• Home
  • News
  • Business
  • Designer Brands reports increase in Q2 profit, sales

Designer Brands reports increase in Q2 profit, sales

By Huw Hughes

31 Aug 2022

Business

Image: Designer Brands website

US fashion retailer Designer Brands has reported a 5.1 percent increase in sales in the second quarter of the year.

In the three months to July 30, net sales came in at 859.3 million dollars, up from 817.3 million dollars a year earlier. On a comparable basis, sales were up 6.2 percent.

Net income increased to 46.2 million dollars from 42.9 million dollars a year earlier.

CEO Roger Rawlins told investors: “Our second quarter was a continuation of the strength we have seen in both our direct-to-consumer and wholesale channels and we were pleased with our topline results.”

He said that the positive trend has continued into the third quarter, with its back-to-school offering performing well, “supported by an increased assortment of athletic and kid's products”.

Rawlins added: “We continue to successfully execute against our long-term plan to double sales of our Owned Brands by 2026 while maintaining sales of our top National Brand partners.”

Looking ahead, Designer Brands reaffirmed its outlook for full-year comparable sales growth in the mid-single digits.

But the company now expects earnings per share of between 2.05 dollars and 2.15 dollars, up from its previous guidance of between 1.9 dollars and 2 dollars.

Designer Brands