Designer Brands' Shares Close at Lowest Price Since 2020 Following Outlook Cut

Dow Jones09-12

By Sabela Ojea

Shares of Designer Brands closed at an almost four-year low after the retailer cut its outlook citing increasingly mindful consumer spending habits.

The stock ended the market session down 12% at $5.14. Shares have dropped 42% this year and are down 56% in the past 12 months.

The fashion retailer said it now expects full-year adjusted earnings per share, which strip out one-time items, of 50 cents to 60 cents, down from a prior guidance of 70 cents to 80 cents. It also forecasts flat to low-single-digit growth in sales for the year, down from a prior view of low-single-digit growth.

Chief Executive Doug Howe said macro uncertainty, a further pull back in discretionary spending on dress and seasonal footwear and a lackluster spring seasonal business muted improvements Designer Brands has seen from its turnaround plan.

The lowered outlook came as the company reported a drop in profit and sales for the second quarter ended Aug. 3.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 11, 2024 17:00 ET (21:00 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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