Designer Brands Inc. (NYSE:DBI) Q2 2023 Earnings Conference Call September 7, 2023 8:30 AM ET
Company Participants
Justin Fischer - Director, IR
Doug Howe - CEO
Jared Poff - CFO & Chief Administrative Officer
Conference Call Participants
Gaby Carbone - Deutsche Bank
Mauricio Serna - UBS
Dylan Carden - William Blair
Operator
Good morning, and welcome to the Designer Brands Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I'd now like to turn the conference over to Justin Fischer, Director of Investor Relations. Please go ahead.
Justin Fischer
Good morning. Earlier today, the company issued a press release comparing results of operations for the 13-week period ending July 29, 2023, to the 13-week period ended July 30, 2022.
Please note that the financial results that we will reference during the remainder of today's call excludes certain adjustments recorded under GAAP unless specified otherwise. For a complete reconciliation of GAAP to adjusted earnings, please reference our press release.
Additionally, please note that remarks made about the future expectations, plans and prospects of the company constitute forward-looking statements. Results may differ materially due to the various factors listed in today's press release and the company's public filings with the SEC. The company assumes no obligation to update any forward-looking statements.
Joining us today are Doug Howe, Chief Executive Officer; and Jared Poff, Chief Financial Officer. Now let me turn the call over to Doug.
Doug Howe
Good morning, everyone. Before discussing this quarter's performance, I want to thank our team for their dedication and hard work during the quarter that played out against a challenging macroeconomic backdrop. Because of our team's commitment to improving results, I am pleased to share that we posted overall comps that improved throughout the quarter in addition to posting sequential improvement from the first quarter.
Our gross margin also increased year-over-year as well as sequentially and marked the second highest Q2 rate over the past decade. Sequential improvement along though is not enough. Within our organization, we are committed to producing year-over-year growth across our top and bottom lines. As we work towards achieving that goal consistently, I'm pleased with our team's efforts to continue reading and reacting to a highly promotional environment while simultaneously managing our inventory to an appropriate healthy level in both our retail and brand segments.