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Designer Brands' Q2 net sales increase 66.9 percent

By Prachi Singh

Aug 31, 2021

Report

Image: Designer Brands wesbite

For the second quarter, Designer Brands Inc. net sales increased 66.9 percent to 817.3 million dollars, while comparable sales increased 84.9 percent for the quarter.

Reported net income in the second quarter was 42.9 million dollars or 55 cents per diluted share, while adjusted net income was 43.4 million dollars or 56 cents per diluted share.

Commenting on the results, Roger Rawlins, the company’s chief executive officer, stated: “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. Given the positive momentum and strength of our strategy, we expect to achieve an adjusted operating income in the second half of fiscal 2021 that will be in-line or slightly better than fiscal 2019 levels.”

The company said, gross profit increased to 284.7 million dollars versus 37 million dollars last year, and gross margin as a percentage of net sales was 34.8 percent as compared to 7.6 percent for the same period last year and 30.5 percent for the second quarter of fiscal 2019.

During the second quarter of fiscal 2021, the company closed one store in the U.S. and two stores in Canada, resulting in a total of 515 U.S. stores and 143 Canadian stores.