Why Designer Brands Stock Tumbled Today
Shares of Designer Brands (NYSE: DBI) were taking a dive today after the footwear retailer missed estimates in its third-quarter earnings report and slashed its full-year guidance due to macroeconomic headwinds.
As of 1:26 p.m. ET, the stock was down 22.7%.
Designer Brands, which is best known for its ownership of DSW, reported decent third-quarter results with comparable sales up 3% and overall revenue up 1.4% to $865 million. Yet that result still missed expectations of $871.5 million.
Source Fool.com