Bill Jordan, the president of Designer Brands Inc. and Camuto LLC, is stepping down from both positions at the footwear company, effective Dec. 1.
The DSW parent company made the announcement on Monday via an 8-K filing with the Securities and Exchange Commission.
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The footwear industry veteran was named president of Designer Brands in June 2021 and previously served as the company’s EVP and chief growth officer since Feb. 2020. Jordan first joined the company in 2006 as VP and general council, and was later promoted to positions including chief compliance officer, chief administrative officer, chief legal officer, president of Town Shoes Limited, and president of DSW Designer Shoe Warehouse.
This is the latest executive move by the company as it works toward its goal to double sales from owned brands and Camuto Group national owned and licensed brands to almost one-third of total sales by 2026.
In July, Designer Brands tapped Laura Denk as president of DSW Designer Shoe Warehouse and EVP of Designer Brands. In her new role at DBI, Denk is tasked with overseeing DSW’s nearly 500 store locations across the U.S. as well as its e-commerce channel. She will also be charged with helping DSW bolster its portfolio of owned and national brands and will report to DBI CEO Doug Howe, who previously served as DSW president until being promoted to CEO in April.
Overall, the company in June posted weaker-than-expected sales in the first quarter. Net sales for the DSW-parent company decreased 10.7 percent to $742.1 million, short of analysts’ expectations of $754.28 million. Comparable sales decreased by 10.4 percent and adjusted net income was $14.3 million, with an adjusted diluted EPS of $0.21, which also fell short of analysts’ expectations.
Given the weaker than expected results, DBI lowered its full-year 2023 outlook and now expects net sales growth, excluding contributions from Keds, to be down in the mid- to high-single digits for the year, compared to previously issued guidance of down in the mid-single digits. Diluted EPS is expected in the range of $1.20 to $1.50, compared to a previously issued guidance of between $1.65 and $1.75.
The company is expected to release its second quarter earnings on Sept. 7.
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