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Telsey Advisory Group analyst Dana Telsey reiterated the Market Perform rating on Designer Brands Inc. (NYSE: DBI), raising the price target to $14 from $8.
DBI reported a second-quarter FY23 sales decline of 7.8% year-on-year to $792.2 million, beating the analyst consensus of $785.74 million. Adjusted EPS of $0.59 beat the analyst consensus of $0.44.
Overall, the Q2 results are encouraging, as the company was able to maneuver a choppy consumer backdrop and deliver a beat across sales, gross margin, and expenses, and maintained its prior FY23 outlook.
The margin expansion was driven by a consolidation of DBI's fulfillment centers ...