Designer Brands Inc. Reports Second Quarter 2024 Financial Results

Reported third consecutive quarter of sequential comparable sales improvement

Impressive performance in growing athleisure category, which outpaced the market by over 4 percentage points

COLUMBUS, Ohio , Sept. 11, 2024 /PRNewswire/ -- Designer Brands Inc. (NYSE: DBI) (the "Company," "we," "us," "our," and "Designer Brands"), one of the world's largest designers, producers, and retailers of footwear and accessories, today announced financial results for the second quarter ended August 3, 2024.

"This quarter, we further built on our track record of steady improvement as we continued to refine and refresh our strategic initiatives intended to accelerate our ongoing business transformation," stated Doug Howe, Chief Executive Officer. "We saw sustained pressure on challenged categories such as dress and seasonal in the second quarter, which we were able to partially mitigate through providing a greater selection of athletic and athleisure brands in our assortment. During the second quarter, we drove athleisure category sales growth of 8% in the U.S. Retail segment over the same period last year, outpacing overall athleisure market growth by over 4 percentage points, and total U.S. Retail sales outpaced the footwear market by 1 percentage point according to Circana. Our strategy successfully supported a solid start to the back-to-school season, particularly in our kids' category, which helped us to exit the second quarter in a stronger position than we started."

Howe continued, "We continue to believe that our investments across our retail and brand businesses will help us to accelerate growth moving forward as we sharpen our focus and optimize our assortment, our marketing, and our omnichannel customer experience. With shoppers becoming increasingly mindful of their discretionary spending, and trends rapidly evolving, we want to ensure that we remain top of mind as the destination for all their footwear needs."

Second Quarter Operating Results  (Unless otherwise stated, all comparisons are to the second quarter of 2023)

  • Net sales decreased 2.6% to $771.9 million.
  • Total comparable sales decreased by 1.4%.
  • Gross profit decreased to $252.9 million versus $273.4 million last year, and gross margin was 32.8% compared to 34.5% last year.
  • Reported net income attributable to Designer Brands Inc. was $13.8 million, or diluted earnings per share ("EPS") of $0.24, including net after-tax charges of $0.05 per diluted share from adjusted items, primarily related to restructuring, integration, and acquisition costs.
  • Adjusted net income was $17.1 million, or adjusted diluted EPS of $0.29.

Liquidity

  • Cash and cash equivalents totaled $38.8 million at the end of the second quarter of 2024, compared to $46.2 million at the end of the same period last year, with $155.1 million available for borrowings under our senior secured asset-based revolving credit facility. Debt totaled $465.7 million at the end of the second quarter of 2024 compared to $331.0 million at the end of the same period last year.
  • The Company ended the second quarter with inventories of $642.8 million compared to $606.8 million at the end of the same period last year.

Return to Shareholders

  • During the second quarter of 2024, the Company repurchased 2.7 million Class A common shares at an aggregate cost of $18.0 million. As of August 3, 2024, $69.7 million of Class A common shares remained available for repurchase under the Board-approved share repurchase program.

Store Openings and Closings

During the second quarter of 2024, the Company closed one store in the United States ("U.S.") and opened two stores in Canada, resulting in a total of 499 stores in the U.S. and 177 stores in Canada as of August 3, 2024.

Updated 2024 Financial Outlook

The Company has updated the following guidance for the full year 2024:

Metric


Previous Guidance


Current Guidance

Designer Brands Net Sales Growth


Low-single digits


Flat to low-single digits

Adjusted Diluted EPS


$0.70 - $0.80


$0.50 - $0.60

Forward-looking adjusted diluted EPS for 2024 excludes potential charges or gains that may be recorded during the fiscal year, including among other things: (1) restructuring and integration costs, including severance charges; (2) acquisition-related costs; (3) impairment charges; (4) foreign currency transaction losses (gains); (5) the net tax impact of such items; (6) the change in the valuation allowance on deferred tax assets; and (7) net income attributable to redeemable noncontrolling interest. A reconciliation of forward-looking non-GAAP earnings guidance to the comparable GAAP measure is not provided, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items are uncertain and could have a substantial impact on GAAP measures of our financial performance.

