- 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.
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