BUZZ-Designer Brands plunges after cutting FY profit, sales forecast

Reuters2024-12-10
BUZZ-Designer Brands plunges after cutting FY profit, sales forecast

** Shares of footwear retailer Designer Brands DBI.N down ~21% at $4.57 premarket

** Co cuts FY profit and sales forecast due to unreasonably warm weather and consumers putting off discretionary purchases

** Expects FY adj earnings per share of 10 cents to 30 cents vs prior forecast of 50 cents to 60 cents

** Forecasts FY net sales to be down in low single-digit percentage vs prior forecast of flat to low single digits

** Posts 1.2% decline in Q3 sales to $777.2 mln as footwear sales excluding boots remained flat to prior year

** Posts quarterly adj profit of 27 cents per share vs analysts' estimates of 35 cents, per data compiled by LSEG

** Up to last close, stock down about 35% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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