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Why Designer Brands Plummeted 28% This Week

Why Designer Brands Plummeted 28% This Week

Shares of Designer Brands (NYSE: DBI) were falling sharply from where they ended last week, according to data from S&P Global Market Intelligence. While Designer Brands managed to report comparable sales growth of 3%, which came in on top of a near-41% rise in the year ago quarter, net sales of $865 million were just short of analyst forecasts of $866 million, while profits of $0.67 per share were a full nickel less than the $0.72 per share analysts anticipated. Designer Brands had been expecting full-year 2022 earnings of $2.05 per share to $2.15 per share, but took an axe to those estimates and now expects to generate just $1.75 per share to $1.80 per share, a 17% difference at the midpoint.