Designer Brands Q2 Profit Tops Estimates, Comps. Down 8.9%; Reaffirms 2023 Guidance

(RTTNews) - Designer Brands Inc. (DBI) reported that its second quarter net income attributable to company declined to $37.2 million or $0.56 per share from $46.2 million or $0.62 per share, last year. Adjusted earnings per share was $0.59 compared to $0.62. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.44, for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 7.8% to $792.2 million. Total comparable sales decreased by 8.9%. Analysts on average had estimated $785.74 million in revenue.

The company reaffirmed its guidance for the full year 2023.

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