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 9337169 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/wjDQNwDnZxP 

For those unable to listen to the live webcast, an archived version will be available on the Company's investor website until September 18, 2024. A replay of the teleconference will be available by dialing the following numbers:

U.S.: 1-877-344-7529

Canada: 1-855-669-9658

International: 1-412-317-0088

Passcode: 4546270

Important information may be disseminated initially or exclusively via the Company's investor website; investors should consult the website 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 inspiring self-expression. With a diversified, world-class portfolio of coveted brands, including Crown Vintage, Hush Puppies, Jessica Simpson, Keds, Kelly & Katie, Lucky Brand, Mix No. 6, Topo Athletic, Vince Camuto 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 676 DSW Designer Shoe Warehouse, The Shoe Co., and Rubino stores in North America, Designer Brands delivers current, in-line footwear and accessories from the largest national brands in the industry and holds leading market share positions in key product categories across Women's, Men's, and Kids'. Designer Brands also distributes its brands internationally through select wholesale and distributor relationships, while also leveraging design and sourcing expertise to build private label product for national retailers. Designer Brands is committed to being a difference maker in the world, taking steps forward to advance diversity, equity, and inclusion in the footwear industry and supporting a global community and the health of the planet by donating more than ten million pairs of shoes to the global non-profit Soles4Souls since 2018. To learn more, visit www.designerbrands.com

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 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 concerns of a potential recession in the U.S., fluctuating interest rates, 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 increase; our ability to execute on our business strategies, including integrating and growing our Brand Portfolio segment, enhancing in-store and digital shopping experiences, and meeting consumer demands; whether we will be able to successfully and efficiently integrate our recent acquisitions in a manner that does not impede growth; our ability to maintain strong relationships with our vendors, manufacturers, 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 loyalty 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 ("ABL Revolver"), and our senior secured term loan credit agreement, as amended ("Term Loan"), 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 privacy 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2024 ("2023 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)

August 3, 2024


July 29, 2023


Change


Amount


% of Segment
Net Sales


Amount


% of  Segment
Net Sales


Amount


%

Segment net sales:












U.S. Retail

$                641,694


79.0 %


$                658,542


81.0 %


$     (16,848)


(2.6) %

Canada Retail

74,797


9.2 %


70,266


8.6 %


4,531


6.4 %

Brand Portfolio

95,993


11.8 %


84,217


10.4 %


11,776


14.0 %

Total segment net sales

812,484


100.0 %


813,025


100.0 %


(541)


(0.1) %

Elimination of intersegment net sales

(40,584)




(20,808)




(19,776)


95.0 %

Consolidated net sales

$                771,900




$                792,217




$     (20,317)


(2.6) %



Six months ended



(dollars in thousands)

August 3, 2024


July 29, 2023


Change


Amount


% of Segment
Net Sales


Amount


% of Segment
Net Sales


Amount


%

Segment net sales:












U.S. Retail

$             1,263,061


79.3 %


$             1,271,428


80.8 %


$       (8,367)


(0.7) %

Canada Retail

130,309


8.2 %


124,221


7.9 %


6,088


4.9 %

Brand Portfolio

200,123


12.5 %


177,200


11.3 %


22,923


12.9 %

Total segment net sales

1,593,493


100.0 %


1,572,849


100.0 %


20,644


1.3 %

Elimination of intersegment net sales

(74,997)




(38,550)




(36,447)


94.5 %

Consolidated net sales

$             1,518,496




$             1,534,299




$     (15,803)


(1.0) %

 

Net Sales by Brand Categories

(in thousands)

U.S. Retail


Canada Retail(2)


Brand Portfolio


Eliminations


Consolidated

Three months ended August 3, 2024










Owned Brands:(1)










Direct-to-consumer

$         98,040


$        10,550


$         13,889


$                 —


$       122,479

External customer wholesale, commission income, and other



41,520



41,520

Intersegment wholesale



40,584


(40,584)


Total Owned Brands

98,040


10,550


95,993


(40,584)


163,999

National brands

543,654


64,247




607,901

Total net sales

$       641,694


$        74,797


$         95,993


$       (40,584)


$       771,900

Three months ended July 29, 2023










Owned Brands:(1)










Direct-to-consumer

$       115,749


$        10,048


$         15,776


$                 —


$       141,573

External customer wholesale, commission income, and other



47,633



47,633

Intersegment wholesale and commission income



20,808


(20,808)


Total Owned Brands

115,749


10,048


84,217


(20,808)


