Owned Brand penetration grew to 26.7% in the quarter, highlighting progress on strategic plans
COLUMBUS, Ohio, June 8, 2023 /PRNewswire/ — Designer Brands Inc. (NYSE: DBI) (the “Company” and “Designer Brands”), one of the world’s largest designers, producers, and retailers of footwear and accessories, announced financial results for the three months ended April 29, 2023.
Doug Howe, Chief Executive Officer, stated, “I am pleased with the quarter we delivered on top of outsized market-leading growth in the first quarter of last year, albeit slightly below our initial expectations. We have made significant operational progress on our goal of doubling sales of our Owned Brands by 2026 over 2021 with our recent acquisitions of Keds, Le Tigre, and Topo Athletic helping to further expand and diversify our brand portfolio. We continue to lean further than ever before into our Owned Brands, harnessing key and exciting moments to showcase our brands with engaging events and customer experiences.
“As the consumer remains cautious, we are approaching the remainder of the year and the trajectory of the recovery in our business with heightened consideration. We are confident in our ability to continue to optimize those factors over which we have control, providing compelling products from our Owned Brands and an ideal national brand assortment to our customers seeking a wide range of styles.”
First Quarter Operating Results (Unless otherwise stated, all comparisons are to the first quarter of 2022)
- Net sales decreased 10.7% to $742.1 million.
- Comparable sales decreased by 10.4%.
- Gross profit decreased to $237.7 million versus $275.7 million last year, and gross margin was 32.0% compared to 33.2% for the same period last year.
- Reported net income attributable to Designer Brands Inc. was $11.4 million, or diluted earnings per share (“EPS”) of $0.17, including net charges of $0.04 per diluted share from adjusted items, primarily related to CEO transition, restructuring, integration, and acquisition costs, partially offset by the valuation allowance change on deferred tax assets.
- Adjusted net income was $14.3 million, or adjusted diluted EPS of $0.21.
Liquidity
- Cash and cash equivalents totaled $50.6 million at the end of the first quarter of 2023, compared to $54.8 million at the end of the same period last year, with $200.3 million available for borrowings under our senior secured asset-based revolving credit facility (“ABL Revolver”). Debt totaled $390.3 million at the end of the first quarter of 2023 compared to $306.9 million at the end of the same period last year.
- The Company ended the first quarter with inventories of $637.4 million compared to $672.5 million at the end of the same period last year.
Store Openings and Closings
During the first quarter of 2023, we closed two stores in the U.S. and opened one new store in Canada, resulting in a total of 499 U.S. stores and 139 Canadian stores as of April 29, 2023.
Updated 2023 Financial Outlook
The Company is updating the following guidance for the full year 2023:
Metric |
Previous Guidance |
Current Guidance |
||
Net Sales: |
||||
Designer Brands net sales growth, excluding Keds |
Down mid-single digits |
Down mid- to high-single digits |
||
Incremental net sales from Keds acquisition |
$75.0 million to $85.0 million |
$75.0 million to $85.0 million |
||
Diluted EPS: |
||||
Designer Brands, excluding Keds |
$1.65 – $1.75 |
$1.20 – $1.50 |
||
Contribution from Keds acquisition |
~$0.00 |
~$0.00 |
The above guidance excludes the impact of the anticipated modified “Dutch Auction” tender offer to repurchase up to $100.0 million of our Class A common shares that we announced today, which we intend to fund through a new proposed $135.0 million term loan agreement.
