Designer Brands Inc DBI reported a second-quarter FY23 sales decline of 7.8% year-on-year to $792.2 million, beating the analyst consensus of $785.74 million.
Adjusted EPS of $0.59 beat the analyst consensus of $0.44.
Total comparable sales for the quarter declined 8.9%.
Gross profit margin expanded 10 basis points Y/Y to 34.5%, and the gross profit dropped 7.5% to $273.4 million.
Operating margin was 7.7%, and operating income for the quarter declined 10.2% to $60.7 million.
The company held $46.2 million in cash and equivalents as of July 29, 2023. The company ended the quarter with inventories of $606.8 million compared to $694 million for the same period last year.
The company had a total of 498 U.S. stores and 139 Canadian stores as of July 29, 2023.
As of September 5, 2023, the company had $102.8 million authorized for future repurchases under its share repurchase program.
Outlook Reaffirmed: Designer Brands sees FY23 EPS of $1.20 - $1.50 versus the consensus of $1.29.
The company expects FY23 sales, excluding Keds, to decline mid-to-high-single digits.
Price Action: DBI shares are trading higher by 19.36% at $12.39 on the last check Thursday.
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