10:24 AM EDT, 09/11/2024 (MT Newswires) -- Designer Brands ( DBI ) shares slid over 16% in recent Wednesday trading after the company reported lower results for fiscal Q2 and cut its outlook for fiscal 2024.

The company reported fiscal Q2 adjusted earnings of $0.29 per diluted share, down from $0.59 a year earlier.

Three analysts polled by Capital IQ expected $0.53.

Net sales for the quarter ended Aug. 3 were $771.9 million, down from $792.2 million a year earlier.

Three analysts surveyed by Capital IQ expected $816.1 million.

The company said it now expects fiscal 2024 adjusted diluted EPS of $0.50 to $0.60 on flat to low-single digits net sales growth, compared with its prior outlook of adjusted diluted EPS of $0.70 to $0.80 on low-single digits net sales growth.

Price: 4.84, Change: -0.97, Percent Change: -16.70