On this page of StockholderLetter.com we present the latest annual shareholder letter from Designer Brands Inc. — ticker symbol DBI. Reading current and past DBI letters to shareholders can bring important insights into the investment thesis.
011203 567859
012345 738347 7490 23247 815 4 9 81 4 9 2772 1 5 9 $%&'( *+,. /001/2 345*36 51371/06 6* 74869*0 :; *3 :<$=- *> 6?4 7481396947 4@8?/0A4 /86 *> :B;C D E F G HE D 4 IEI EJDK DL ! M' 69 *0 345 *36 5 137 1/06 6* 7 4869 *0 *3 :<$=- *> 6?4 7481396947 4@8?/0A4 /86 *> :B;C 63/07 9 N >M' OP, O'&+QRORM+ S,'RM= T'MU OM 9 VV W GE KVJED !"X 5472 14 Y 8157 219 $4Z&[O +&U, MT ',\RQO'&+O &Q QS,[RTR,= R+ ROQ [P&'O,' X!" ] ^^X $7O&O, M' MOP,' _`'RQ=R[ORM+ MT R+[M'SM'&ORM+ M' M'\&+Ra&ORM+- $9b3b7b 4UScMd,' 9=,+ORTR[&ORM+ 0Mbe! 57 5D fE 9 GKVJK X ! $/==',QQ MT S'R+[RS&c ,Z,[`ORg, MTTR[,Q$hRS 8M=,3,\RQO'&+OiQ O,c,SPM+, +`Uj,'k R+[c =R+\ &',& [M=,l m^! n X]"]! 7,[`'ROR,Q ',\RQO,',= S`'Q`&+O OM 7,[ORM+ :o$j- MT OP, /[Ol 6ROc, MT ,&[P [c&QQ 6'&=R+\ 7dUjMc0&U, MT ,&[P ,Z[P&+\, M+ pPR[P ',\RQO,',= 9G 8 9 VV 7 DE q K r D f GKE 5Y2 1Eq H Ds 7 Fs 4tF E 7,[`'ROR,Q ',\RQO,',= S`'Q`&+O OM 7,[ORM+ :o$\- MT OP, /[Ol 1 E 9+=R[&O, jd [P,[( U&'( RT OP, ',\RQO'&+O RQ & p,ccu(+Mp+ Q,&QM+,= RQQ`,'k &Q =,TR+,= R+ 3`c, Cv< MT OP, 7,[`'ROR,Q /[Ob N w,Q .0M 9+=R[&O, jd [P,[( U&'( RT OP, ',\RQO'&+O RQ +MO ',x`R',= OM TRc, ',SM'OQ S`'Q`&+O OM 7,[ORM+ :; M' 7,[ORM+ :<$=- MT OP, /[Ob N w,Q .0M 9+=R[&O, jd [P,[( U&'( pP,OP,' OP, ',\RQO'&+O $:- P&Q TRc,= &cc ',SM'OQ ',x`R',= OM j, TRc,= jd 7,[ORM+ :; M' :<$=- MT OP, 7,[`'ROR,Q 4Z[P&+\, /[O MT :B;C =`'R+\ OP, S',[,=R+\ :o UM+OPQ $M' TM' Q`[P QPM'O,' S,'RM= OP&O OP, ',\RQO'&+O p&Q ',x`R',= OM TRc, Q`[P ',SM'OQ-k &+= $o- P&Q j,,+ Q`j_,[O OM Q`[P TRcR+\ ',x`R',U,+OQ TM' OP, S&QO Bv =&dQb . w,Q N 0M 9+=R[&O, jd [P,[( U&'( pP,OP,' OP, ',\RQO'&+O P&Q Q`jUROO,= ,c,[O'M+R[&ccd ,g,'d 9+O,'&[ORg, y&O& >Rc, ',x`R',= OM j, Q`jUROO,= S`'Q`&+O OM 3`c, Cv< MT 3,\`c&ORM+ 7u6 $z o;obCv< MT OPRQ [P&SO,'- =`'R+\ OP, S',[,=R+\ :o UM+OPQ $M' TM' Q`[P QPM'O,' S,'RM= OP&O OP, ',\RQO'&+O p&Q ',x`R',= OM Q`jURO Q`[P TRc,Q-b . w,Q N 0M
