Designer Brands Inc. (NYSE: DBI) reported Q4 EPS of ($0.05), $0.01 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $829.62 million versus the consensus estimate of $841.63 million.

Chief Executive Officer Roger Rawlins, stated, "The impact of COVID-19 on our business and industry is unprecedented, and our thoughts are with those individuals who have been directly affected by the virus. At the direction of government officials to flatten the curve, and in an attempt to safeguard the long-term stability of our business, we have made the difficult decision to temporarily close our North American retail locations, as of close of business today. However, we will continue to serve our customers through our leading e-commerce infrastructure, which we have invested in heavily over the last few years. Our warehouses will remain open to fulfill our online orders, operating under our emergency preparedness plan, and all retail employees will be compensated in the near-term."

Mr. Rawlins continued, "In an abundance of caution and to preserve our financial flexibility during this difficult time, we have decided to reduce our dividend for the first quarter of fiscal 2020 to deliver a yield that we believe more appropriately aligns with the current stock price, yet remains near the top of our peer set. We have a solid balance sheet with modest bank debt levels outstanding, and we expect to return to normal investment and distribution policies as we return to normalcy and volatility subsides. Due to the current level of uncertainty, which we expect to continue in the coming months due to the rapidly evolving and unprecedented circumstances surrounding COVID-19, we are refraining from providing 2020 guidance.

"We are focused on preserving the long-term sustainability of our business. While we face new challenges as we progress through this extraordinarily challenging time, we have not lost sight of our overarching goal of becoming the leading footwear and accessories company in North America. We remain focused on strengthening our relationship with our customers and increasing our market share through the execution of our three strategic pillars of (1) developing differentiated products; (2) offering differentiated experiences, both in store and online; and (3) focusing on new growth opportunities to position Designer Brands well for the long term."

Fiscal 2020 Annual Guidance

Given the uncertainty around the impact of COVID-19 on our supply chain and consumer demand in the U.S. and Canada, as well as other mitigation efforts such as store closures, the Company is not issuing guidance for fiscal 2020 at this time. The situation is rapidly evolving, and it is challenging to reliably quantify the impact of COVID-19. The Company remains committed to updating you as visibility increases once there is a return to normalcy.

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