Why Is Designer Brands (DBI) Stock Rocketing Higher Today

Radek Strnad /
2023/09/07 3:32 pm EDT

What Happened:

Shares of footwear and accessories discount retailer Designer Brands (NYSE:DBI) jumped 7.14% in the morning session after the company reported second-quarter results, with revenue coming in slightly ahead of Wall Street's expectations. EPS beat comfortably, driven by better gross and operating margins. 

On the other hand, same-store sales missed. Looking ahead, the company maintained its previous full year guidance, which is a welcome sign in a choppy retail environment that has seen a number of companies miss and cut guidance. Lastly, the company highlighted new collaborations and partnerships, including a drive to maintain a stronger relationship with Nike amid growing demand for athletic and athleisure offerings. Overall, it was a strong quarter for the company.

Is now the time to buy Designer Brands? Access our full analysis report here, it's free.

What is the market telling us:

Designer Brands's shares are a little volatile and over the last year have had 39 moves greater than 5%.

Designer Brands is up 35.4% since the beginning of the year, but at $12.50 per share it is still trading 28.6% below its 52-week high of $17.50 from September 2022. Investors who bought $1,000 worth of Designer Brands's shares 5 years ago would now be looking at an investment worth $387.44.

Do you want to know what moves the stocks you care about? Add them to your StockStory watchlist and every time a stock we cover moves more than 5%, we provide you with a timely explanation straight to your inbox. It's free and will only take you a second.