Shoe Co., and Rubino stores in
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements in this press release may constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "could," "believes," "expects," "potential," "continues," "may," "will," "should," "would," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words. These statements are based on the Company's current views and expectations and involve known and unknown risks, uncertainties, and other factors, many of which are outside of the Company's control, 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: uncertain general economic and financial conditions, including economic volatility and potential downturn or recession, supply chain disruptions, new or increased tariffs and other barriers to trade, fluctuating interest rates, unemployment rates, and inflationary pressures, and the related impacts to consumer discretionary spending, as well as our ability to plan for and respond to the impact of these conditions; our ability to anticipate and respond to rapidly changing consumer preferences, seasonality, customer expectations, and fashion trends; the impact on our consumer traffic and demand, our business operations, and the operations of our suppliers, as we experience unseasonable weather, climate change evolves, and the frequency and severity of weather events increases; our ability to execute on our business strategies, including growing our Brand Portfolio segment, enhancing in-store and digital shopping experiences, and meeting consumer demands; our ability to successfully and efficiently integrate our recent acquisitions in a manner that does not impede growth; our ability to maintain strong relationships with our suppliers, vendors, licensors, and retailer customers; risks related to losses or disruptions associated with our distribution systems, including our distribution centers and stores, whether as a result of reliance on third-party providers or otherwise; risks related to cyber security threats and privacy or data security breaches or the potential loss or disruption of our information technology ("IT") systems, or those of our vendors; risks related to the implementation of new or updated IT systems; our ability to protect our reputation and to maintain the brands we license; our reliance on our reward programs and marketing to drive traffic, sales, and customer loyalty; our ability to successfully integrate new hires or changes in leadership and retain our existing management team, and to continue to attract qualified new personnel; risks related to restrictions imposed by our senior secured asset-based revolving credit facility, as amended, and our senior secured term loan credit agreement, as amended, that could limit our ability to fund our operations; our competitiveness with respect to style, price, brand availability, shopping platforms, and customer service; risks related to our international operations and our reliance on foreign sources for merchandise; our ability to comply with laws and regulations, as well as other legal obligations; risks associated with climate change and other corporate responsibility issues; and uncertainties related to future legislation, regulatory reform, policy changes, or interpretive guidance on existing legislation. Risks and other factors that could cause our actual results to differ materially from our forward-looking statements are described in the Company's latest Annual Report on Form 10-K or our other reports made or filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the time when made. Except as may be required by applicable law, the Company undertakes no obligation to update or revise the forward-looking statements included in this press release to reflect any future events or circumstances.
