Designer Brands Inc. DBI
Designer Brands Inc., originally founded as DSW Inc., is one of the world's largest designers, producers, and retailers of footwear and accessories. We operate in two reportable segments: the Retail segment and the Brand Portfolio segment. The Retail segment operates the DSW Designer Shoe Warehouse ("DSW"), The Shoe Co., and Rubino banners through its direct-to-consumer stores and e-commerce sites. The Brand Portfolio segment primarily earns revenue from the wholesale of our exclusive and licensed brands to retailers, our Retail segment, and international distributors and the sale of our Vince Camuto, Keds, and Topo brands through direct-to-consumer e-commerce sites.
Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. All prior period segment information has been recast to conform to the current reporting segment presentation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.89B | $3.01B | $3.07B | $3.32B | $3.20B | $2.23B | $3.49B | $3.18B | $2.81B | $2.72B |
| Cost of revenue | — | — | — | — | — | — | — | — | $2.01B | $1.94B |
| Gross profit | $1.26B | $1.29B | $1.32B | $1.45B | $1.07B | $311.2M | $999.7M | $938.7M | $799.1M | $779.9M |
| SG&A | $1.22B | $1.25B | $1.26B | $1.27B | $870.7M | $753.3M | $874.7M | $820.2M | $617.4M | $605.0M |
| Operating income | $47.8M | $34.9M | $72.4M | $187.4M | $205.2M | -$586.3M | $127.3M | $59.0M | $125.1M | $200.0M |
| Interest expense | — | $46.4M | $33.0M | $15.1M | $32.2M | $24.0M | $8.9M | $2.4M | $488.0K | $238.0K |
| Pre-tax income | $2.2M | -$10.7M | $40.2M | $159.5M | $173.0M | -$608.6M | $119.8M | $10.7M | $126.0M | $202.5M |
| Income tax | $7.0M | $755.0K | $11.0M | $3.1M | $18.5M | $119.9M | $25.3M | $29.8M | $59.6M | $78.8M |
| Net income | -$8.4M | -$10.5M | $29.1M | $162.7M | $154.5M | -$488.7M | $94.5M | -$20.5M | $67.5M | $124.4M |
| EPS, basic | -0.17 | -0.20 | 0.47 | 2.41 | 2.12 | -6.77 | 1.28 | -0.26 | 0.84 | 1.53 |
| EPS, diluted | -0.17 | -0.20 | 0.46 | 2.26 | 2.00 | -6.77 | 1.27 | -0.26 | 0.84 | 1.51 |
| Shares, diluted (wtd. avg.) | $49.1M | $53.7M | $63.4M | $72.1M | $77.3M | $72.2M | $74.6M | $80.0M | $80.7M | $82.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.9M | $44.8M | $49.2M | $58.8M | $74.5M | $59.6M | $86.6M | $100.6M | $175.9M | $115.3M |
| Short-term investments | — | — | — | — | — | $0 | $25.0M | $69.7M | $124.6M | $98.5M |
| Receivables | $59.4M | $50.4M | $83.6M | $77.8M | $199.8M | $196.0M | $89.2M | $68.9M | $19.2M | $18.5M |
| Inventory | $563.5M | $599.8M | $571.3M | $605.7M | $586.4M | $473.2M | $632.6M | $645.3M | $501.9M | $500.0M |
| Total current assets | $708.1M | $734.8M | $777.4M | $789.9M | $914.2M | $780.6M | $900.8M | $955.2M | $870.9M | $759.3M |
| Property, plant and equipment | — | $208.2M | $219.9M | $235.4M | $256.8M | $296.5M | $395.0M | $409.6M | $355.2M | $375.3M |
| Goodwill | $130.8M | $130.4M | $123.8M | $97.1M | $93.7M | $93.7M | $113.6M | $89.5M | $25.9M | $79.7M |
| Other intangibles | $81.2M | $84.6M | $82.8M | $31.9M | $15.5M | $15.6M | $22.8M | $46.1M | $135.0K | $35.1M |
| Total assets | $1.95B | $2.01B | $2.08B | $2.01B | $2.01B | $1.98B | $2.47B | $1.62B | $1.42B | $1.43B |
| Accounts payable | $236.2M | $271.5M | $289.4M | $255.4M | $340.9M | $245.1M | $299.1M | $261.6M | $179.3M | $185.5M |
| Short-term debt | $6.8M | $6.8M | $6.8M | $0 | $0 | $62.5M | $0 | — | — | — |
| Total current liabilities | $588.5M | $590.4M | $622.3M | $636.1M | $758.9M | $752.7M | $680.0M | $463.2M | $327.5M | $316.6M |
| Long-term debt | $428.2M | $484.3M | $420.3M | $281.0M | $225.5M | $272.3M | $190.0M | $160.0M | $0 | — |
| Total liabilities | $1.66B | $1.73B | $1.71B | $1.57B | $1.60B | $1.73B | $1.74B | $788.2M | $466.3M | $491.0M |
| Retained earnings | $59.9M | $77.9M | $98.9M | $82.0M | -$74.3M | -$228.8M | $267.1M | $254.7M | $355.0M | $346.6M |
| Total equity | $282.5M | $278.5M | $359.2M | $432.9M | $412.4M | $243.0M | -$2.5M | -$2.7M | -$10.1M | -$13.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $109.9M | $82.2M | $162.4M | $201.4M | $171.4M | -$153.8M | $196.7M | $175.3M | $191.0M | $212.9M |
| Depreciation and amortisation | $59.1M | $63.8M | $66.1M | $81.3M | $77.9M | $88.0M | $86.6M | $79.0M | $80.9M | $82.8M |
| Stock-based compensation | $19.0M | $18.7M | $29.4M | $28.5M | $23.9M | $20.2M | $17.1M | $17.4M | $14.7M | $12.7M |
| Capital expenditure | $31.6M | $50.9M | $55.0M | $55.0M | $33.0M | $31.1M | $77.8M | $65.4M | $56.3M | $87.6M |
| Investing cash flow | -$33.5M | -$62.7M | -$182.5M | -$88.1M | -$35.0M | $2.6M | -$27.4M | -$282.0M | -$59.0M | -$27.3M |
| Financing cash flow | -$72.5M | -$22.1M | $10.5M | -$128.5M | -$121.5M | $123.0M | -$183.4M | $30.0M | -$71.4M | -$110.5M |
| Dividends paid | $9.7M | $10.5M | $12.2M | $13.5M | $0 | $7.2M | $72.6M | $79.8M | $63.8M | $65.1M |
| Buybacks | $0 | $68.6M | $102.2M | $147.5M | $0 | $0 | $141.6M | $47.5M | $9.4M | $50.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001319947-26-000032.
Others in SIC 5661
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|---|---|---|---|---|
| BOOT | Boot Barn Holdings, Inc. | $4.67B | 21.0x | 17.9% |
| GCO | GENESCO INC | $397.6M | — | — |
| SHOE | SHOE STATION GROUP INC | $382.0M | 7.4x | -5.6% |