Designer Brands Q4 Adj. Profit Declines; Comparable Sales Down 5.5%

(RTTNews) - Designer Brands Inc. (DBI) reported fourth-quarter net income attributable to Designer Brands of $45.1 million, or $0.66 per share, including net benefits of $0.59 per share from adjusted items, primarily related to the change in valuation allowance on deferred tax assets, partially offset by restructuring and termination costs and CEO transition costs. This is compared to $14.4 million or $0.19 per share, prior year.

Adjusted net income declined to $4.67 million from $11.74 million, prior year. Adjusted earnings per share was $0.07 compared to $0.15, prior year. On average, five analysts polled by Thomson Reuters expected the company to report a loss per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 7.5% to $760.5 million. Comparable sales decreased by 5.5%. Analysts on average had estimated $791.81 million in revenue.

For fiscal 2023, excluding Keds, the company expects earnings per share in a range of $1.65 - $1.75. Net sales growth, excluding Keds, is projected to be down mid-single digits.

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