DBI - Designer Brands cuts sales outlook for the full year

Designer Brands (NYSE:DBI) reported sales growth of 18.1% in Q1. Comparable sales rose 15.3% with robust growth in the Owned Brands both through the retailer's direct-to-consumer and wholesale channels. Comparable sales were up 13.6% in the U.S. retail segment and jumped 41.4% in the Canada retail segment. Gross profit rose to 33.2% of sales from 30.7% a year ago as the extra sales leveraged kicked in. Net income for the quarter was $26.2M vs. $17.0M a year ago. Designer Brands (DBI) opened two new stores in the U.S. during the quarter. The company ended the quarter with 150 U.S. stores and 140 Canadian stores. Looking ahead, DBI lowers sales guidance to an expectation for mid-single digits growth from a prior expectation for high-single digit growth. EPS of $1.90 to $2.00 is anticipated vs. $1.80 to $1.90 prior range and $1.80 consensus. Shares of Designer Brands (DBI) fell 0.77% in premarket

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Designer Brands cuts sales outlook for the full year