Designer Brands Inc. (NYSE: DBI) shares are trading lower Tuesday Morning after the company reported worse-than-expected Q3 financial results and lowered FY23 adjusted EPS guidance.
The company reported a third-quarter FY23 sales decline of 9.1% year-on-year to $786.33 million, missing the analyst consensus of $829.18 million.
Adjusted EPS of $0.24 missed the analyst consensus of $0.48. Total comparable sales decreased by 9.3%.
"This quarter, we were impacted by a footwear market that contracted for the first time since COVID coupled with unseasonably warm weather, which significantly reduced customer demand for shoes and pressured our heavily seasonal assortment," stated CEO Doug Howe.
Quarterly gross profit decreased to $256.4 million ...