Designer Brands reports Q3 adjusted EPS 24c, consensus 48c

Reports Q3 revenue $786.33M, consensus $829.18M. Total comparable sales decreased by 9.3%. “This quarter, we were impacted by a footwear market that contracted for the first time since COVID coupled with unseasonably warm weather, which significantly reduced customer demand for shoes and pressured our heavily seasonal assortment,” stated Doug Howe, Chief Executive Officer. “We saw improved performance in casual and clearance categories this quarter, but this was not enough to offset the broader lack of demand. While macro pressures notably impacted our business, we clearly recognize the need to operate with even greater speed and increase the level of innovation, newness, and fashion into our assortments, returning to our roots as a merchant organization and a fashion footwear retailer.”