Designer Brands Inc. (NYSE: DBI) (the “Company” and “Designer Brands”), one of North America’s largest designers, producers and retailers of footwear and accessories, announced financial results for the three months ended May 1, 2021, compared to the three months ended May 2, 2020.
Roger Rawlins, Chief Executive Officer, stated, “Designer Brands is off to a strong start in fiscal 2021, highlighted by our return to profitability for the first time since the onset of COVID-19 and a positive comparable sales increase of 52% for the first quarter.”
First Quarter Results
- Net sales increased 45.6% to $703.2 million in the first quarter of fiscal 2021 compared to the same period last year.
- Comparable sales increased 52.2% for the first quarter of fiscal 2021 versus the 42.3% decrease for the same period last year.
- Gross profit increased to $216.1 million in the first quarter of fiscal 2021 versus a gross loss of $26.5 million last year, and gross margin as a percentage of net sales was 30.7% as compared to negative 5.5% last year and 29.7% for the first quarter of fiscal 2019.
- Reported net income in the first quarter of fiscal 2021 was $17.0 million, or $0.22 per diluted share, including net benefits of $0.10 per diluted share from adjusted items, primarily the change in the valuation allowance on deferred tax assets.
- Adjusted net income in the first quarter of fiscal 2021 was $9.5 million, or $0.12 per diluted share.
“Looking forward, we are optimistic that the positive trends will continue as the market recovers,” added Rawlins.
About Designer Brands Inc.
Designer Brands is one of North America’s largest designers, producers and retailers of footwear and accessories. The company operates a portfolio of retail concepts in nearly 1,000 locations under the DSW Designer Shoe Warehouse, The Shoe Company, and Shoe Warehouse banners and services footwear departments in the U.S. through its Affiliated Business Group. Designer Brands designs and produces footwear and accessories through Camuto Group, a leading manufacturer selling in more than 5,400 doors worldwide. Camuto Group owns licensing rights for the Jessica Simpson footwear business, and footwear and handbag licenses for Lucky Brand and Max Studio. In partnership with a joint venture with Authentic Brands Group, Designer Brands also owns a stake in Vince Camuto, Louise et Cie, Sole Society, CC Corso Como, Enzo Angiolini and others. More information can be found at www.designerbrands.com.