The company reported that net sales were up by 1.4% to US$865 million, while the comparable sales result was up by 3%.

Gross profit for the period dropped to US$285.8 million from US$313.6 million the year previous, and gross margin as a percentage of net sales was 33%, down from 36.7%.

During the third quarter of the 2022 financial year, Designer Brands opened one new store in the U.S. and closed another three, resulting in a total of 504 U.S. stores and 138 Canadian stores as of October 29, 2022.

CEO Roger Rawlins said: “While we are seeing many of the same pressures across the consumer landscape that most retailers are seeing, our flexible business model continues to support our efforts to navigate a dynamic macro environment.

“We are focused on meeting our customers’ footwear needs while we balance inventory and expenses in order to continue growing market share in this volatile environment.”