Designer Brands, Inc. (DBI) announced on Wednesday a significant decline in its second-quarter net income, which fell to $13.82 million, or $0.24 per share, compared to $37.20 million, or $0.56 per share, in the same period last year.
When excluding special items, adjusted earnings for the quarter stood at $0.29 per share, down from $0.59 per share from the previous year.
The company's net sales for the quarter experienced a 2.6% decrease, dropping to $771.90 million from $792.22 million in the year-ago period. Comparable sales also saw a decline of 1.4%.
Analysts surveyed by Thomson Reuters had predicted earnings of $0.53 per share on net sales of $816.14 million for the quarter. These analyst estimates usually exclude special items.
Looking ahead to fiscal 2024, Designer Brands now forecasts earnings per share (EPS) to range between $0.50 and $0.60, with net sales growth expected to be flat to in the low-single digits. Previously, the company had projected earnings per share to be between $0.70 and $0.80, with net sales growth in the low-single digits.
Market analysts anticipate earnings of $0.75 per share on net sales totaling $3.14 billion for the fiscal year.
