US retailer Designer Brands posts net sales of $746.6 mn in Q1 FY24

06 Jun '24

2 min read

US retailer Designer Brands posts net sales of $746.6 mn in Q1 FY24

Pic: Designer Brands

Insights

Designer Brands reported a 0.6 per cent increase in Q1 FY24 net sales to $746.6 million.
Gross profit rose to $245.1 million, with a gross margin of 32.8 per cent.
Net income was $0.8 million and EPS was $0.01.
Adjusted net income was $4.8 million, with an adjusted EPS of $0.08.
The company's total comparable sales declined by 2.5 per cent.

Designer Brands Inc, a leading US-based designer, producer, and retailer of footwear and accessories, has reported a 0.6 per cent year-on-year (YoY) increase in net sales in the first quarter of fiscal 2024 (Q1 FY24), reaching $746.6 million. Despite the slight increase in net sales, total comparable sales saw a decline of 2.5 per cent.

The company's gross profit rose to $245.1 million, up from $237.7 million in the first quarter of fiscal FY23. The gross margin also improved, standing at 32.8 per cent compared to 32.0 per cent for the same period last year.

Designer Brands reported a net income attributable to the company of $0.8 million, translating to diluted earnings per share (EPS) of $0.01. This figure includes net after-tax charges of $0.07 per diluted share from adjusted items, primarily related to restructuring and integration costs, the company said in a media release.

On an adjusted basis, the company reported a net income of $4.8 million, with adjusted diluted EPS of $0.08.

"This quarter, we were pleased to deliver results in line with our expectations for this quarter, as we gain traction on our path to returning Designer Brands to growth," said Doug Howe, chief executive officer. "I am proud of the way our teams are embracing the strategic initiatives that we are implementing across the business as we work to transform into a more efficient and synergistic organisation."

Fibre2Fashion News Desk (DP)

More Retail News - United States Of America...