Designer Brands Sinks In Pre-market On Lower Annual Earnings Outlook Than Estimates

(RTTNews) - Shares of Designer Brands Inc. (DBI), a designer, producer and retailer of footwear and accessories, were down more than 20 percent in pre-market on Thursday, at $9.21, after the company's full-year earnings outlook came in below analysts' view.

For the full year, the company now expects EPS in the range of $0.70 - $0.80, below the average estimate of analysts polled by Thomson-Reuters of $0.81 per share.

Designer Brands posted a net loss of $29.70 million or $0.52 per share for the fourth quarter, compared with net income of $45.11 million or $0.66 per share in the prior-year quarter.

Excluding items, loss was $25.3 million, or $0.44 loss per diluted share. The consensus estimate was for a loss of $0.47 per share.

Revenue for the quarter declined 0.8 percent year-on-year to $754.3 million. Analysts were looking for revenue of $747.35 million.

Designer Brands shares had closed at $11.52, up 3.41 percent on Wednesday. The stock has been trading in the range of $6.14 - $13.44 in the last 1 year.