Designer Brands jumps on Q2 sales, profit beat

Designer Brands

07/09/2023 13:23

** Shares of footwear retailer Designer Brands Inc  DBI.N 
up ~8% at $11.20 before the bell 
    ** Company beats Q2 sales and profit estimates 
    ** Q2 net sales fell 7.8% to $792.2 mln but beats analysts
expectations of $785.8 mln, per LSEG IBES estimates 
    ** DBI's adj EPS of 59 cents also tops estimates of 49 cents
    ** DBI reaffirms full-year 2023 forecast
    ** However, CEO Doug Howe says company expects headwinds to
persist near term
    ** Up to Wednesday's close, stock had risen ~6% so far this
year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))