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 0936665 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:
https://app.webinar.net/qdg7QPdQaz8
For those unable to listen to the live webcast, an archived version will be available at the same location until June 22, 2023. 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: 9230529
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 Keds, Lucky Brand, Crown Vintage, Vince Camuto, Topo Athletic, Jessica Simpson, Le Tigre 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 nearly 640 DSW Designer Shoe Warehouse and The Shoe Company 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 seven million pairs of shoes to the global non-profit Soles4Souls. 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 conditions, including inflationary pressures and rising interest rates, and the related impacts to consumer discretionary spending, as well as supply chain disruptions and pressures; risks and uncertainties related to the ongoing coronavirus (“COVID-19”) pandemic, any future COVID-19 resurgence, and any other adverse public health developments; our ability to anticipate and respond to fashion trends, consumer preferences and changing customer expectations; 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; our ability to manage our Chief Executive Officer (“CEO”) transition, retain our existing management team, and continue to attract qualified new personnel; risks related to cyber security threats and privacy or data security breaches or the potential loss or disruption of our information technology (“IT”) systems; risks related to the implementation of an enterprise resource planning system software solution and other IT systems; our reliance on our loyalty programs and marketing to drive traffic, sales, and customer loyalty; our ability to protect our reputation and to maintain the brands we license; our competitiveness with respect to style, price, brand availability, and customer service; risks related to our international operations, including international trade, our reliance on foreign sources for merchandise, exposure to political, economic, operational, compliance and other risks, and fluctuations in foreign currency exchange rates; our ability to comply with privacy laws and regulations, as well as other legal obligations; domestic and global political and social conditions, global pandemics, and the potential impact of geopolitical turmoil or conflict; 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 other reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the time when made. 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) |
April 29, 2023 |
April 30, 2022 |
Change |
||||||||
Amount |
% of Total |
Amount |
% of Total |
Amount |
% |
||||||
Segment net sales: |
|||||||||||
U.S. Retail |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 612,886 |
80.7Â % |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 702,745 |
82.0Â % |
$Â Â Â Â (89,859) |
(12.8)Â % |
|||||
Canada Retail |
53,955 |
7.1Â % |
56,315 |
6.6Â % |
(2,360) |
(4.2)Â % |
|||||
Brand Portfolio |
92,983 |
12.2Â % |
97,456 |
11.4Â % |
(4,473) |
(4.6)Â % |
|||||
Total segment net sales |
759,824 |
100.0Â % |
856,516 |
100.0Â % |
(96,692) |
(11.3)Â % |
|||||
Elimination of intersegment net sales |
(17,742) |
(25,973) |
8,231 |
(31.7)Â % |
|||||||
Consolidated net sales |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 742,082 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 830,543 |
$Â Â Â Â (88,461) |
(10.7)Â % |
Net Sales by Brand Category |
|||||||||
(in thousands) |
U.S. Retail |
Canada |
Brand |
Eliminations |
Consolidated |
||||
Three months ended April 29, 2023 |
|||||||||
Owned Brands:(1) |
|||||||||
Direct-to-consumer |
$Â Â Â Â Â Â 123,209 |
$               — |
$Â Â Â Â Â Â Â Â 10,624 |
$                — |
$Â Â Â Â Â Â 133,833 |
||||
External customer wholesale and commission |
— |
— |
64,617 |
— |
64,617 |
||||
Intersegment wholesale and commission income |
— |
— |
17,742 |
(17,742) |
— |
||||
Total Owned Brands |
123,209 |
— |
92,983 |
(17,742) |
198,450 |
||||
National brands |
489,677 |
— |
— |
— |
489,677 |
||||
Canada Retail(2) |
— |
53,955 |
— |
— |
53,955 |
||||
Total net sales |
$Â Â Â Â Â Â 612,886 |
$Â Â Â Â Â Â Â 53,955 |
$Â Â Â Â Â Â Â Â 92,983 |
$Â Â Â Â Â Â (17,742) |
$Â Â Â Â Â Â 742,082 |
||||
Three months ended April 30, 2022 |
|||||||||
Owned Brands:(1) |
|||||||||
Direct-to-consumer |
$Â Â Â Â Â Â 139,155 |
$               — |
$Â Â Â Â Â Â Â Â Â Â 6,527 |
$                — |
$Â Â Â Â Â Â 145,682 |
||||
External customer wholesale and commission |
— |
— |
64,956 |
— |
64,956 |
||||
Intersegment wholesale and commission income |
— |
— |
25,973 |
(25,973) |
— |
||||
Total Owned Brands |
139,155 |
— |
97,456 |
(25,973) |
210,638 |
||||
National brands |
563,590 |
— |
— |
— |
563,590 |
