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Why Designer Brands Stock Tumbled Today

TheMotleyFool

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Why Designer Brands Stock Tumbled TodayPhoto, wide shot, wide-angle lens, Toy manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/2788fcd3-d339-4592-8f5c-a3b9125dc61f.png

Shares of Designer Brands (NYSE: DBI) were taking a dive today after the footwear retailer missed estimates in its third-quarter earnings report and slashed its full-year guidance due to macroeconomic headwinds.

As of 1:26 p.m. ET, the stock was down 22.7%.

Designer Brands, which is best known for its ownership of DSW, reported decent third-quarter results with comparable sales up 3% and overall revenue up 1.4% to $865 million. Yet that result still missed expectations of $871.5 million.

Source Fool.com

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