6e6ef2f76dda74eeb46d1e941cc483d39d152fbb83bf8ce5bc37ed128e41e37d

Number of DSW stores in U.S. Retail segment (count)

Number of The Shoe Co. stores in Canada Retail segment (count)

Number of DSW stores in Canada Retail segment (count)

Number of Rubino stores in Canada Retail segment (count)

Total number of stores in Canada Retail segment (count)

Total number of stores (count)

Comparable sales percent change for U.S. Retail segment (percentage)

Comparable sales percent change for Canada Retail segment (percentage)

Comparable sales percent change for Brand Portfolio segment - direct-to-consumer channel (percentage)

Comparable sales percent change for Brand Portfolio segment (percentage)

Comparable sales percent change for total (percentage)

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ff1d020fb3dee38d718582bd9dafe3feb55b4ce2a2bac3172567f27fa5fd9147

0640c5abe82b7c69d2c3a32eb68ee733f9e13f0e31bf9da5b014018baaa0b675

The significant drop in cash in Q3 2025 appears to be influenced by several financial activities. Notably, the company repurchased **$50.6 million** worth of shares during the quarter and incurred a net interest expense of **$11.6 million**, both of which likely reduced cash reserves. Additionally, while there were various operational and expense initiatives underway, the documents do not provide a definitive explanation beyond these factors.  **[0001319947-24-000055_dsw-20241102.htm:4]** **[DBI_3411308_5]** 

Why did cash drop so significantly in Q3 2025?

The documents do not provide specific details regarding the factors that contributed to the **decline** in long-term debt in **Q1 2025**. One document discusses factors such as a **term loan** and **higher interest rates on asset-based lending (ABL)** in the context of changes to debt levels, but these comments pertain to an **increase** in long-term debt and do not definitively explain the decline in Q1 2025.  **[0001319947-24-000055_dsw-20241102.htm:4]** **[0001319947-24-000033_q120248-kex991pressrelease.htm:8]** **[DBI_3391591_7]** 

What factors contributed to the decline in long-term debt in Q1 2025?

The surge in long-term debt in Q3 2025 was primarily driven by **increased borrowing under the term loan facility** and **greater utilization of the ABL revolver**. Specifically, the term loan balance rose significantly from **$50,000 thousand** to **$128,063 thousand**, while the ABL revolver increased from **$330,571 thousand** to **$414,109 thousand**. These changes reflect the company’s strategic actions in managing its liquidity and capital structure.  **[0001319947-24-000052_q320248-kex991pressrelease.htm:9]** **[0001319947-24-000055_dsw-20241102.htm:4]** **[0001319947-24-000055_dsw-20241102.htm:16]** 

What drove the surge in long-term debt in Q3 2025?

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Net income (USD, thousands)

Depreciation and amortization (USD, thousands)

Stock-based compensation expense (USD, thousands)

Deferred income taxes (USD, thousands)

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Distributions received from equity investments (USD, thousands)

Impairment charges (USD, thousands)

Other adjustments to net income (USD, thousands)

Accounts receivables change (USD, thousands)

Income tax receivable change (USD, thousands)

Inventories change (USD, thousands)

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Operating lease assets and liabilities, net change (USD, thousands)

Net cash provided by operating activities (USD, thousands)

Cash paid for property and equipment (USD, thousands)

Cash paid for business acquisitions (USD, thousands)

Other investing activities, net (USD, thousands)

Net cash used in investing activities (USD, thousands)

Borrowing on revolving credit facility (USD, thousands)

Payments on revolving credit facility (USD, thousands)

Proceeds from the issuance of the Term Loan (USD, thousands)

Payments for borrowings under Term Loan (USD, thousands)

Payments of debt issuance costs (USD, thousands)

Cash paid for treasury shares (USD, thousands)

Dividends paid (USD, thousands)

Cash paid for taxes for stock-based compensation shares withheld (USD, thousands)

Other financing activities, net (USD, thousands)

Net cash provided by (used in) financing activities (USD, thousands)

Effect of exchange rate changes on cash balances (USD, thousands)

Net decrease in cash and cash equivalents (USD, thousands)

Cash paid for interest on debt (USD, thousands)

Cash paid for operating lease liabilities (USD, thousands)

Property and equipment purchases not yet paid (USD, thousands)

Operating lease liabilities arising from lease asset additions (USD, thousands)

Net increase to operating lease assets and lease liabilities for modifications (USD, thousands)

Cash and cash equivalents, beginning of period (USD, thousands)

Cash and cash equivalents, end of period (USD, thousands)

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Net sales (USD, thousands)

Cost of sales (USD, thousands)

Gross profit (USD, thousands)

Operating expenses (USD, thousands)

Operating profit (USD, thousands)

Interest expense, net (USD, thousands)

Non-operating expenses, net (USD, thousands)

Loss on extinguishment of debt and write-off of debt issuance costs (USD, thousands)

Income (loss) before income taxes (USD, thousands)

Income tax benefit (provision) (USD, thousands)

Net income attributable to redeemable noncontrolling interest (USD, thousands)

Net income attributable to Designer Brands Inc. (USD, thousands)

Basic earnings per share (USD)

Diluted earnings per share (USD)

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Cash and cash equivalents (USD, thousands)

Receivables, net (USD, thousands)

Inventories (USD, thousands)

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Goodwill (USD, thousands)

Intangible assets, net (USD, thousands)

Deferred tax assets (USD, thousands)

Equity investments (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Accounts payable (USD, thousands)

Accrued expenses (USD, thousands)

Current maturities of long-term debt (USD, thousands)

Current operating lease liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term debt (USD, thousands)

Non-current operating lease liabilities (USD, thousands)

Other non-current liabilities (USD, thousands)

Total liabilities (USD, thousands)

Redeemable noncontrolling interest (USD, thousands)

Total shareholders' equity (USD, thousands)

Total liabilities, redeemable noncontrolling interest, and shareholders' equity (USD, thousands)

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Designer Brands Inc (DBI)

Financials