Designer Brands slumps after withdrawing annual forecasts

Shares of footwear retailer Designer Brands DBI.N slide 22.8% to $2.88 in early trading

Company withdraws its full-year forecasts, provided in March, due to macroeconomic uncertainty stemming primarily from global trade policies

Q1 net sales decrease 8% to $686.9 million, co reports adjusted loss per share of 26 cents

Quarterly comparable sales fall 7.8%, compared with a 2.5% drop a year ago

We have shifted our near-term focus to amplifying value in our retail channels, preserving margins, controlling costs, and mitigating the impact of tariffs as part of our response to this volatility - CEO Doug Howe

*DBI set for its worst day since April 3, if losses hold

Up to last close, stock had fallen 30.2% YTD