For the full 2022 fiscal year, the company achieved a net sales increase of 3.7% to US$3.3 billion, with comparable sales up by 4.4%. Gross profit was flat at US$1.1 billion with a gross margin of 32.6%. Adjusted net income for the year was US$133.7 million.
For the fourth quarter alone, Designer Brands reported a net sales decrease of 7.5% year-on-year to US$760.5 million, while comparable sales were down by 5.5%. Gross profit for the period dropped to US$222 million and the gross margin was 29.2%. Adjusted net income for the fourth quarter totalled US$4.7 million.
During the fourth quarter, the company closed three stores in the U.S., bringing it to a total of 501 U.S. stores and 138 Canadian stores at the end of 2022.
CEO Roger Rawlins said: “Our 2022 results clearly showcase the power and success of our brand building strategy with our Owned Brands growing over 32% to last year while delivering gross margins higher than those we saw in 2019. These results showcase the successful execution of our strategy.”