Shares of Designer Brands Inc. (DBI) fell over 9% in pre-market trading on Tuesday, dropping to $10.05, after the company's first-quarter earnings failed to meet analysts' expectations.
The company's net income for the first quarter was reported at $783,000, or $0.01 per share, a steep decline from $11.42 million, or $0.17 per share, in the same period last year. This decrease was primarily attributed to higher expenses.
When excluding certain items, the adjusted earnings were $4.81 million, or $0.08 per share, falling short of the Thomson-Reuters analysts' consensus estimate of $0.12 per share.
Despite the earnings miss, revenue for the quarter saw an increase of 0.6%, rising to $746.59 million from $742.08 million in the previous year. This figure exceeded the consensus estimate of $741.63 million.
On Monday, Designer Brands shares closed at $11.05, marking a 9.95% increase. Over the past year, the stock has fluctuated between $6.30 and $13.44.