DESIGNER BRANDS INC. SEGMENT RESULTS (unaudited)
| |||||||||||
Net Sales | |||||||||||
Three months ended | |||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||
Amount | % of | Amount | % of | Amount | % | ||||||
Segment net sales: | |||||||||||
$ 587,545 | 79.0 % | $ 630,811 | 81.6 % | $ (43,266) | (6.9) % | ||||||
Canada Retail | 69,210 | 9.3 % | 64,398 | 8.3 % | 4,812 | 7.5 % | |||||
Brand Portfolio | 87,266 | 11.7 % | 77,719 | 10.1 % | 9,547 | 12.3 % | |||||
Total segment net sales | 744,021 | 100.0 % | 772,928 | 100.0 % | (28,907) | (3.7) % | |||||
Elimination of intersegment net sales | (30,449) | (18,580) | (11,869) | 63.9 % | |||||||
Consolidated net sales | $ 713,572 | $ 754,348 | $ (40,776) | (5.4) % | |||||||
Twelve months ended | |||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||
Amount | % of | Amount | % of | Amount | % | ||||||
Segment net sales: | |||||||||||
$ 2,466,101 | 78.3 % | $ 2,533,849 | 80.5 % | $ (67,748) | (2.7) % | ||||||
Canada Retail | 283,023 | 9.0 % | 264,229 | 8.4 % | 18,794 | 7.1 % | |||||
Brand Portfolio | 398,881 | 12.7 % | 348,976 | 11.1 % | 49,905 | 14.3 % | |||||
Total segment net sales | 3,148,005 | 100.0 % | 3,147,054 | 100.0 % | 951 | — % | |||||
Elimination of intersegment net sales | (138,743) | (72,078) | (66,665) | 92.5 % | |||||||
Consolidated net sales | $ 3,009,262 | $ 3,074,976 | $ (65,714) | (2.1) % | |||||||
Comparable Sales | |||||||
Three months ended | Twelve months ended | ||||||
February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | ||||
Change in comparable sales: | |||||||
0.7 % | (7.4) % | (1.4) % | (9.5) % | ||||
Canada Retail segment | 4.7 % | (9.2) % | (2.2) % | (5.9) % | |||
Brand Portfolio segment - direct-to-consumer channel | (17.1) % | 5.9 % | (9.5) % | 6.0 % | |||
Total | 0.5 % | (7.3) % | (1.7) % | (9.0) % | |||
Gross Profit | |||||||||||||
Three months ended | |||||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||||
Amount | % of | Amount | % of | Amount | % | Basis | |||||||
Segment gross profit: | |||||||||||||
$ 238,490 | 40.6 % | $ 248,014 | 39.3 % | $ (9,524) | (3.8) % | 130 | |||||||
Canada Retail | 27,388 | 39.6 % | 25,842 | 40.1 % | 1,546 | 6.0 % | (50) | ||||||
Brand Portfolio | 18,389 | 21.1 % | 17,508 | 22.5 % | 881 | 5.0 % | (140) | ||||||
Total segment gross profit | 284,267 | 38.2 % | 291,364 | 37.7 % | (7,097) | (2.4) % | 50 | ||||||
Net recognition (elimination) of intersegment gross profit | (1,684) | 1,227 | (2,911) | ||||||||||
Consolidated gross profit | $ 282,583 | 39.6 % | $ 292,591 | 38.8 % | $ (10,008) | (3.4) % | 80 | ||||||
Twelve months ended | |||||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||||
Amount | % of | Amount | % of | Amount | % | Basis | |||||||
Segment gross profit: | |||||||||||||
43.0 % | 43.8 % | $ (48,804) | (4.4) % | (80) | |||||||||
Canada Retail | 126,030 | 44.5 % | 119,167 | 45.1 % | 6,863 | 5.8 % | (60) | ||||||
Brand Portfolio | 109,814 | 27.5 % | 92,545 | 26.5 % | 17,269 | 18.7 % | 100 | ||||||
Total segment gross profit | 1,296,042 | 41.2 % | 1,320,714 | 42.0 % | (24,672) | (1.9) % | (80) | ||||||
Net recognition (elimination) of intersegment gross profit | (10,084) | 3,281 | (13,365) | ||||||||||