01234567 9 474 5 767 67 7 3 6 516 3 5 5 7 5447 7 5672 3 7 51 5447 7 5672 3 7 5 1 1 5447 7 5672 3 7 5 5 7 7 631 4 51 51 7 7 31 6 4 51 77 67 27 31363 1 5 7 5447 7 5672 3 7 5447 7 5672 3 7 5 7 7 631 4 51 512 7 7 31 6 4 51 31 7 9 67 451 7 !46 "5 7 5447 7 5672 3 7 # !447 7 5672 3 7 % 1 5447 7 5672 3 7 # 5 7 7 631 4 51 # 7 31 6 4 51 # 0 51 7 7 31 6 4 51 31234567 9 474 5 3 67 7 3 6 516 5 7 74672 1 6 6 7 67 7671272 6 51 363 1 7 3 2 4 31 36 51 17 7&3 72 3151435 544 1631 65125 2 &3272 516 6 7463 1 '(5) 67 451 7 !46 01234567 9 474 5 767 67 7 3 6 516 5 3 72 5 7 6 1 512 5667 6563 1 6 36 515 7 716* 5 7 716 67 7 7463&717 36 3167 15 4 16 &7 3151435 7 631 127 7463 1 +,+(9) 67 5 9517 - 7 !46 ( . / 0 1 2 (9)) 9 67 7 3 67 72 9 34 544 1631 3 656 7 5 72 3 72 36 5 236 7 6 $ 0 74 3637 5 7 7 3 67 72 516 6 7463 1 (9) 67 !46 31234567 9 474 5 767 67 3151435 6567 716 67 7 3 6 516 314 272 31 67 3 31 7 746 67 4 7463 1 51 7 6 7&3 3 72 3151435 6567 716 3 01234567 9 474 5 767 51 6 7 7 4 7463 1 5 7 7 6567 716 656 74 3 72 5 74 &7 515 3 3147163&7 95 72 4 71 563 1 7473&72 9 51 67 7 3 6 5165 774 63&7 347 2 31 67 7 7&516 74 &7 7 3 2 516 6 6 +, ,7 (9) 3 01234567 9 474 5 767 67 7 3 6 516 3 5 7 4 51 (5 27 3172 31 7 9 67 451 7 !46) # 87 $ % 9 7 5 7 567 5 76 &5 7 67 7 3 6 516* 0 5 ! 4 1 5 7 7 2 9 1 1 5 3 3567 67 7 3 6 516 5 ! 6 , + 5 : ;2 ' ,1' % 97 5 7 6 651231 754 67 7 3 6 516* 4 5 7 4 1 6 4 5 <5 4 1 , .= +, + +1 0 5 ! 4 1 5 7 512 1 1' 1'' 0 5 > 4 1 5 7 ?@ABCDEFG IEA@JK@JLFD? MN JDODJDEAD P 63 1 67 7 3 6 516* 77 31363&7 P 6567 716 1 472 7 +! 67 , . !11 5 <77631 5 7 27 34 6567 716 3 97 3 72 516 6 7 563 1 +! 1 567 651 , 25 5 67 67 712 67 3 45 75 4 &7 72 9 63 7 6 5 7 314 5672 9 7 7 7147 316 P5 6 000 63 !11 5 7 6 1 Q , R
 • shareholder letter icon 5/5/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 DBI Stockholder Letter
 • stockholder letter icon 5/3/2024 DBI Stockholder Letter
 • stockholder letter icon More "Apparel Stores" Category Stockholder Letters
 • Benford's Law Stocks icon DBI Benford's Law Stock Score = 85


