Designer Brands Unveils New Name, Reports $3B Revenue in Fiscal 2018
Designer Brands Inc., formerly known as DSW Inc., has revealed its new corporate name, reflecting a shift in focus towards brand building and unique customer experiences. The company, which recently crossed the $3 billion revenue mark, has also shared key financial highlights from its fiscal 2018 performance.
The company's revenue grew by 13.3% in fiscal 2018, reaching $3.07 billion. This growth was driven by a 6.1% increase in comparable sales, the highest since 2011. Despite this positive trend, DSW ended the year with a net loss of $20.5 million, or 26 cents per diluted share. This loss was partly due to the wind-down of operations like Town Shoes and Ebuys, which resulted in a loss of 12 cents per diluted share.
DSW's digital demand surged by over 30% in fiscal 2018, reflecting the company's commitment to online growth. However, the company also accumulated $160 million in debt, largely due to recent acquisitions such as the Camuto Group. Despite these challenges, DSW's adjusted net income stood at $134.9 million for the year.
Designer Brands Inc., under its new name, plans to discuss a three-year strategic plan later in the day, which will also include its outlook for fiscal 2019. The company's strong revenue growth and digital demand indicate a promising future, despite the challenges posed by recent operational changes and acquisitions.
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