Consolidated gross profit | 42.7 % | 43.1 % | $ (38,037) | (2.9) % | (40) | ||||||||
Intersegment Recognition and Elimination Activity | |||
Three months ended | |||
(in thousands) | February 1, 2025 | February 3, 2024 | |
Intersegment recognition and elimination activity: | |||
Elimination of net sales recognized by Brand Portfolio segment | $ (30,449) | $ (18,580) | |
Cost of sales: | |||
Elimination of cost of sales recognized by Brand Portfolio segment | 19,048 | 13,079 | |
Recognition of intersegment gross profit for inventory previously purchased that | 9,717 | 6,728 | |
$ (1,684) | $ 1,227 | ||
Twelve months ended | |||
(in thousands) | February 1, 2025 | February 3, 2024 | |
Intersegment recognition and elimination activity: | |||
Elimination of net sales recognized by Brand Portfolio segment | $ (138,743) | $ (72,078) | |
Cost of sales: | |||
Elimination of cost of sales recognized by Brand Portfolio segment | 95,138 | 51,213 | |
Recognition of intersegment gross profit for inventory previously purchased that | 33,521 | 24,146 | |
$ (10,084) | $ 3,281 | ||
Operating Profit (Loss) | |||||||||||||
Three months ended | |||||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||||
Amount | % of | Amount | % of | Amount | % | Basis | |||||||
Segment operating profit (loss): | |||||||||||||
$ 23,230 | 4.0 % | $ 23,771 | 3.8 % | $ (541) | (2.3) % | 20 | |||||||
Canada Retail | 1,233 | 1.8 % | 2,071 | 3.2 % | (838) | (40.5) % | (140) | ||||||
Brand Portfolio | (4,425) | (5.1) % | (13,635) | (17.5) % | 9,210 | (67.5) % | 1,240 | ||||||
Total segment operating profit | 20,038 | 2.7 % | 12,207 | 1.6 % | 7,831 | 64.2 % | 110 | ||||||
Corporate/Eliminations | (45,892) | (48,224) | 2,332 | (4.8) % | |||||||||
Consolidated operating loss | $ (25,854) | (3.6) % | $ (36,017) | (4.8) % | $ 10,163 | (28.2) % | 120 | ||||||
Twelve months ended | |||||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | Change | ||||||||||
Amount | % of | Amount | % of | Amount | % | Basis | |||||||
Segment operating profit (loss): | |||||||||||||
$ 225,511 | 9.1 % | $ 261,675 | 10.3 % | $ (36,164) | (13.8) % | (120) | |||||||
Canada Retail | 23,931 | 8.5 % | 24,632 | 9.3 % | (701) | (2.8) % | (80) | ||||||
Brand Portfolio | 3,225 | 0.8 % | (26,723) | (7.7) % | 29,948 | NM | NM | ||||||
Total segment operating profit | 252,667 | 8.0 % | 259,584 | 8.2 % | (6,917) | (2.7) % | (20) | ||||||
Corporate/Eliminations | (217,734) | (187,183) | (30,551) | 16.3 % | |||||||||
Consolidated operating profit | $ 34,933 | 1.2 % | $ 72,401 | 2.4 % | $ (37,468) | (51.8) % | (120) | ||||||
Impact of Reclassification |
Beginning with the fourth quarter of 2024, we changed our financial statement presentation related to expenses associated with distribution and fulfillment and store occupancy for the |
Three months ended | |||||||||||
(dollars in thousands) | May 4, 2024 | April 29, 2023 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 746,596 | 100.0 % | $ — | $ 746,596 | 100.0 % | $ 742,082 | 100.0 % | $ — | $ 742,082 | 100.0 % | |
Cost of sales | (501,527) | (67.2) | 84,942 | (416,585) | (55.8) | (504,343) | (68.0) | 86,169 | (418,174) | (56.4) | |
Gross profit | $ 245,069 | 32.8 % | $ 84,942 | $ 330,011 | 44.2 % | $ 237,739 | 32.0 % | $ 86,169 | $ 323,908 | 43.6 % | |
Operating expenses | $ (238,551) | (32.0) % | $ (84,942) | $ (323,493) | (43.3) % | $ (220,119) | (29.6) % | $ (86,169) | $ (306,288) | (41.3) % | |
