Designer Brands Drops 9% In Pre-market After Earnings Miss

(RTTNews) - Shares of Designer Brands Inc. (DBI) were down more than 9 percent in pre-market on Tuesday to $10.05, after the company's first-quarter earnings fell short of analysts' view.

The company posted net income of $783,000 or $0.01 per share for the first quarter, significantly lower than $11.42 million or $0.17 per share in the same quarter a year ago, primarily due to higher expenses.

Excluding items, earnings of $4.81 million or $0.08 per share missed the average estimate of analysts polled by Thomson-Reuters of $0.12 per share.

Revenue for the quarter, however, rose 0.6% to $746.59 million from $742.08 million last year. The consensus estimate was for $741.63 million.

Designer Brands shares had closed at $11.05, up 9.95 percent on Monday. The stock has traded in the range of $6.30 - $13.44 in the last 1 year.