Designer Brands Reports Q3 2024 Financial Results

Designer Brands ( (DBI) ) has released its Q3 earnings. Here is a breakdown of the information Designer Brands presented to its investors.

Designer Brands is a prominent global designer, producer, and retailer of footwear and accessories, known for its robust portfolio of well-known brands and commitment to inspiring self-expression in the footwear industry. In its third-quarter 2024 financial results, Designer Brands reported challenges due to unseasonably warm weather and macroeconomic uncertainties that impacted consumer spending, leading to a decrease in comparable sales by 3.1% and a 1.2% drop in net sales to $777.2 million. The company’s net income stood at $13.0 million, with a diluted EPS of $0.24, while gross profit decreased to $247.4 million. Despite these challenges, the company reported a growth of 8% in U.S. Retail segment sales excluding boots, indicating strategic investments in key categories. Designer Brands faced liquidity constraints, ending the quarter with $36.2 million in cash and cash equivalents and an increase in debt to $536.3 million. The company also repurchased 7.7 million Class A common shares, indicating a commitment to returning value to shareholders. Looking forward, Designer Brands remains focused on its strategic priorities, aiming to navigate current economic headwinds with an updated marketing and merchandising strategy for the holiday season, while expecting a modest decline in net sales growth for the year.