Net sales | $ 621,367 | 100.0 % | $ — | $ 621,367 | 100.0 % | $ 612,886 | 100.0 % | $ — | $ 612,886 | 100.0 % | |
Cost of sales | (422,912) | (68.1) | 75,953 | (346,959) | (55.8) | (416,072) | (67.9) | 77,998 | (338,074) | (55.2) | |
Gross profit | $ 198,455 | 31.9 % | $ 75,953 | $ 274,408 | 44.2 % | $ 196,814 | 32.1 % | $ 77,998 | $ 274,812 | 44.8 % | |
Operating expenses | $ (183,938) | (29.6) % | $ (75,953) | $ (259,891) | (41.8) % | $ (173,834) | (28.4) % | $ (77,998) | $ (251,832) | (41.1) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 55,512 | 100.0 % | $ — | $ 55,512 | 100.0 % | $ 53,955 | 100.0 % | $ — | $ 53,955 | 100.0 % | |
Cost of sales | (38,127) | (68.7) | 8,989 | (29,138) | (52.5) | (36,781) | (68.2) | 8,171 | (28,610) | (53.0) | |
Gross profit | $ 17,385 | 31.3 % | $ 8,989 | $ 26,374 | 47.5 % | $ 17,174 | 31.8 % | $ 8,171 | $ 25,345 | 47.0 % | |
Operating expenses | $ (16,226) | (29.2) % | $ (8,989) | $ (25,215) | (45.4) % | $ (15,118) | (28.0) % | $ (8,171) | $ (23,289) | (43.2) % | |
Three months ended | |||||||||||
(dollars in thousands) | August 3, 2024 | July 29, 2023 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 771,900 | 100.0 % | $ — | $ 771,900 | 100.0 % | $ 792,217 | 100.0 % | $ — | $ 792,217 | 100.0 % | |
Cost of sales | (518,986) | (67.2) | 86,635 | (432,351) | (56.0) | (518,830) | (65.5) | 88,376 | (430,454) | (54.3) | |
Gross profit | $ 252,914 | 32.8 % | $ 86,635 | $ 339,549 | 44.0 % | $ 273,387 | 34.5 % | $ 88,376 | $ 361,763 | 45.7 % | |
Operating expenses | $ (226,896) | (29.4) % | $ (86,635) | $ (313,531) | (40.6) % | $ (214,530) | (27.1) % | $ (88,376) | $ (302,906) | (38.2) % | |
Net sales | $ 641,694 | 100.0 % | $ — | $ 641,694 | 100.0 % | $ 658,542 | 100.0 % | $ — | $ 658,542 | 100.0 % | |
Cost of sales | (435,633) | (67.9) | 76,855 | (358,778) | (55.9) | (432,774) | (65.7) | 79,541 | (353,233) | (53.6) | |
Gross profit | $ 206,061 | 32.1 % | $ 76,855 | $ 282,916 | 44.1 % | $ 225,768 | 34.3 % | $ 79,541 | $ 305,309 | 46.4 % | |
Operating expenses | $ (173,021) | (27.0) % | $ (76,855) | $ (249,876) | (38.9) % | $ (165,440) | (25.1) % | $ (79,541) | $ (244,981) | (37.2) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 74,797 | 100.0 % | $ — | $ 74,797 | 100.0 % | $ 70,266 | 100.0 % | $ — | $ 70,266 | 100.0 % | |
Cost of sales | (49,490) | (66.2) | 9,780 | (39,710) | (53.1) | (46,455) | (66.1) | 8,835 | (37,620) | (53.5) | |
Gross profit | $ 25,307 | 33.8 % | $ 9,780 | $ 35,087 | 46.9 % | $ 23,811 | 33.9 % | $ 8,835 | $ 32,646 | 46.5 % | |
Operating expenses | $ (18,246) | (24.4) % | $ (9,780) | $ (28,026) | (37.5) % | $ (15,901) | (22.6) % | $ (8,835) | $ (24,736) | (35.2) % | |
Six months ended | |||||||||||
(dollars in thousands) | August 3, 2024 | July 29, 2023 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 1,518,496 | 100.0 % | $ — | $ 1,518,496 | 100.0 % | $ 1,534,299 | 100.0 % | $ — | $ 1,534,299 | 100.0 % | |
Cost of sales | (1,020,513) | (67.2) | 171,577 | (848,936) | (55.9) | (1,023,173) | (66.7) | 174,545 | (848,628) | (55.3) | |
Gross profit | $ 497,983 | 32.8 % | $ 171,577 | $ 669,560 | 44.1 % | $ 511,126 | 33.3 % | $ 174,545 | $ 685,671 | 44.7 % | |
Operating expenses | $ (465,447) | (30.7) % | $ (171,577) | $ (637,024) | (42.0) % | $ (434,649) | (28.3) % | $ (174,545) | $ (609,194) | (39.7) % | |
Net sales | $ 1,263,061 | 100.0 % | $ — | $ 1,263,061 | 100.0 % | $ 1,271,428 | 100.0 % | $ — | $ 1,271,428 | 100.0 % | |
Cost of sales | (858,545) | (68.0) | 152,808 | (705,737) | (55.9) | (848,846) | (66.8) | 157,539 | (691,307) | (54.4) | |
