Designer Brands reports first-quarter results

United States
Published:  13 June, 2022
Credit: Designer Brands

The North American based manufacturer and retailer of footwear and accessories has reported its first-quarter 2022 results.

The group reported net sales up 18.1% year-on-year to US$830.5 million, while comparable sales increased by 15.3%.

Gross profit was US$275.7 million for the period, up from US$216.1 million last year, while gross margin as a percentage of net sales was 33.2% (up from 30.7%).

The company achieved reported net income of US$26.2 million during the first quarter of 2022, while adjusted net income was US$36.7 million.

Designer Brands opened two new stores in U.S. during the period, with no stores closed, bringing the company to a total of 510 U.S. stores and 140 Canadian stores as of April 30, 2022.

CEO Roger Rawlins said: "Our strong first quarter 2022 results demonstrate the progress we are making towards our long-range plan that we outlined at our recent Investor Day.

“In addition, we are further building our relationships with our top national brands, and our new prototype warehouse reimagined store, which opened in May, brings to bear a wealth of capabilities and opportunities that will help us to strengthen these relationships and provide a more seamless omnichannel experience for our customers.”