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Shares of Designer Brands (NYSE: DBI) were moving higher today after the footwear retailer reported first-quarter earnings this morning. Though the company actually missed estimates, it posted increased penetration in its owned brands segment, in line with its long-term strategic goals.
The company also announced a tender offer to buy back $100 million in stock, which could give a significant boost to earnings per share, and said it had reestablished its relationship with Nike , a key supplier.
As a result, the stock was up 19% as of 12:11 p.m. ET.