Gross profit | $ 404,516 | 32.0 % | $ 152,808 | $ 557,324 | 44.1 % | $ 422,582 | 33.2 % | $ 157,539 | $ 580,121 | 45.6 % | |
Operating expenses | $ (356,959) | (28.3) % | $ (152,808) | $ (509,767) | (40.4) % | $ (339,274) | (26.7) % | $ (157,539) | $ (496,813) | (39.1) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 130,309 | 100.0 % | $ — | $ 130,309 | 100.0 % | $ 124,221 | 100.0 % | $ — | $ 124,221 | 100.0 % | |
Cost of sales | (87,617) | (67.2) | 18,769 | (68,848) | (52.8) | (83,236) | (67.0) | 17,006 | (66,230) | (53.3) | |
Gross profit | $ 42,692 | 32.8 % | $ 18,769 | $ 61,461 | 47.2 % | $ 40,985 | 33.0 % | $ 17,006 | $ 57,991 | 46.7 % | |
Operating expenses | $ (34,472) | (26.5) % | $ (18,769) | $ (53,241) | (40.9) % | $ (31,019) | (25.0) % | $ (17,006) | $ (48,025) | (38.7) % | |
Three months ended | |||||||||||
(dollars in thousands) | November 2, 2024 | October 28, 2023 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 777,194 | 100.0 % | $ — | $ 777,194 | 100.0 % | $ 786,329 | 100.0 % | $ — | $ 786,329 | 100.0 % | |
Cost of sales | (529,749) | (68.2) | 86,370 | (443,379) | (57.0) | (529,923) | (67.4) | 89,327 | (440,596) | (56.0) | |
Gross profit | $ 247,445 | 31.8 % | $ 86,370 | $ 333,815 | 43.0 % | $ 256,406 | 32.6 % | $ 89,327 | $ 345,733 | 44.0 % | |
Operating expenses | $ (210,457) | (27.1) % | $ (86,370) | $ (296,827) | (38.2) % | $ (230,788) | (29.4) % | $ (89,327) | $ (320,115) | (40.7) % | |
Net sales | $ 615,495 | 100.0 % | $ — | $ 615,495 | 100.0 % | $ 631,610 | 100.0 % | $ — | $ 631,610 | 100.0 % | |
Cost of sales | (427,705) | (69.5) | 76,594 | (351,111) | (57.0) | (431,342) | (68.3) | 80,599 | (350,743) | (55.5) | |
Gross profit | $ 187,790 | 30.5 % | $ 76,594 | $ 264,384 | 43.0 % | $ 200,268 | 31.7 % | $ 80,599 | $ 280,867 | 44.5 % | |
Operating expenses | $ (162,853) | (26.5) % | $ (76,594) | $ (239,447) | (38.9) % | $ (178,842) | (28.3) % | $ (80,599) | $ (259,441) | (41.1) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 83,504 | 100.0 % | $ — | $ 83,504 | 100.0 % | $ 75,610 | 100.0 % | $ — | $ 75,610 | 100.0 % | |
Cost of sales | (56,099) | (67.2) | 9,776 | (46,323) | (55.5) | (49,004) | (64.8) | 8,728 | (40,276) | (53.3) | |
Gross profit | $ 27,405 | 32.8 % | $ 9,776 | $ 37,181 | 44.5 % | $ 26,606 | 35.2 % | $ 8,728 | $ 35,334 | 46.7 % | |
Operating expenses | $ (18,621) | (22.3) % | $ (9,776) | $ (28,397) | (34.0) % | $ (16,912) | (22.4) % | $ (8,728) | $ (25,640) | (33.9) % | |
Nine months ended | |||||||||||
(dollars in thousands) | November 2, 2024 | October 28, 2023 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount after | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 2,295,690 | 100.0 % | $ — | $ 2,295,690 | 100.0 % | $ 2,320,628 | 100.0 % | $ — | $ 2,320,628 | 100.0 % | |
Cost of sales | (1,550,262) | (67.5) | 257,947 | (1,292,315) | (56.3) | (1,553,096) | (66.9) | 263,872 | (1,289,224) | (55.6) | |
Gross profit | $ 745,428 | 32.5 % | $ 257,947 | $ 1,003,375 | 43.7 % | $ 767,532 | 33.1 % | $ 263,872 | $ 1,031,404 | 44.4 % | |
Operating expenses | $ (675,904) | (29.5) % | $ (257,947) | $ (933,851) | (40.7) % | $ (665,437) | (28.7) % | $ (263,872) | $ (929,309) | (40.0) % | |
Net sales | $ 1,878,556 | 100.0 % | $ — | $ 1,878,556 | 100.0 % | $ 1,903,038 | 100.0 % | $ — | $ 1,903,038 | 100.0 % | |
Cost of sales | (1,286,250) | (68.5) | 229,402 | (1,056,848) | (56.3) | (1,280,188) | (67.3) | 238,138 | (1,042,050) | (54.8) | |
