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Vietnam closures push retailers to shift tactics, suppliers ahead of the holidays
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Operator
Good day and welcome to the Designer Brands Inc. 1Q 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Stacy Turnof. Please go ahead.
Stacy Turnof
Senior Vice President
Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week period ending May 1st, 2021 to the 13-week period ending May 2nd, 2020. Please note that remarks made about the future expectations, plans, and prospects of the company constitute forward-looking statements. Results may differ materially due to various factors listed in today s press release and the company s public filings with the SEC. The company assumes no obligation to update any forward-looking statements. Joining us today are Roger Rawlins, Chief Executive Off
Operator
Good day and welcome to the Designer Brands Inc. Fourth Quarter and Fiscal Year 2020 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Stacy Turnof with Edelman. Please go ahead.
Stacy Turnof
Vice President
Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week and 52-week periods ended January 30, 2021 to the 13-week and 52-week periods ending February 1, 2020.
Please note that remarks made about the future expectations, plans and prospects of the company constitute forward looking statements. Results may differ materially due to various factors listed in today s press release and the company s public filings with the SEC. The company assumes no obligation to update any forward looking statements.
Retail reckoning: Pandemic hastens online shopping wins, losses - Business - Columbus CEO
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Dive Brief:
Designer Brands on Wednesday reported that third quarter net sales fell 30.1% year over year to $652.9 million. Online sales rose 3%, executives said during their earnings call, according to a transcript from Seeking Alpha.
Comparable sales fell 30.4%, compared to the 0.3% increase in the year-ago period, according to a company press release. Executives said they will likely end up closing 10% to 15% of the store fleet, which in the U.S. could mean about 50 to 80 of the retailer s 524 locations.
The retailer swung to a $40.6 million net loss in the quarter from $43.5 million in net income a year ago, with an operating loss of $58.6 million, down from operating profit of $56.1 million. Gross profit contracted by $107.7 million to $165.7 million, with gross margin down to 25.4% from 29.3% last year.
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