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Why Is Specialty Retailer Designer Brands' Stock Plunging Today?

Designer Brands Inc (NYSE:DBI) shares are trading lower after the company reported worse-than-expected first-quarter earnings per share. The company reported first-quarter FY24 sales growth of 0.6% year-on-year to $746.596 million, beating the analyst consensus estimate of $741.630 million. Total comparable sales decreased by 2.5%. Adjusted EPS of $0.08 missed the analyst consensus estimate of $0.12. Gross profit margin expanded 80 basis points Y/Y to 32.8%, and the gross profit climbed ...