Gross profit | $ 592,306 | 31.5 % | $ 229,402 | $ 821,708 | 43.7 % | $ 622,850 | 32.7 % | $ 238,138 | $ 860,988 | 45.2 % | |
Operating expenses | $ (519,812) | (27.7) % | $ (229,402) | $ (749,214) | (39.9) % | $ (518,116) | (27.2) % | $ (238,138) | $ (756,254) | (39.7) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 213,813 | 100.0 % | $ — | $ 213,813 | 100.0 % | $ 199,831 | 100.0 % | $ — | $ 199,831 | 100.0 % | |
Cost of sales | (143,716) | (67.2) | 28,545 | (115,171) | (53.9) | (132,240) | (66.2) | 25,734 | (106,506) | (53.3) | |
Gross profit | $ 70,097 | 32.8 % | $ 28,545 | $ 98,642 | 46.1 % | $ 67,591 | 33.8 % | $ 25,734 | $ 93,325 | 46.7 % | |
Operating expenses | $ (53,093) | (24.8) % | $ (28,545) | $ (81,638) | (38.2) % | $ (47,931) | (24.0) % | $ (25,734) | $ (73,665) | (36.9) % | |
Three months ended | |||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net sales | ||
Consolidated: | |||||||||||
Net sales | $ 713,572 | 100.0 % | $ — | $ 713,572 | 100.0 % | $ 754,348 | 100.0 % | $ — | $ 754,348 | 100.0 % | |
Cost of sales | (517,483) | (72.5) | 86,494 | (430,989) | (60.4) | (546,994) | (72.5) | 85,237 | (461,757) | (61.2) | |
Gross profit | $ 196,089 | 27.5 % | $ 86,494 | $ 282,583 | 39.6 % | $ 207,354 | 27.5 % | $ 85,237 | $ 292,591 | 38.8 % | |
Operating expenses | $ (225,489) | (31.6) % | $ (86,494) | $ (311,983) | (43.7) % | $ (241,604) | (32.0) % | $ (85,237) | $ (326,841) | (43.3) % | |
Net sales | $ 587,545 | 100.0 % | $ — | $ 587,545 | 100.0 % | $ 630,811 | 100.0 % | $ — | $ 630,811 | 100.0 % | |
Cost of sales | (426,014) | (72.5) | 76,959 | (349,055) | (59.4) | (459,395) | (72.8) | 76,598 | (382,797) | (60.7) | |
Gross profit | $ 161,531 | 27.5 % | $ 76,959 | $ 238,490 | 40.6 % | $ 171,416 | 27.2 % | $ 76,598 | $ 248,014 | 39.3 % | |
Operating expenses | $ (178,290) | (30.3) % | $ (76,959) | $ (255,249) | (43.4) % | $ (189,584) | (30.1) % | $ (76,598) | $ (266,182) | (42.2) % | |
Canada Retail segment: | |||||||||||
Net sales | $ 69,210 | 100.0 % | $ — | $ 69,210 | 100.0 % | $ 64,398 | 100.0 % | $ — | $ 64,398 | 100.0 % | |
Cost of sales | (51,357) | (74.2) | 9,535 | (41,822) | (60.4) | (47,195) | (73.3) | 8,639 | (38,556) | (59.9) | |
Gross profit | $ 17,853 | 25.8 % | $ 9,535 | $ 27,388 | 39.6 % | $ 17,203 | 26.7 % | $ 8,639 | $ 25,842 | 40.1 % | |
Operating expenses | $ (18,242) | (26.4) % | $ (9,535) | $ (27,777) | (40.1) % | $ (16,947) | (26.3) % | $ (8,639) | $ (25,586) | (39.7) % | |
Twelve months ended | |||||||||||
(dollars in thousands) | February 1, 2025 | February 3, 2024 | |||||||||
Amount | % of net | Reclass | Amount | % of net | Amount | % of net | Reclass | Amount | % of net | ||
Consolidated: | |||||||||||
Net sales | $ 3,009,262 | 100.0 % | $ — | $ 3,009,262 | 100.0 % | $ 3,074,976 | 100.0 % | $ — | $ 3,074,976 | 100.0 % | |
Cost of sales | (2,067,745) | (68.7) | 344,441 | (1,723,304) | (57.3) | (2,100,090) | (68.3) | 349,109 | (1,750,981) | (56.9) | |
Gross profit | $ 941,517 | 31.3 % | $ 344,441 | $ 1,285,958 | 42.7 % | $ 974,886 | 31.7 % | $ 349,109 | $ 1,323,995 | 43.1 % | |
Operating expenses | $ (901,393) | (30.0) % | $ (344,441) | (41.4) % | $ (907,041) | (29.4) % | $ (349,109) | (40.8) % | |||
Net sales | $ 2,466,101 | 100.0 % | $ — | $ 2,466,101 | 100.0 % | $ 2,533,849 | 100.0 % | $ — | $ 2,533,849 | 100.0 % | |
Cost of sales | (1,712,264) | (69.4) | 306,361 | (1,405,903) | (57.0) | (1,739,583) | (68.7) | 314,736 | (1,424,847) | (56.2) | |
Gross profit | $ 753,837 | 30.6 % | $ 306,361 | $ 1,060,198 | 43.0 % | $ 794,266 | 31.3 % | $ 314,736 | $ 1,109,002 | 43.8 % | |
