Mar 16, 2021 (Baystreet.ca via COMTEX) -- Designer Brands Inc. /zigman2/quotes/204656556/composite DBI +3.34% watched its stock fall Tuesday, on quarterly numbers. 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.
Net sales decreased 26.6% to $609.4 million in the fourth quarter of fiscal 2020 compared to the same period last year. Comparable sales decreased by 20.1% compared to last year's 0.7% increase.
Gross profit decreased to $135.0 million in the fourth quarter of fiscal 2020 versus $205.9 million last year, and gross margin as a percentage of net sales was 22.2% as compared to 24.8% last year. The decrease in the gross profit rate was primarily driven by the significant reduction in customer traffic with the continuing impact of the coronavirus disease outbreak resulting in lower sales volume.
Reported net loss was $134.0 million, or $1.85 loss per diluted share, including net charges of $1.32 per diluted share from adjusted items primarily related to impairment and restructuring charges and the valuation allowance established against deferred tax assets.
Said CEO 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 into our digital-first capabilities."
DKI shares slid 86 cents, or 5.4%, to $15.04.
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