189,206

National brands

542,793


60,218




603,011

Total net sales

$       658,542


$        70,266


$         84,217


$       (20,808)


$       792,217

Six months ended August 3, 2024










Owned Brands:(1)










Direct-to-consumer

$       203,054


$        18,910


$         27,819


$                 —


$       249,783

External customer wholesale, commission income, and other



97,307



97,307

Intersegment wholesale



74,997


(74,997)


Total Owned Brands

203,054


18,910


200,123


(74,997)


347,090

National brands

1,060,007


111,399




1,171,406

Total net sales

$   1,263,061


$      130,309


$       200,123


$       (74,997)


$   1,518,496

Six months ended July 29, 2023










Owned Brands:(1)










Direct-to-consumer

$       238,958


$        17,920


$         26,400


$                 —


$       283,278

External customer wholesale, commission income, and other



112,250



112,250

Intersegment wholesale and commission income



38,550


(38,550)


Total Owned Brands

238,958


17,920


177,200


(38,550)


395,528

National brands

1,032,470


106,301




1,138,771

Total net sales

$   1,271,428


$      124,221


$       177,200


$       (38,550)


$   1,534,299



(1)

"Owned Brands" refers to those brands that we have rights to sell through ownership or license arrangements.

(2)

Beginning with the 2023 Form 10-K, we are providing a breakout of Canada Retail segment net sales by brand categories and we have recast the three months and the six months ended July 29, 2023 on a consistent basis.

 

Comparable Sales


Three months ended


Six months ended


August 3, 2024


July 29, 2023


August 3, 2024


July 29, 2023

Change in comparable sales:








U.S. Retail segment

(1.1) %


(9.2) %


(1.7) %


(10.4) %

Canada Retail segment

(3.1) %


(7.3) %


(3.9) %


(3.0) %

Brand Portfolio segment - direct-to-consumer channel

(7.0) %


0.5 %


(4.8) %


5.3 %

Total

(1.4) %


(8.9) %


(1.9) %


(9.6) %


Store Count

(square footage in thousands)

August 3, 2024


July 29, 2023


Number of
Stores


Square
Footage


Number of
Stores


Square
Footage

U.S. Retail segment - DSW stores

499


9,879


498


9,978

Canada Retail segment:








The Shoe Co. stores

123


631


113


594

DSW stores

26


511


25


496

Rubino Stores

28


149




177


1,291


138


1,090

Total number of stores

676


11,170


636


11,068

 

Gross Profit


Three months ended







(dollars in thousands)

August 3, 2024


July 29, 2023


Change


Amount


% of Segment
Net Sales


Amount


% of Segment
Net Sales


Amount


%


Basis Points

Segment gross profit:














U.S. Retail

$     206,061


32.1 %


$     225,768


34.3 %


$     (19,707)


(8.7) %


(220)

Canada Retail

25,307


33.8 %


23,811


33.9 %


1,496


6.3 %


(10)

Brand Portfolio

26,635


27.7 %


24,298


28.9 %


2,337


9.6 %


(120)

Total segment gross profit

258,003


31.8 %


273,877


33.7 %


(15,874)


(5.8) %


(190)

Net elimination of intersegment gross profit

(5,089)




(490)




(4,599)





Consolidated gross profit

$     252,914


32.8 %


$     273,387


34.5 %


$     (20,473)


(7.5) %


(170)



Six months ended



(dollars in thousands)

August 3, 2024


July 29, 2023


Change


Amount


% of Segment
Net Sales


Amount


% of Segment
Net Sales


Amount


%


Basis Points

Segment gross profit:














U.S. Retail

$     404,516


32.0 %


$     422,582


33.2 %


$     (18,066)


(4.3) %


(120)

Canada Retail

42,692


32.8 %


40,985


33.0 %


1,707


4.2 %


(20)

Brand Portfolio

60,112


30.0 %


46,383


26.2 %


13,729


29.6 %


380

Total segment gross profit

507,320


31.8 %


509,950


32.4 %


(2,630)


(0.5) %


(60)

Net recognition (elimination) of intersegment gross profit

(9,337)




1,176




(10,513)





Consolidated gross profit

$     497,983


32.8 %


$     511,126


33.3 %


$     (13,143)


(2.6) %


(50)

 

