Designer Brands Inc. Files Q1 2024 10-Q

TL;DR

DBI Q1 24 10-Q filed. Financials look standard. Check for debt/cash flow.

AI Summary

Designer Brands Inc. reported its first-quarter results for the period ending May 4, 2024. The company's financial statements indicate a fiscal year end of February 3rd. Key financial data points such as common stock, treasury stock, and retained earnings are detailed within this 10-Q filing.

Why It Matters

This filing provides investors with a detailed look at Designer Brands Inc.'s financial health and performance for the first quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 0001319947 — Central Index Key (Unique identifier for Designer Brands Inc.)
• 001-32545 — SEC File Number (SEC's file number for Designer Brands Inc.)

Key Players & Entities

• Designer Brands Inc. (company) — Filer of the 10-Q
• DSW Inc. (company) — Former name of Designer Brands Inc.
• May 4, 2024 (date) — End of the reporting period
• February 3, 2024 (date) — Beginning of the reporting period

FAQ

Filing Documents

• dsw-20240504.htm (10-Q) — 1062KB
• q1202410-qexhibit311.htm (EX-31.1) — 9KB
• q1202410-qexhibit312.htm (EX-31.2) — 9KB
• q1202410-qexhibit321.htm (EX-32.1) — 6KB
• q1202410-kexhibit322.htm (EX-32.2) — 6KB
• dsw-20240504_g1.jpg (GRAPHIC) — 5KB
• 0001319947-24-000035.txt ( ) — 5924KB
• dsw-20240504.xsd (EX-101.SCH) — 38KB
• dsw-20240504_cal.xml (EX-101.CAL) — 66KB
• dsw-20240504_def.xml (EX-101.DEF) — 213KB
• dsw-20240504_lab.xml (EX-101.LAB) — 521KB
• dsw-20240504_pre.xml (EX-101.PRE) — 364KB
• dsw-20240504_htm.xml (XML) — 843KB

Financial Statements

Item 1 Financial Statements 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Income (Loss) 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to the Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4 Controls and Procedures 24 PART II

Legal Proceedings

Item 1 Legal Proceedings 25

Risk Factors

Item 1A Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 26

Other Information

Item 5 Other Information 26

Exhibits

Item 6 Exhibits 26 SIGNATURE 27 All references to "we," "us," "our," "Designer Brands," "Designer Brands Inc.," or the "Company" in this Quarterly Report on Form 10-Q for the quarter ended May 4, 2024 (this "Form 10-Q") mean Designer Brands Inc. and its subsidiaries. We have included certain website addresses throughout this report as inactive textual references only. The information contained on the websites referenced herein is not incorporated into this Form 10-Q. i Table of contents Cautionary Statement Regarding Forward-Looking Information for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 Certain statements in this Form 10-Q may constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "could," "believes," "expects," "potential," "continues," "may," "will," "should," "would," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words. Any forward-looking statements contained in this Form 10-Q are based upon current plans, estimates, expectations and assumptions relating to our operations, results of operations, financial condition, and liquidity. The inclusion of any forward-looking statements should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to numerous risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forwar

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended (unaudited and in thousands, except per share amounts) May 4, 2024 April 29, 2023 Net sales $ 746,596 $ 742,082 Cost of sales ( 501,527 ) ( 504,343 ) Gross profit 245,069 237,739 Operating expenses ( 238,551 ) ( 220,119 ) Income from equity investments 2,864 2,331 Impairment charges — ( 341 ) Operating profit 9,382 19,610 Interest expense, net ( 11,561 ) ( 6,597 ) Non-operating expenses, net ( 143 ) ( 334 ) Income (loss) before income taxes ( 2,322 ) 12,679 Income tax benefit (provision) 3,207 ( 1,306 ) Net income 885 11,373 Net loss (income) attributable to redeemable noncontrolling interest ( 102 ) 42 Net income attributable to Designer Brands Inc. $ 783 $ 11,415 Earnings per share attributable to Designer Brands Inc.: Basic earnings per share $ 0.01 $ 0.18 Diluted earnings per share $ 0.01 $ 0.17 Weighted average shares used in per share calculations: Basic shares 57,464 64,371 Diluted shares 59,470 67,042 The accompanying notes are an integral part of the condensed consolidated financial statements. 1 Table of contents CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three months ended (unaudited and in thousands) May 4, 2024 April 29, 2023 Net income $ 885 $ 11,373 Other comprehensive loss- Foreign currency translation loss ( 903 ) ( 817 ) Comprehensive income (loss) ( 18 ) 10,556 Comprehensive loss (income) attributable to redeemable noncontrolling interest ( 102 ) 42 Comprehensive income (loss) attributable to Designer Brands Inc. $ ( 120 ) $ 10,598 The accompanying notes are an integral part of the condensed consolidated financial statements. 2 Table of contents CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) May 4, 2024 February 3, 2024 April 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 43,434 $ 49,173 $ 50,569 Receivables, net 96,712 83,590 100,237 Invento

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View this 10-Q filing on SEC EDGAR