Why Designer Brands Stock Surged Today
Shares of Designer Brands (NYSE: DBI) leaped 12% on Thursday after the footwear maker reported a surprise profit in its fiscal 2022 fourth quarter ended Jan. 28. Designer Brands' net sales fell 7.5% year over year to $760.5 million, driven by a 5.5% decline in comparable-store sales. "In the fourth quarter, the footwear industry was highly promotional, specifically in athletic, to combat over-inventory positions and a constrained consumer," Designer Brands president Doug Howe said during a conference call with analysts.