Designer Brands posts 67% rise in sales
Columbus, Ohio-based footwear company Designer Brands Inc. has reported net sales of $817.3 million in the second quarter ended July 31, 2021, an increase of 66.9% compared to $489.7 million in the prior-year period.
Comparable sales at the company, which operates the DSW Designer Shoe Warehouse, The Shoe Company, and Shoe Warehouse retail banners, and produces footwear and accessories through Camuto Group, increased 84.9% in the quarter.
The company’s quarterly revenue from its U.S. retail division increased 83.5% year over year to $723.1 million, while its Canada retail division posted $57.6 million in sales, representing a rise of 16.1% compared to the prior-year period. Sales in the group’s brand portfolio increased 65.9% to $50.5 million.
Quarterly net income totaled $42.9 million, or $0.55 per diluted share, compared to a loss of $98.2 million, or $1.36 per diluted share, in the same period in the previous year.
“Our tremendous second quarter results reflect successful execution on our short-term priorities coupled with our strategy to gain market share in athleisure and kids,” commented Designer Brands CEO Roger Rawlins in a release. “Our sales results were driven by increased store traffic as we substantially grew our loyal customer base and welcomed core DSW customers back into our stores.”
In the first six months of the year, Designer Brands posted sales of $1.5 billion, up 56.3% compared to $972.5 million in the same period in the previous year. Net income at the company during the first half of the year totaled $59.9 million, or $0.78 per diluted share, compared to a loss of $314.1 million, or $.36 per diluted share, in the prior-year period.
At the close of the second quarter, Designer Brands operated 515 stores under its various banners in the U.S., and 143 locations in Canada.
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