Why Is Specialty Retailer Designer Brands' Stock Plunging Today?
Portfolio Pulse from Shivani Kumaresan
Designer Brands Inc (NYSE:DBI) shares are plunging after reporting worse-than-expected Q1 earnings. Despite a slight sales growth and improved gross profit margin, the company missed EPS estimates and saw a significant drop in operating income. The stock is down 15.8% in premarket trading.
June 04, 2024 | 1:27 pm
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Designer Brands Inc reported Q1 earnings that missed analyst expectations, leading to a significant drop in its stock price. Despite a slight increase in sales and an improved gross profit margin, the company's EPS fell short, and operating income dropped sharply.
The company's Q1 earnings report showed a mixed performance with sales growth and improved gross profit margin, but the missed EPS estimates and significant drop in operating income are likely driving the stock price down. The market reaction is strong, as evidenced by the 15.8% drop in premarket trading.
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