Designer Brands cuts FY23 EPS view to 40c-70c from $1.20-$1.50

Consensus $1.30. Cuts FY23 revenue view to down high-single digits from down mid- to high-single digits, consensus $3.15B. Howe continued, “As we look ahead, we do not anticipate pressures alleviating in the near-term, and we will continue to adjust accordingly. Our team is already executing several initiatives to address areas for improvement within our business. Ongoing refreshment of our assortment, including new specialty sizes, and new marketing initiatives are two ways we are actively reinforcing our business as the best in shoes. We have also made some difficult decisions regarding leadership across our organization and believe that we are making progress in positioning our business well for the long-term while continuing to generate strong cash flow and ample liquidity.”