Designer Brands Reduces Dividend to Preserve Liquidity
Before the markets opened on March 17, Designer Brands (NYSE: DBI) reported its results for 2019. Full-year net sales grew 10%, even though fourth-quarter net sales fell 1% year over year. The company also recorded $94.4 million in net income for 2019, a stark improvement from its $20.4 million net loss in 2018. However, for Q4 it reported a net loss of $7.6 million.
Yet these top- line and bottom-line numbers aren't what investors care about right now. As evidenced by the stock's stunning 40% drop the day before, Designer Brands' shareholders are curious about the company's guidance in light of the COVID-19 pandemic.
Image source: Designer Brands.
Source Fool.com
