Designer Brands rises as share buyback plan overshadows downbeat results
08/06/2023 13:11
** Shares of footwear retailer Designer Brands Inc DBI.N
rise 4% to $7.50 premarket
** Co announces repurchase of up to $100 mln of its class A
shares through modified Dutch auction
** Says anticipated cash purchase price of not less than $7
per share and not more than $8 per share
** Also intends to enter into $135 mln term loan agreement
to be used principally to fund the offer, which is set to
commence on June 8
** Co now sees 2023 net sales to be down mid- to high-single
digits and expects earnings of $1.20 - $1.50/shr, excluding
newly acquired Keds
** Posts Q1 net sales of $742.1 mln on earnings of $0.21/
shr vs analysts' estimates of $754.3 mln in revenue on earnings
of $0.23
** Stock has fallen 26.3% YTD
(Reporting by Sruthi Narasimha Chari in Bengaluru)
((Sruthinarasimha.chari@thomsonreuters.com))