DBI - Why Designer Brands Stock Jumped 16.5% at the Open Today
Shares of shoe retailer Designer Brands (NYSE: DBI) got off on the right foot on Dec. 7, rising as much as 16.5% in the first hour of trading. The big news was the company's third-quarter 2021 earnings update, which was released before the market opened for the day. Here's a quick look at why investors were so pleased.
Designer Brands, which operates the DSW, Shoe Company, and Shoe Warehouse nameplates, posted third-quarter 2021 sales of $853.5 million, up nearly 31% from the same quarter of 2020. That's not shocking, given the pandemic-related disruptions last year. Less flattering is the comparison to 2019, before the pandemic, when third-quarter sales came in at around $934 million. The company was also short of Wall Street's consensus estimate of around $897.5 million.
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Why Designer Brands Stock Jumped 16.5% at the Open Today