Designer Brands plunges after cutting FY profit, sales forecast

Designer Brands

10/12/2024 15:14

(Updates)
    ** Shares of footwear retailer Designer Brands  DBI.N  fall
as much as 17.1% to $4.80 in morning trade
    ** Co cuts FY profit and sales forecast due to unreasonably
warm weather and consumers putting off discretionary purchases
    ** Expects FY adj earnings per share of 10 cents to 30 cents
vs prior forecast of 50 cents per share to 60 cents per share
    ** Forecasts FY net sales to fall by low-single-digit
percentage vs prior forecast of flat growth to low-single-digit
fall
    ** Posts 1.2% decline in Q3 sales to $777.2 mln as footwear
sales excluding boots remained flat to prior year 
    ** Posts quarterly adj profit of 27 cents per share vs
analysts' estimates of 35 cents per share, per data compiled by
LSEG
    ** Up to last close, stock down about 35% YTD
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))