Intersegment Eliminations


Three months ended

(in thousands)

August 3, 2024


July 29, 2023

Intersegment recognition and elimination activity:




Elimination of net sales recognized by Brand Portfolio segment

$                (40,584)


$                (20,808)

Cost of sales:




Elimination of cost of sales recognized by Brand Portfolio segment

28,174


15,066

Recognition of intersegment gross profit for inventory previously purchased that
was subsequently sold to external customers during the current period

7,321


5,252


$                  (5,089)


$                      (490)



Six months ended

(in thousands)

August 3, 2024


July 29, 2023

Intersegment recognition and elimination activity:




Elimination of net sales recognized by Brand Portfolio segment

$                (74,997)


$                (38,550)

Cost of sales:




Elimination of cost of sales recognized by Brand Portfolio segment

52,267


28,277

Recognition of intersegment gross profit for inventory previously purchased that
was subsequently sold to external customers during the current period

13,393


11,449


$                  (9,337)


$                    1,176

 

DESIGNER BRANDS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)



Three months ended


Six months ended


August 3, 2024


July 29, 2023


August 3, 2024


July 29, 2023

Net sales

$               771,900


$           792,217


$            1,518,496


$        1,534,299

Cost of sales

(518,986)


(518,830)


(1,020,513)


(1,023,173)

Gross profit

252,914


273,387


497,983


511,126

Operating expenses

(226,896)


(214,530)


(465,447)


(434,649)

Income from equity investments

2,571


2,138


5,435


4,469

Impairment charges


(308)



(649)

Operating profit

28,589


60,687


37,971


80,297

Interest expense, net

(11,035)


(6,932)


(22,596)


(13,529)

Non-operating income (expenses), net

(109)


579


(252)


245

Income before income taxes

17,445


54,334


15,123


67,013

Income tax provision

(3,363)


(17,079)


(156)


(18,385)

Net income

14,082


37,255


14,967


48,628

Net income attributable to redeemable noncontrolling interest

(258)


(51)


(360)


(9)

Net income attributable to Designer Brands Inc.

$                 13,824


$             37,204


$                 14,607


$             48,619

Diluted earnings per share attributable to Designer Brands Inc.

$                     0.24


$                  0.56


$                      0.25


$                  0.73

Weighted average diluted shares

58,576


66,997


58,978


66,863

 

DESIGNER BRANDS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)



August 3, 2024


February 3, 2024


July 29, 2023

ASSETS






Current assets:






Cash and cash equivalents

$                  38,834


$                  49,173


$                  46,187

Receivables, net

49,671


83,590


97,364

Inventories

642,783


571,331


606,841

Prepaid expenses and other current assets

66,760


73,338


50,308

Total current assets

798,048


777,432


800,700

Property and equipment, net

216,313


219,939


226,634

Operating lease assets

723,818


721,335


751,637

Goodwill

130,611


123,759


135,259

Intangible assets, net

86,334


82,827


72,640

Deferred tax assets

39,997


39,067


48,100

Equity investments

61,020


62,857


62,938

Other assets

50,993


49,016


49,430

Total assets

$             2,107,134


$             2,076,232


$             2,147,338

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY






Current liabilities:






Accounts payable

$                294,739


$                289,368


$                294,724

Accrued expenses

161,155


159,622


172,130

Current maturities of long-term debt

6,750


6,750


2,500

Current operating lease liabilities

156,394


166,531


181,484

Total current liabilities

619,038


622,271


650,838

Long-term debt

458,974


420,344


328,506

Non-current operating lease liabilities

653,416


646,161


682,248

Other non-current liabilities

16,642


24,948


22,784

Total liabilities

1,748,070


1,713,724


1,684,376

Redeemable noncontrolling interest

3,519


3,288


3,144

Total shareholders' equity

355,545


359,220


459,818

Total liabilities, redeemable noncontrolling interest, and shareholders' equity

$             2,107,134


$             2,076,232


$             2,147,338

 

DESIGNER BRANDS INC.

