Designer Brands Q1 net sales up 18.1% to $830.5M; raises FY EPS guidance to $1.90-$2.00

Designer Brands Inc.

2022-Q1 EPS reported $0.34 revenue$830,543,000

Net sales $830.5M (+18.1% YoY); comparable sales +15.3%; gross margin expanded 250 bps to 33.2%.
Adjusted diluted EPS $0.48 vs year-ago; reported EPS $0.34 included $0.14 from extinguishment loss.
Raised FY2022 diluted EPS guidance to $1.90-$2.00 (from $1.80-$1.90) but lowered comp sales growth to mid-single digits.
Reinstated quarterly dividend of $0.05/share; repurchased 3.5M shares YTD through May 27 for $47.5M.
Paid off term loan; new $550M ABL revolver maturing 2027; expects ~$160M IRS refund.

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