Designer Brands Q1 Profit Beats Estimates; Raises 2022 EPS Guidance

(RTTNews) - Designer Brands Inc. (DBI) reported first quarter adjusted earnings per share of $0.48 compared to $0.12, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.24, for the quarter. Analysts' estimates typically exclude special items.

Reported net income was $26.2 million, or earnings per share was $0.34, including net charges of $0.14 per share from adjusted items, primarily related to the loss on extinguishment of debt and write-off of debt issuance costs.

Net sales increased 18.1% to $830.5 million. Comparable sales increased 15.3%, for the quarter. Analysts on average had estimated $815.33 million in revenue.

For fiscal 2022, the company now expects earnings per share in a range of $1.90 - $2.00, revised from prior guidance range of $1.80 - $1.90.