Designer Brands Inc. (DBI), a designer, producer, and retailer of footwear and accessories, on Tuesday announced loss for the first quarter compared to profit in the previous year, due to an unpredictable macro environment and deteriorating consumer sentiment.
Shares of Designer Brands are plunging by around 13% in the pre-market trading.
For the first quarter, net loss attributable to the company came in at $17.42 million compared with net income of $783,000 last year.
Loss per share was $0.36 versus earnings per share of $0.01 in the prior year.
Adjusted net loss was at $12.51 million compared with net income of $4.81 million in the same quarter last year.
Adjusted loss per share was $0.26 versus earnings per share of $0.08 last year.
Operating loss was at $7.26 million compared with profit of $9.38 million the previous year.
Non-operating income was at $8,000 compared with loss of $143 in the prior year.
Net sales decreased 8 percent to $686.91 million from $746.60 million last year.
Looking ahead, the company said it will be withdrawing full year 2025 guidance, which was issued on March 20, and is not currently offering a full year outlook due to macroeconomic uncertainty that is principally caused by global trade policy.
In the pre-market, Designer Brands is 12.52% lesser at $3.2500 on the New York Stock Exchange.
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