||||
Canada Retail(2) |
— |
56,315 |
— |
— |
56,315 |
||||
Total net sales |
$Â Â Â Â Â Â 702,745 |
$Â Â Â Â Â Â Â 56,315 |
$Â Â Â Â Â Â Â Â 97,456 |
$Â Â Â Â Â Â (25,973) |
$Â Â Â Â Â Â 830,543 |
(1)Â Â “Owned Brands” refers to those brands we have rights to sell through ownership or license arrangements. Beginning in the first quarter of 2023, |
(2)Â Â We currently do not report the Canada Retail segment net sales by brand categories. |
Comparable Sales |
|||
Three months ended |
|||
April 29, 2023 |
April 30, 2022 |
||
Change in comparable sales: |
|||
U.S. Retail segment |
(11.6)Â % |
13.6Â % |
|
Canada Retail segment |
2.9Â % |
41.4Â % |
|
Brand Portfolio segment – direct-to-consumer channel |
8.3Â % |
19.7Â % |
|
Total |
(10.4)Â % |
15.3Â % |
Store Count |
|||||||
(square footage in thousands) |
April 29, 2023 |
April 30, 2022 |
|||||
Number of |
Square |
Number of |
Square |
||||
U.S. Retail segment – DSW stores |
499 |
10,015 |
510 |
10,322 |
|||
Canada Retail segment: |
|||||||
The Shoe Company stores |
114 |
601 |
115 |
607 |
|||
DSW stores |
25 |
496 |
25 |
496 |
|||
139 |
1,097 |
140 |
1,103 |
||||
Total number of stores |
638 |
11,112 |
650 |
11,425 |
Gross Profit |
|||||||||||||
Three months ended |
|||||||||||||
(dollars in thousands) |
April 29, 2023 |
April 30, 2022 |
Change |
||||||||||
Amount |
% of |
Amount |
% of |
Amount |
% |
Basis |
|||||||
Segment gross profit: |
|||||||||||||
U.S. Retail |
$Â Â Â Â 196,814 |
32.1Â % |
$Â Â Â Â 233,067 |
33.2Â % |
$Â Â Â Â (36,253) |
(15.6)Â % |
(110) |
||||||
Canada Retail |
17,174 |
31.8Â % |
18,873 |
33.5Â % |
(1,699) |
(9.0)Â % |
(170) |
||||||
Brand Portfolio |
22,085 |
23.8Â % |
23,842 |
24.5Â % |
(1,757) |
(7.4)Â % |
(70) |
||||||
Total segment gross profit |
236,073 |
31.1Â % |
275,782 |
32.2Â % |
(39,709) |
(14.4)Â % |
(110) |
||||||
Net recognition (elimination) of |
1,666 |
(37) |
1,703 |
||||||||||
Consolidated gross profit |
$Â Â Â Â 237,739 |
32.0Â % |
$Â Â Â Â 275,745 |
33.2Â % |
$Â Â Â Â (38,006) |
(13.8)Â % |
(120) |
Intersegment Eliminations |
|||
Three months ended |
|||
(in thousands) |
April 29, 2023 |
April 30, 2022 |
|
Recognition (elimination) of intersegment activity: |
|||
Net sales recognized by Brand Portfolio segment |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17,742) |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (25,973) |
|
Cost of sales: |
|||
Cost of sales recognized by Brand Portfolio segment |
13,211 |
18,169 |
|
Recognition of intersegment gross profit for inventory previously purchased that |
6,197 |
7,767 |
|
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,666 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (37) |
DESIGNER BRANDS INC. |
|||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||
(unaudited and in thousands, except per share amounts) |
|||
Three months ended |
|||
April 29, 2023 |
April 30, 2022 |
||
Net sales |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 742,082 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 830,543 |
|
Cost of sales |
(504,343) |
(554,798) |
|
Gross profit |
237,739 |
275,745 |
|
Operating expenses |
(220,119) |
(223,426) |
|
Income from equity investments |
2,331 |
1,945 |
|
Impairment charges |
(341) |
(1,072) |
|
Operating profit |
19,610 |
53,192 |
|
Interest expense, net |
(6,597) |
(2,952) |
|
Loss on extinguishment of debt and write-off of debt issuance costs |
— |
(12,862) |
|
Non-operating income (expenses), net |
(334) |
6 |
|
Income before income taxes |
12,679 |
37,384 |
|
Income tax provision |
(1,306) |
(11,202) |
|
Net income |
11,373 |
26,182 |
|
Net loss attributable to redeemable noncontrolling interest |
42 |
— |
|
Net income attributable to Designer Brands Inc. |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11,415 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 26,182 |
|
Diluted earnings per share attributable to Designer Brands Inc. |
$Â Â Â Â Â Â Â Â Â Â Â 0.17 |
$Â Â Â Â Â Â Â Â Â Â Â 0.34 |
|
Weighted average diluted shares |
67,042 |
76,924 |
DESIGNER BRANDS INC. |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(unaudited and in thousands) |
|||||
April 29, 2023 |
January 28, 2023 |
April 30, 2022 |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50,569 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 58,766 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 54,802 |
||
Receivables, net |
100,237 |
77,763 |
222,297 |
||
Inventories |
637,396 |
605,652 |
672,490 |
||
Prepaid expenses and other current assets |
43,598 |
47,750 |
49,836 |
||
Total current assets |
831,800 |
789,931 |
999,425 |
||
Property and equipment, net |
227,692 |
235,430 |
250,123 |
||
Operating lease assets |
701,670 |
700,373 |
635,334 |
||
Goodwill |
134,770 |
97,115 |
93,655 |
||
Intangible assets, net |
75,450 |
31,866 |
20,355 |
||
Deferred tax assets |
50,111 |
48,285 |
— |
