DBI - Why Designer Brands Stock Plunged Today
Shares of Designer Brands (NYSE: DBI) plunged as much as 10% today after the company reported third-quarter earnings. Revenue declined but narrowly beat expectations, and the shoe specialist warned of continued uncertainty ahead. As of 12:45 p.m. EST, the stock was down 7%.
Revenue in the third quarter fell by 30% to $652.9 million, slightly ahead of the $651.8 million in sales that Wall Street was modeling for. That resulted in an adjusted net loss per share of $0.26, which was better than the $0.41 per share in red ink that analysts were expecting. The shoe retailer said comparable sales fell by 30.4% due to the ongoing COVID-19 pandemic.
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Why Designer Brands Stock Plunged Today