NON-GAAP RECONCILIATION

(unaudited and in thousands, except per share amounts)



Three months ended


Six months ended


August 3, 2024


July 29, 2023


August 3, 2024


July 29, 2023

Operating expenses

$             (226,896)


$          (214,530)


$             (465,447)


$         (434,649)

Non-GAAP adjustments:








CEO transition costs


744



2,954

Restructuring and integration costs

2,349


818


7,178


2,938

Acquisition-related costs

1,586


90


2,072


1,597

Total non-GAAP adjustments

3,935


1,652


9,250


7,489

Adjusted operating expenses

$             (222,961)


$          (212,878)


$             (456,197)


$         (427,160)

Operating profit

$                 28,589


$              60,687


$                 37,971


$             80,297

Non-GAAP adjustments:








CEO transition costs


744



2,954

Restructuring and integration costs

2,349


818


7,178


2,938

Acquisition-related costs

1,586


90


2,072


1,597

Impairment charges


308



649

Total non-GAAP adjustments

3,935


1,960


9,250


8,138

Adjusted operating profit

$                 32,524


$              62,647


$                 47,221


$             88,435

Net income attributable to Designer Brands Inc.

$                 13,824


$              37,204


$                 14,607


$             48,619

Non-GAAP adjustments:








CEO transition costs


744



2,954

Restructuring and integration costs

2,349


818


7,178


2,938

Acquisition-related costs

1,586


90


2,072


1,597

Impairment charges


308



649

Foreign currency transaction losses (gains)

109


(579)


252


(245)

Total non-GAAP adjustments before tax effect

4,044


1,381


9,502


7,893

Tax effect on above non-GAAP adjustments

(1,149)


(377)


(2,547)


(2,032)

Discrete and permanent tax on non-deductible CEO transition costs


1,750



1,897

Valuation allowance change on deferred tax assets

94


(607)


(42)


(2,724)

Total non-GAAP adjustments, after tax

2,989


2,147


6,913


5,034

Net income attributable to redeemable noncontrolling interest

258


51


360


9

Adjusted net income

$                 17,071


$              39,402


$                 21,880


$             53,662

Diluted earnings per share

$                      0.24


$                  0.56


$                     0.25


$                  0.73

Adjusted diluted earnings per share

$                      0.29


$                  0.59


$                     0.37


$                  0.80

 

Non-GAAP Measures

To supplement amounts presented in our consolidated financial statements determined in accordance with accounting principles generally accepted in the U.S. ("GAAP"), the Company uses certain non-GAAP financial measures, including adjusted operating expenses, adjusted operating profit, adjusted net income, and adjusted diluted earnings per share as shown in the table above. These measures adjust for the effects of: (1) CEO transition costs; (2) restructuring and integration costs, including severance charges; (3) acquisition-related costs; (4) impairment charges; (5) foreign currency transaction losses (gains); (6) the net tax impact of such items, including discrete and permanent tax on non-deductible CEO transition costs; (7) the change in the valuation allowance on deferred tax assets; and (8) net income attributable to redeemable noncontrolling interest. The unaudited adjusted results should not be construed as an alternative to the reported results determined in accordance with GAAP. These financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures presented by other companies. The Company believes that these non-GAAP financial measures provide useful information to both management and investors to increase comparability to prior periods by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company compared to prior periods, when reviewed in conjunction with the Company's GAAP statements. These amounts are not determined in accordance with GAAP and therefore should not be used exclusively in evaluating the Company's business and operations.

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 U.S. Retail and Canada Retail segments. For calculating comparable sales in 2024, periods in 2023 are shifted by one week to compare similar calendar weeks. Comparable sales for the Canada Retail segment exclude the impact of foreign currency translation and are calculated by translating current period results at the foreign currency exchange rate used in the comparable period of the prior year. Comparable sales include the e-commerce net sales of the Brand Portfolio segment from the direct-to-consumer e-commerce sites for Vince Camuto, Keds, and Topo. Net sales from the direct-to-consumer e-commerce sites for Hush Puppies will be added to the comparable base for the Brand Portfolio segment beginning with the third quarter of 2024. Stores added as a result of the Rubino acquisition that will have been in operation for at least 14 months at the beginning of 2025, along with its e-commerce sales, will be added to the comparable base for the Canada Retail segment beginning with the second quarter of 2025. The calculation of comparable sales varies across the retail industry and, as a result, the calculations of other retail companies may not be consistent with our calculation.

CONTACT: Stacy Turnof, DesignerBrandsIR@edelman.com

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/designer-brands-inc-reports-second-quarter-2024-financial-results-302244341.html

SOURCE Designer Brands Inc.