Dive Brief:
In an effort to rightsize its store footprint, Designer Brands on Tuesday said in an earnings call to analysts that the company expects to close nearly 65 stores over the next four years as leases expire. The retailer said that number includes 24 locations it will look to close in 2021.
The company, which owns Designer Shoe Warehouse and Shoe Warehouse among other brands, reported that fourth quarter net sales decreased 26.6% year over year to $609.4 million. For the full year, net sales decreased 36% to $2.2 billion.
For the quarter, the retailer reported a net loss of $134 million, and for the full year, the company reported a net loss of $488.7 million.
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Sequential improvement in results continued in the fourth quarter
Athletic comparable sales in the U.S. Retail segment were up 19% in fourth quarter fiscal 2020, improved from the 5% increase in the third quarter of this year
COLUMBUS, Ohio, March 16, 2021 /PRNewswire/ Designer Brands Inc. (NYSE: DBI) (the Company and Designer Brands ), one of North America s largest designers, producers and retailers of footwear and accessories, announced financial results for the three months ended and fiscal year ended January 30, 2021, compared to the three months ended and fiscal year ended February 1, 2020.
Chief Executive Officer Roger Rawlins, stated, Designer Brands fourth quarter continues our story of sequential improvement in unprecedented market conditions. I am proud of our team s exceptional execution of our near-term strategy as we continued to pivot our assortment to athleisure and kids, focused on the Top 50 brands in footwear and leaned even further i
Price action over last quarter: Up 119.26%
Company Profile
Designer Brands Inc is a retailer engaged in branded footwear in the United States. It offers a wide selection of brand name and designer dress, casual, and athletic footwear for women and men. Group functions through U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment. The U.S. Retail segment includes stores operated in the U.S. under the DSW Designer Shoe Warehouse banner and its related e-commerce site. The Canada Retail segment includes stores operated in Canada under The Shoe Company, Shoe Warehouse, DSW Designer Shoe Warehouse banners and related e-commerce sites. The Brand Portfolio segment is engaged in sale of wholesale products to retailers and sale of branded products on direct-to-consumer e-commerce sites and other activities.
DSW Designer Shoe Warehouse will end its five-year run at the mall March 20.
Store Manager Genny Pachoud said her district manager told her the store was closing after a lease dispute with the mall. She could not provide details about the issue.
Karla Woods, the mallâs marketing manager, could not be reached for comment Tuesday.
The closure means eight full- and part-time employees will lose their jobs. Miss Pachoud has been offered to transfer to a DSW store in Henrietta, near Rochester.
With its departure, the closest DSW store will be in Syracuse.
While the shoe store is about to close, a metaphysical store soon will open in space near Perfection Nails. B&T Accessories, a womenâs accessories store, will be moving next to Torrid in mid-March. Empire CBD, which sells CBD oil products, opened next to Harris Jewelry near the Food Court.
Midwestern grocer expands roster of ‘shop-in-shop’ departments
Hy-Vee is partnering with The W Nail Bar to open several in-store nail salons this year.
Plans call for the first The W Nail Bar location to open inside the Hy-Vee supermarket in Bettendorf, Iowa, in early April, Hy-Vee said Wednesday. More nail salons are slated to launch in stores across the grocer’s eight-state Midwestern market area by the end of 2021.
A full-service, all-natural nail salon operator, The W Nail Bar offers a range of nail care services, including manicures, pedicures, nail art, waxing and tinting. The Columbus, Ohio-based company with nine salons in Ohio, Virginia, Texas and Indiana also offers its own line of all-natural, handmade nail products, which Hy-Vee said will soon be sold at selected stores.