Operating expenses | $ (698,102) | (28.3) % | $ (306,361) | (40.7) % | $ (707,700) | (27.9) % | $ (314,736) | (40.4) % | |||
Canada Retail segment: | |||||||||||
Net sales | $ 283,023 | 100.0 % | $ — | $ 283,023 | 100.0 % | $ 264,229 | 100.0 % | $ — | $ 264,229 | 100.0 % | |
Cost of sales | (195,073) | (68.9) | 38,080 | (156,993) | (55.5) | (179,435) | (67.9) | 34,373 | (145,062) | (54.9) | |
Gross profit | $ 87,950 | 31.1 % | $ 38,080 | $ 126,030 | 44.5 % | $ 84,794 | 32.1 % | $ 34,373 | $ 119,167 | 45.1 % | |
Operating expenses | $ (71,335) | (25.2) % | $ (38,080) | $ (109,415) | (38.7) % | $ (64,878) | (24.6) % | $ (34,373) | $ (99,251) | (37.6) % | |
DESIGNER BRANDS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share amounts) | |||||||
Three months ended | Twelve months ended | ||||||
February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | ||||
Net sales | $ 713,572 | $ 754,348 | $ 3,009,262 | $ 3,074,976 | |||
Cost of sales | (430,989) | (461,757) | (1,723,304) | (1,750,981) | |||
Gross profit | 282,583 | 292,591 | 1,285,958 | 1,323,995 | |||
Operating expenses | (311,983) | (326,841) | (1,245,834) | (1,256,150) | |||
Income from equity investments | 4,126 | 2,418 | 13,145 | 9,390 | |||
Impairment charges | (580) | (4,185) | (18,336) | (4,834) | |||
Operating profit (loss) | (25,854) | (36,017) | 34,933 | 72,401 | |||
Interest expense, net | (11,130) | (9,875) | (45,291) | (32,171) | |||
Non-operating income (expenses), net | 140 | (116) | (372) | (33) | |||
Income (loss) before income taxes | (36,844) | (46,008) | (10,730) | 40,197 | |||
Income tax benefit (provision) | (1,312) | 16,391 | 755 | (10,981) | |||
Net income (loss) | (38,156) | (29,617) | (9,975) | 29,216 | |||
Net income attributable to redeemable noncontrolling interest | (12) | (81) | (574) | (154) | |||
Net income (loss) attributable to Designer Brands Inc. | $ (38,168) | $ (29,698) | $ (10,549) | $ 29,062 | |||
Diluted earnings (loss) per share attributable to Designer Brands Inc. | $ (0.80) | $ (0.52) | $ (0.20) | $ 0.46 | |||
Weighted average diluted shares | 47,919 | 56,939 | 53,657 | 63,375 | |||
DESIGNER BRANDS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) | |||
February 1, 2025 | February 3, 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 44,752 | $ 49,173 | |
Receivables, net | 50,371 | 83,590 | |
Inventories | 599,751 | 571,331 | |
Prepaid expenses and other current assets | 39,950 | 73,338 | |
Total current assets | 734,824 | 777,432 | |
Property and equipment, net | 208,199 | 219,939 | |
Operating lease assets | 701,621 | 721,335 | |
Goodwill | 130,386 | 123,759 | |
Intangible assets, net | 84,639 | 82,827 | |
Deferred tax assets | 43,324 | 39,067 | |
Equity investments | 56,761 | 62,857 | |
Other assets | 49,470 | 49,016 | |
Total assets | $ 2,009,224 | $ 2,076,232 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND | |||
Current liabilities: | |||
Accounts payable | $ 271,524 | $ 289,368 | |
Accrued expenses | 152,153 | 159,622 | |
Current maturities of long-term debt | 6,750 | 6,750 | |
Current operating lease liabilities | 159,924 | 166,531 | |
Total current liabilities | 590,351 | 622,271 | |
Long-term debt | 484,285 | 420,344 | |
Non-current operating lease liabilities | 635,076 | 646,161 | |
Other non-current liabilities | 17,737 | 24,948 | |
Total liabilities | 1,727,449 | 1,713,724 | |
Redeemable noncontrolling interest | 3,284 | 3,288 | |
