Designer Brands rises on Q4 profit beat

Designer Brands

16/03/2023 14:06

** Shares of footwear retailer Designer Brands Inc  DBI.N 
rise 9.7% to $9.07 
    ** Co reports surprise Q4 adj profit of 7 cents per share,
beating analysts' estimates of a loss of 2 cents per share –
Refinitiv
    ** Posts Q4 net sales of $760.5 mln, down 7.5% from a year
earlier
    ** Sees 2023 earnings per share (EPS) of $1.65-$1.75 vs
analysts' est of $1.77
    ** Forecasts net sales growth to be down mid-single-digit in
2023, excluding Keds acquisition
    ** Co also expects incremental net sales of $75 mln-$85 mln
from Keds acquisition in 2023 
    ** DBI had acquired Keds from Wolverine World Wide in
February 2023 for an exclusive license for Hush Puppies footwear
in the United States and Canada
    ** Shares down ~15% so far this year; it had fallen ~31% in
2022

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))