Warm weather impacts sales at Designer Brands, lowers outlook

Designer Brands Inc. said total revenue for the third quarter increased by 12.4 percent, including 137.5 million dollars in revenue from the Brand Portfolio segment, which includes 25.6 million dollars in intersegment revenue that is eliminated in consolidation. Comparable sales increased 0.3 percent compared to a 7.3 percent increase in the third quarter of fiscal 2018. Reported net income was 43.5 million dollars or 60 cents per diluted share, and adjusted net income was 48.6 million dollars or 67 cents per diluted share. The company lowered its full year outlook for adjusted EPS in the range of 1.50 dollars to 1.55 dollars per diluted share, compared to its previous range of 1.87 dollars to 1.97 dollars per diluted share.