Designer Brands achieves record gross profit in Q3

United States
Published:  09 December, 2021
Credit: Designer Brands

The North American based manufacturer and retailer of footwear and accessories has announced its third quarter results for 2021, with net sales increasing 30.7% year-on-year to US$853.5 million.

The company, which owns Camuto Group as well as brands including Designer Shoe Warehouse and The Shoe Company, reported that gross profit increased to a record US$313.6 million versus US$165.7 million last year (pandemic affected), and gross margin as a percentage of net sales was a record 36.7% as compared to 25.4% for the same period last year and 29.3% for the third quarter of fiscal 2019. Reported net income in the third quarter of fiscal 2021 was US$80.2 million.

Adjusted net income in the third quarter was US$66.6 million, or US$0.86 diluted EPS, compared to an adjusted net loss of US$18.6 million, or US$0.26 loss per diluted share, for the same period in the previous year.

During the quarter, the group opened four new stores in the U.S. and one in Canada, but also closed four existing stores in the U.S., resulting in a total of 515 U.S. stores and 144 Canadian stores as of October 30, 2021.