For the first quarter, Designer Brands Inc. reported net sales increase of 45.6 percent to 703.2 million dollars compared to the same period last year. The company’s comparable sales increased 52.2 percent versus the 42.3 percent decrease for the same period last year.
Commenting on the first quarter performance, Roger Rawlins, the company’s chief executive officer, stated: “Designer Brands is off to a strong start in fiscal 2021, highlighted by our return to profitability for the first time since the onset of Covid-19 and a positive comparable sales increase of 52 percent for the first quarter.”
The company said, gross profit increased to 216.1 million dollars versus a gross loss of 26.5 million dollars last year, and gross margin as a percentage of net sales was 30.7 percent as compared to negative 5.5 percent last year and 29.7 percent for the first quarter of fiscal 2019.
Reported net income was 17 million dollars or 22 cents per diluted share, while adjusted net income was 9.5 million dollars or 12 cents per diluted share.
During the first quarter, the company opened two stores and closed five in the U.S., resulting in a total of 516 U.S. stores. In Canada, Designer Brands opened two stores with one closure resulting in a total of 145 Canadian stores.