||
Equity investments |
66,151 |
63,820 |
55,118 |
||
Other assets |
46,851 |
42,798 |
33,734 |
||
Total assets |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,134,495 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,009,618 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,087,744 |
||
LIABILITIES, REDEEMABLE NONCONTROLLING |
|||||
Current liabilities: |
|||||
Accounts payable |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 288,526 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 255,364 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 369,147 |
||
Accrued expenses |
170,759 |
190,676 |
208,282 |
||
Current operating lease liabilities |
183,074 |
190,086 |
179,870 |
||
Total current liabilities |
642,359 |
636,126 |
757,299 |
||
Long-term debt |
390,302 |
281,035 |
306,861 |
||
Non-current operating lease liabilities |
635,245 |
631,412 |
579,839 |
||
Other non-current liabilities |
23,342 |
24,989 |
26,952 |
||
Total liabilities |
1,691,248 |
1,573,562 |
1,670,951 |
||
Redeemable noncontrolling interest |
3,093 |
3,155 |
— |
||
Total shareholders’ equity |
440,154 |
432,901 |
416,793 |
||
Total liabilities, redeemable noncontrolling interest, and |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,134,495 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,009,618 |
$Â Â Â Â Â Â Â Â Â Â Â Â 2,087,744 |
DESIGNER BRANDS INC. |
|||
NON-GAAP RECONCILIATION |
|||
(unaudited and in thousands, except per share amounts) |
|||
Three months ended |
|||
April 29, 2023 |
April 30, 2022 |
||
Operating expenses |
$Â Â Â Â Â Â Â Â Â Â Â Â (220,119) |
$Â Â Â Â Â Â Â Â Â Â (223,426) |
|
Non-GAAP adjustments: |
|||
CEO transition costs |
2,210 |
— |
|
Restructuring and integration costs |
2,120 |
614 |
|
Acquisition-related costs |
1,507 |
— |
|
Total non-GAAP adjustments |
5,837 |
614 |
|
Adjusted operating expenses |
$Â Â Â Â Â Â Â Â Â Â Â Â (214,282) |
$Â Â Â Â Â Â Â Â Â Â (222,812) |
|
Operating profit |
$Â Â Â Â Â Â Â Â Â 19,610 |
$Â Â Â Â Â Â Â Â 53,192 |
|
Non-GAAP adjustments: |
|||
CEO transition costs |
2,210 |
— |
|
Restructuring and integration costs |
2,120 |
614 |
|
Acquisition-related costs |
1,507 |
— |
|
Impairment charges |
341 |
1,072 |
|
Total non-GAAP adjustments |
6,178 |
1,686 |
|
Adjusted operating profit |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25,788 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â 54,878 |
|
Net income attributable to Designer Brands Inc. |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11,415 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â 26,182 |
|
Non-GAAP adjustments: |
|||
CEO transition costs |
2,210 |
— |
|
Restructuring and integration costs |
2,120 |
614 |
|
Acquisition-related costs |
1,507 |
— |
|
Impairment charges |
341 |
1,072 |
|
Loss on extinguishment of debt and write-off of debt issuance costs |
— |
12,862 |
|
Foreign currency transaction losses (gains) |
334 |
(6) |
|
Total non-GAAP adjustments before tax effect |
6,512 |
14,542 |
|
Tax effect of non-GAAP adjustments |
(1,508) |
(3,639) |
|
Valuation allowance change on deferred tax assets |
(2,117) |
(360) |
|
Total non-GAAP adjustments, after tax |
2,887 |
10,543 |
|
Net loss attributable to redeemable noncontrolling interest |
(42) |
— |
|
Adjusted net income |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14,260 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36,725 |
|
Diluted earnings per share |
$Â Â Â Â Â Â Â Â Â Â Â 0.17 |
$Â Â Â Â Â Â Â Â Â Â 0.34 |
|
Adjusted diluted earnings per share |
$Â Â Â Â Â Â Â Â Â Â Â 0.21 |
$Â Â Â Â Â Â Â Â Â Â 0.48 |
Non-GAAP Measures
To supplement amounts presented in our consolidated financial statements determined in accordance with accounting principles generally accepted in the United States (“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 other than those included in CEO transition costs; (3) acquisition-related costs; (4) impairment charges; (5) loss on extinguishment of debt and write-off of debt issuance costs; (6) foreign currency transaction losses and gains; (7) the net tax impact of such items; (8) the change in the valuation allowance on deferred tax assets; and (9) net loss 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 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. 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 for the Brand Portfolio segment include the direct-to-consumer e-commerce site www.vincecamuto.com. The e-commerce sales for Topo and the Keds business will be added to the comparable base beginning with the first quarter of 2024. 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, [email protected]
SOURCE Designer Brands Inc.
Originally published at https://www.prnewswire.com/news-releases/designer-brands-inc-reports-first-quarter-2023-financial-results-301845540.html
Some images courtesy of https://pixabay.com