Shares of Designer Brands (NYSE: DBI) plunged more than 22% after it reported earnings for its third quarter of Fiscal Year 2022. Adjusted Earnings per share came in at $0.67, which missed analysts’ consensus estimate of $0.72 per share.
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Sales increased by 1.4% year-over-year, with revenue hitting $865.02 million. This missed analysts’ target by more than $11 million. Looking forward, management now expects revenue for Fiscal Year 2022 to grow by mid-single digits while lowering its EPS outlook from $2.05-$2.15 to $1.75-$1.80.
Overall, Wall Street analysts have a consensus price target of $18 on DBI stock, implying over 52% upside potential, as indicated by the graphic above.