DBI - Why Designer Brands Stock Jumped on Thursday
2023-09-07 13:46:51 ET
Shares of Designer Brands (NYSE: DBI) were up 21% as of 11:47 a.m. ET on Thursday following the company's quarterly earnings report.
For the fiscal second quarter ending in July, sales were down 7.8%, but what investors most cared about was the sequential growth in sales versus Q1, which might indicate an improving business environment.
It's been a tough stretch for retailers since the beginning of 2022. Consumers are not in the mood to spend money given inflation is trending above average, but with many retail stocks selling at discounted valuations, Wall Street is looking for early signs of improving sales trends -- and it may have gotten just that in Designer Brands' latest earnings report.
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Why Designer Brands Stock Jumped on Thursday