Designer Brands reports Q3 adjusted EPS 67c, consensus 72c

Reports Q3 revenue $865.02M, consensus $871.54M. Reports Q3 comparable sales up 3%. During the third quarter, the company opened one new store and closed three stores in the U.S. with no changes to the store count in Canada, resulting in a total of 504 U.S. stores and 138 Canadian stores as of October 29. Roger Rawlins, CEO, stated, "We continued to make meaningful progress on our long-term brand building strategy while also delivering solid comparable sales across every segment of our business. Sales of Owned Brands represented 26.5% of total net sales in the third quarter of 2022 compared to 21.5% for the same period last year. The strategic shifts we have made in our business over the past several years are driving a sustainably higher gross margin rate than 2019 as we have a more targeted focus on customer acquisition, optimizing our assortment, and growing the brands we own and control."