Designer Brands Q3 Profit Misses Estimates; Cuts FY24 Guidance

(RTTNews) - Designer Brands Inc. (DBI) reported that its third quarter net income attributable to company increased to $13.0 million or $0.24 per share from $10.1 million or $0.17 per share, a year ago. Adjusted earnings per share was $0.27 compared to $0.24. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.35, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales decreased 1.2% to $777.2 million. Total comparable sales decreased by 3.1%. Analysts on average had estimated $802.14 million in revenue.

The company has updated its guidance for the full year 2024. Adjusted EPS is now projected in a range of $0.10 - $0.30, revised from prior guidance range of $0.50 - $0.60. Designer Brands net sales is now estimated to decline low single digits, updated from prior guidance range of flat to low-single digits.

Shares of Designer Brands are down 17% in pre-market trade on Tuesday.

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