Total shareholders' equity | 278,491 | 359,220 | |
Total liabilities, redeemable noncontrolling interest, and shareholders' equity | $ 2,009,224 | $ 2,076,232 | |
DESIGNER BRANDS INC. NON-GAAP RECONCILIATION (unaudited and in thousands, except per share amounts) | |||||||
Three months ended | Twelve months ended | ||||||
February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | ||||
Operating expenses | $ (311,983) | $ (326,841) | $ (1,245,834) | $ (1,256,150) | |||
Non-GAAP adjustments: | |||||||
CEO transition costs | — | 369 | — | 4,352 | |||
Restructuring and integration costs | 1,729 | 1,188 | 11,843 | 6,378 | |||
Acquisition-related costs | — | 36 | 2,154 | 1,633 | |||
Total non-GAAP adjustments | 1,729 | 1,593 | 13,997 | 12,363 | |||
Adjusted operating expenses | $ (310,254) | $ (325,248) | $ (1,231,837) | $ (1,243,787) | |||
Operating profit (loss) | $ (25,854) | $ (36,017) | $ 34,933 | $ 72,401 | |||
Non-GAAP adjustments: | |||||||
CEO transition costs | — | 369 | — | 4,352 | |||
Restructuring and integration costs | 1,729 | 1,188 | 11,843 | 6,378 | |||
Acquisition-related costs | — | 36 | 2,154 | 1,633 | |||
Impairment charges | 580 | 4,185 | 18,336 | 4,834 | |||
Total non-GAAP adjustments | 2,309 | 5,778 | 32,333 | 17,197 | |||
Adjusted operating profit (loss) | $ (23,545) | $ (30,239) | $ 67,266 | $ 89,598 | |||
Net income (loss) attributable to Designer Brands Inc. | $ (38,168) | $ (29,698) | $ (10,549) | $ 29,062 | |||
Non-GAAP adjustments: | |||||||
CEO transition costs | — | 369 | — | 4,352 | |||
Restructuring and integration costs | 1,729 | 1,188 | 11,843 | 6,378 | |||
Acquisition-related costs | — | 36 | 2,154 | 1,633 | |||
Impairment charges | 580 | 4,185 | 18,336 | 4,834 | |||
Foreign currency transaction losses (gains) | (141) | 115 | 371 | 32 | |||
Total non-GAAP adjustments before tax effect | 2,168 | 5,893 | 32,704 | 17,229 | |||
Tax effect on above non-GAAP adjustments | 13,567 | (1,577) | (8,458) | (4,462) | |||
Discrete and permanent tax on non-deductible CEO transition costs | — | (936) | — | 1,868 | |||
Valuation allowance change on deferred tax assets | 1,116 | 949 | 768 | (666) | |||
Total non-GAAP adjustments, after tax | 16,851 | 4,329 | 25,014 | 13,969 | |||
Net income attributable to redeemable noncontrolling interest | 12 | 81 | 574 | 154 | |||
Adjusted net income (loss) | $ (21,305) | $ (25,288) | $ 15,039 | $ 43,185 | |||
Diluted earnings (loss) per share | $ (0.80) | $ (0.52) | $ (0.20) | $ 0.46 | |||
Adjusted diluted earnings (loss) per share | $ (0.44) | $ (0.44) | $ 0.27 | $ 0.68 | |||
Non-GAAP Measures
To supplement amounts presented in our consolidated financial statements determined in accordance with accounting principles generally accepted in
Comparable Sales Performance Metric
We consider the percent change in comparable sales from the same previous year period, a primary metric commonly used throughout the retail industry, to be an important measurement for management and investors of the performance of our direct-to-consumer businesses. We include in our comparable sales metric sales from stores in operation for at least 14 months at the beginning of the applicable year. Stores are added to the comparable base at the beginning of the year and are dropped for comparative purposes in the quarter in which they are closed. Comparable sales include the e-commerce sales of the
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SOURCE Designer Brands Inc.
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