As high-end labels experience a major slump in their third quarters, Designer Brands Inc. has recorded a low sales Q3 with their net sales dropping by 1.2 per cent to US $ 777.2 million, according to reports.
The company attributed this decrease to various factors, including macroeconomic headwinds and changing consumer preferences. The company has also lowered their yearly outlook and now anticipates a low single-digit decline in net sales and adjusted diluted EPS in the range of US $ 0.10 to US $ 0.30.
Their gross profits have lowered to US $ 247.4 million and net income for the third quarter stood at US $ 13 million.
In terms of store operations, Designer Brands closed three stores in the US and opened two in Canada during the quarter. As of 2nd November 2024, the company operated a total of 496 stores in the US and 179 stores in Canada.
