Designer Brands, Inc., the parent of the DSW retail brand and Topo Athletic, Keds, Le Tigre, Hush Puppies, and other footwear brands, reported that net sales for the fiscal second quarter ended August 3 declined 2.6 percent year-over-year to $771.9 million when compared to the 2023 second quarter ended July 29, 2023.
Sales by Segment and Category
Income Statement Summary
Gross Profit decreased to $252.9 million, or 32.8 percent of net sales, in the second quarter, compared to $273.4 million, or 34.5 percent of nest sales, in Q2 last year. Gross margin slipped 170 basis points year-over-year.
Operating Profit fell to $28.6 million in Q2 from $60.7 million in the 2023 second quarter.
Reported net income attributable to Designer Brands Inc. was $13.8 million, or 24 cents per diluted share, compared to $37.3 million, or 56 cents per diluted share, in the 2023 Q2 period. The 2024 quarter includes net after-tax charges of 5 cents 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 29 cents per share.
Updated 2024 Financial Outlook
The company has updated the following guidance for the full year 2024:
See below for additional SGB Media coverage of Designer Brands’ and DSW’s detailed results for Q2, including categories, segments and detailed outlook for the year ahead.
EXEC: Designer Brands CEO Digs Deeper into DSW Results as August Comps Turn Positive
