Designer Brands tumbles on cutting annual profit forecast

Designer Brands

11/09/2024 12:23

** Shares of footwear retailer Designer Brands  DBI.N  down
25% at $4.35 before the bell
    ** Company cuts annual profit forecast and posts a fall in
Q2 sales and net income
    ** "We saw sustained pressure on challenged categories such
as dress and seasonal in the second quarter," says CEO Doug Howe
    ** DBI now expects adjusted annual EPS between 50 cents and
60 cents, down from prior forecast of 70 cents to 80 cents
    ** Company also sees sales growth to be in the range of flat
and low single-digit percentage rise
    ** Q2 net sales fell 2.6% to $771.9 mln    
    ** Up to Tuesday's close, stock had fallen 34% so far this
year

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