Designer Brands continues growth in second quarter

United States
Published:  06 September, 2022
Credit: Vince Camuto

North American footwear and accessories manufacturer Designer Brands has reported its financial results for the second quarter of 2022.

The company achieved a net sales increase of 5.1% to US$859.3 million, while comparable sales increased by 6.2%.

Designer Brands reported gross profit of US$295.7 million for the period, with a gross profit as a percentage of sales of 34.4%. Reported net income for the second quarter of the year was US$46.2 million.

The group closed four stores in the U.S. and two in Canada in the period, with no new openings, resulting in a total of 506 U.S. stores and 138 Canadian stores as of July 30.

CEO Roger Rawlins said: “Our second quarter was a continuation of the strength we have seen in both our direct-to-consumer and wholesale channels and we were pleased with our topline results.

“We are seeing this trend continue into the third quarter as our back-to-school season, a new holiday period for Designer Brands, has been performing well, supported by an increased assortment of athletic and kid's products.”