Designer Brands, Inc. has announced financial results for Q3 of 2021.
Third Quarter Results:
- Net sales increased 30.7% to $853.5 million in the third quarter of fiscal 2021 compared to the same period last year.
- Comparable sales increased 40.8% for the third quarter of fiscal 2021.
- Gross profit increased to a record $313.6 million in the third quarter of fiscal 2021 versus $165.7 million last year, and gross margin as a percentage of net sales was a record 36.7% as compared to 25.4% for the same period last year and 29.3% for the third quarter of fiscal 2019.
- Reported net income in the third quarter of fiscal 2021 was $80.2 million
- Adjusted net income in the third quarter of fiscal 2021 was $66.6 million
“Designer Brands’ outstanding third quarter results demonstrate the efficacy of our strategic plans that were set in motion prior to the onset of the pandemic and accelerated over the last 18 months. We continue to see strength in our key assortment distortion areas including athletic and athleisure, kid’s, and men’s, all powered by the Top 50 Brands in footwear, as well as a return to growth in our vertical brands. This drove record-setting margin expansion in the third quarter and our expectation is that these areas will continue to drive our long-term margin profile with these shifts being a permanent part of our go-forward model,” said Roger Rawlins, Chief Executive Officer.
The company opened four new stores during Q3, bringing them to a total of 515 stores nationwide.
Source: Designer Brands Press Release
Photo Credit: Designer Brands