Designer Brands saw its net income plunge 82.1 per cent to $29.1 million amid lower US and Canada retail sales in the last fiscal year.

The company’s net sales declined 7.3 per cent to $3.07 billion as US retail net sales fell 9.2 per cent to $2.53 billion and Canada retail net sales slid 6.7 per cent to $264.2 million.

Brand portfolio net sales, meanwhile, increased 6.5 per cent to $349 million.

During the year, the company acquired Keds and launched Le Tigre.

Designer Brands CEO Doug Howe said last year was “a difficult year” as we were impacted by a softening footwear market, a high promotional retail environment, “and the impact of unseasonably warm weather on our seasonal footwear business.”

For the current fiscal year, the company forecasts low-single-digit net sales growth.

“Looking ahead to 2024, we have an important transition year ahead as we plan to return to growth across our business,” Howe said.

“We are lazer-focussed on assembling a fresher and more trend-right assortment for our customers, providing an increasingly convenient shopping experience across our channels and executing on operational improvements in our brands business bolstered by our new hires.”