DBI Shareholder/Stockholder Letter Transcript:

011203  567859


012345  738347  
7490 23247  815  4 9 81 4  9   2772 1
             5 9        

$%&'(  *+,. /001/2  345*36  51371/06  6*  74869*0  :;  *3  :<$=-  *>  6?4  7481396947  4@8?/0A4  /86  *>  :B;C
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345
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1/06  
6*  
7
4869
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:<$=-  *>  6?4  7481396947  4@8?/0A4  /86  *>  :B;C
63/07
9
N
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OM
9 VV        W GE   KVJED  !"X      
5472 14   Y 8157  219 
$4Z&[O  +&U,  MT  ',\RQO'&+O  &Q  QS,[RTR,=  R+  ROQ  [P&'O,'    
X!" ] ^^X 
$7O&O,  M'  MOP,'  _`'RQ=R[ORM+  MT  R+[M'SM'&ORM+  M'  M'\&+Ra&ORM+- $9b3b7b  4UScMd,'  9=,+ORTR[&ORM+  0Mbe!   57   5D fE 9 GKVJK      
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7,[`'ROR,Q  ',\RQO,',=  S`'Q`&+O  OM  7,[ORM+  :o$j-  MT  OP,  /[Ol
6ROc,  MT  ,&[P  [c&QQ
6'&=R+\  7dUjMc0&U,  MT  ,&[P  ,Z[P&+\,  M+  pPR[P  ',\RQO,',=
9G     8  9 VV    7  DE    q    K   r D  f GKE 5Y2
1Eq  H Ds  7  Fs  4tF    E
7,[`'ROR,Q  ',\RQO,',=  S`'Q`&+O  OM  7,[ORM+  :o$\-  MT  OP,  /[Ol  1  E  
9+=R[&O,  jd  [P,[(  U&'(  RT  OP,  ',\RQO'&+O  RQ  &  p,ccu(+Mp+  Q,&QM+,=  RQQ`,'k  &Q  =,TR+,=  R+  3`c,  Cv<  MT  OP,  7,[`'ROR,Q  /[Ob  N  w,Q  
.0M
9+=R[&O,  jd  [P,[(  U&'(  RT  OP,  ',\RQO'&+O  RQ  +MO  ',x`R',=  OM  TRc,  ',SM'OQ  S`'Q`&+O  OM  7,[ORM+  :;  M'  7,[ORM+  :<$=-  MT  OP,  /[Ob  N  w,Q  
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9+=R[&O,  jd  [P,[(  U&'(  pP,OP,'  OP,  ',\RQO'&+O  $:-  P&Q  TRc,=  &cc  ',SM'OQ  ',x`R',=  OM  j,  TRc,=  jd  7,[ORM+  :;  M'  :<$=-  MT  OP,  
7,[`'ROR,Q  4Z[P&+\,  /[O  MT  :B;C  =`'R+\  OP,  S',[,=R+\  :o  UM+OPQ  $M'  TM'  Q`[P  QPM'O,'  S,'RM=  OP&O  OP,  ',\RQO'&+O  p&Q  ',x`R',=  OM  
TRc,  Q`[P  ',SM'OQ-k  &+=  $o-  P&Q  j,,+  Q`j_,[O  OM  Q`[P  TRcR+\  ',x`R',U,+OQ  TM'  OP,  S&QO  Bv  =&dQb  .  w,Q  N  0M
9+=R[&O,  jd  [P,[(  U&'(  pP,OP,'  OP,  ',\RQO'&+O  P&Q  Q`jUROO,=  ,c,[O'M+R[&ccd  ,g,'d  9+O,'&[ORg,  y&O&  >Rc,  ',x`R',=  OM  j,  Q`jUROO,=  
S`'Q`&+O  OM  3`c,  Cv<  MT  3,\`c&ORM+  7u6  $z  o;obCv<  MT  OPRQ  [P&SO,'-  =`'R+\  OP,  S',[,=R+\  :o  UM+OPQ  $M'  TM'  Q`[P  QPM'O,'  S,'RM=  
OP&O  OP,  ',\RQO'&+O  p&Q  ',x`R',=  OM  Q`jURO  Q`[P  TRc,Q-b  .  w,Q  N  0M

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 7   631   4   51       51  7 7  31       6  4   51    77  67  27 31363 1         5  7  5447 7 5672   3 7      5447 7 5672   3 7     
   5  7    7   631   4   51    512   7 7  31       6  4   51   31     7    9        67    451 7  !46 
"5  7  5447 7 5672   3 7  #
!447 7 5672   3 7 
% 1 5447 7 5672   3 7  #
  5  7    7   631   4   51 #
  7  31       6  4   51 #
0   51  7 7  31       6  4   51   31234567  9  474  5   3   67   7 3 6 516  5   7 74672  1 6  6     7  67  7671272  6 51 363 1   7 3 2  
     4    31    36  51  17        7&3 72   3151435   544  1631    65125 2      &3272       516  6    7463 1   '(5)      67    451 7  !46   
01234567  9  474  5     767   67   7 3 6 516  5    3 72  5   7   6   1  512  5667 6563 1  6   36   515 7 716*   5  7   716      67  
7  7463&717        36   3167 15   4 16      &7    3151435    7   631    127    7463 1  +,+(9)      67   5 9517  -  7  !46  ( .  /   0   
1 2 (9))  9  67   7 3 67 72    9 34  544  1631    3    656    7 5 72      3   72  36   5 236   7   6   $  
0    74  3637   5 7   7 3 67 72       516  6    7463 1    (9)      67  !46   31234567  9  474  5     767   67   3151435    6567 716       67  
 7 3 6 516  314  272  31  67   3 31    7  746  67  4   7463 1      51  7      6     7&3      3   72   3151435    6567 716    3
01234567  9  474  5     767   51      6  7  7      4   7463 1   5 7   7 6567 716   656   74 3 72  5   74 &7   515  3       3147163&7 
95 72  4   71 563 1   7473&72  9  51      67   7 3 6 5165   774 63&7     347    2  31   67   7 7&516   74 &7    7 3 2       516  6   
6 +,  ,7  (9)   3
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 , +    5   : ;2  '  ,1' 
%  97        5 7     6 651231       754      67   7 3 6 516*   4 5  7       4   1   6 4   5       <5 4   1    , .=  +,  +  +1   0 5    !  
4   1   5 7   512  1 1'  1''  0 5    >  4   1   5 7  
?@ABCDEFG  IEA@JK@JLFD?  MN  JDODJDEAD
P  63 1       67   7 3 6 516*   77 31363&7  P      6567 716   1   472  7   +!       67   , .  !11 5   <77631        5 7  27       34  
 6567 716   3    97   3 72       516  6    7   563 1   +!  1    567   651    ,  25   5 67   67  712      67   3 45   75   4 &7 72  9  63    7   6   
5 7  314     5672  9   7 7 7147  316   P5 6  000      63   !11 5    7   6   1  Q      , R 



shareholder letter icon 5/5/2025 Letter Continued (Full PDF)
 

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