Designer Brands jumps after quarterly profit growth
Shares of footwear retailer Designer Brands DBI.N up 40% at $6.82 in afternoon trading
Posts Q3 profit of 38 cents, compared to 27 cents a year ago, helped by efforts including premium family product launches and cost control
Co's quarterly revenue declines 3.2% to $752.4 million
"While macroeconomic pressures persist, we are confident in our ability to navigate the near-term environment"- CEO Doug Howe
Expects annual net sales to fall 3% to 5% after withdrawing its annual outlook last quarter due to macroeconomic uncertainties
Encouraged by the reinstatement of guidance with one quarter left in the year, says Telsey Advisory Group analyst Dana Telsey, adding anticipated decline indicates demand remains challenged
As of last close stock down 9.2% YTD
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