X0202 SCHEDULE 13D/A 0001589943 XXXXXXXX LIVE 1 Class A Common Shares, without par value 09/15/2026 true 0001319947 250565108 Designer Brands Inc.

810 DSW DRIVE COLUMBUS OH 43219

MARK COHEN 212-543-1500 STONE HOUSE CAPITAL MANAGEMENT, LLC 1019 Kane Concourse, Suite 202 Bay Harbor Islands FL 33154 STEVE WOLOSKY & IAN ENGORON 212-451-2300 OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York NY 10019 0001589943 N Stone House Capital Management, LLC a AF N DE 0.00 7000000.00 0.00 7000000.00 7000000.00 N 16.1 IA OO Based upon 43,390,683 Shares outstanding as of September 3, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2026. 0001497279 N SH Capital Partners, L.P. a WC N DE 0.00 7000000.00 0.00 7000000.00 7000000.00 N 16.1 PN Based upon 43,390,683 Shares outstanding as of September 3, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2026. 0001591240 N Cohen Mark A. a AF N X1 0.00 7000000.00 0.00 7000000.00 7000000.00 N 16.1 IN HC Based upon 43,390,683 Shares outstanding as of September 3, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2026. Class A Common Shares, without par value Designer Brands Inc. 810 DSW DRIVE COLUMBUS OH 43219 This Amendment No. 1 to Schedule 13D is jointly filed by and on behalf of each of the Reporting Persons to amend the Schedule 13D related to the shares of Class A Common Shares, without par value (the "Shares") of Designer Brands Inc., an Ohio corporation (the "Issuer"), initially filed with the U.S. Securities and Exchange Commission on June 11, 2026 (the "Schedule 13D"). Each capitalized term used and not defined herein shall have the meaning assigned to such term in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged. Item 4 is hereby amended to add the following: The Reporting Persons are pleased that management provided additional disclosure regarding Topo Athletic ("Topo") during the recent earnings call on September 10, 2026, including that Topo is on track to generate more than $100 million of revenue in 2027. Attached hereto as Exhibit 99.1 is a presentation (the "Presentation"), which is incorporated herein by reference, summarizing the Reporting Persons' views regarding Topo and its potential to create significant long-term value. As set forth in the Presentation, given Topo's substantial runway for growth and increasing awareness and adoption within the running community, the Reporting Persons believe Topo has the potential to become the Issuer's largest driver of value creation over time. The Reporting Persons continue to believe that the Shares are significantly undervalued and look forward to maintaining an open and constructive dialogue with management and the Board regarding opportunities to maximize value for all of the Issuer's stockholders. Item 7 is hereby amended to add the following exhibit: 99.1 - The Presentation, dated September 15, 2026. Stone House Capital Management, LLC /s/ Mark Cohen 09/15/2026 SH Capital Partners, L.P. /s/ Mark Cohen 09/15/2026 Cohen Mark A. /s/ Mark Cohen 09/15/2026