Designer Brands rises to nine-month high on Q2 sales, profit beat

Designer Brands

07/09/2023 15:22

(Updates)
    ** Shares of footwear retailer Designer Brands  DBI.N  rise
as much as 30% to over nine-month high at $13.44
        ** Stock last up 19.4%; on course for best day since
June 2023 if gains hold
  
    ** 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 data 
    ** Adj. EPS of 59 cents also tops ests of 49 cents 
    ** Co reaffirms full-year 2023 forecast; however, CEO Doug
Howe says DBI expects headwinds to persist in the near term
    ** Stock has risen ~26% so far this year

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