Designer Brands Boosts Annual EPS Forecast On Solid Q2 Earnings Beat - Designer Brands (NYSE:DBI)

Designer Brands Inc DBI reported second-quarter FY22 sales growth of 5.1% year-on-year to $859.32 million, beating the consensus of $838.69 million.
Comparable sales increased 6.2% versus last year.
Adjusted EPS of $0.62 beat the analyst consensus of $0.52.
The gross profit margin contracted 40 basis points Y/Y to 34.4%, and the gross profit jumped 3.8% to $295.7 million.
The operating margin was 7.9%, and operating income for the quarter rose 10.1% to $67.6 million.
The company held $50.8 million in cash and equivalents as of July 30, 2022. The company ended the quarter with inventories of $694 million compared to $504.31 million for the same period last year.
Outlook: Designer Brands raised FY22 EPS guidance to $2.05 - $2.15 from $1.90 - $2.00, versus the consensus of $1.89.
The company continues to expect an FY22 comparable sales growth outlook of mid-single digits.
Price Action: DBI shares are trading lower by 0.30% at $16.45 on the last check Wednesday.