Designer Brands Slashes FY24 Outlook As Q2 Results Miss Estimates

(RTTNews) - Fashion retailer Designer Brands, Inc. (DBI) reported on Wednesday that net income attributable to the company for the second quarter plunged to $13.82 million or $0.24 per share from $37.20 million or $0.56 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.29 per share, compared to $0.59 per share in the year-ago quarter.

Net sales for the quarter declined 2.6 percent to $771.90 million from $792.22 million in the same quarter last year. Comparable sales decreased 1.4 percent.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share on net sales of $816.14 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $0.50 to $0.60 per share on net sales growth in the flat to low-single digits.

Previously, the company expected earnings in a range of $0.70 to $0.80 per share on net sales growth in the low-single digits.

The Street is looking for earnings of $0.75 per share on net sales of $3.14 billion for the year.

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