Shares of Designer Brands (NYSE:DBI), a footwear and accessories retailer, jumped as much as 14.4% on Thursday. As of 11:20 a.m. EDT, the stock was up 9.8%.
The stock's gain follows Designer Brands' fiscal first-quarter earnings report. Better-than-expected revenue and an optimistic outlook for full-year adjusted earnings per share are likely key reasons for the stock's gain on Thursday.
Designer Brands reported revenue of $878.5 million, beating analysts' average forecast for revenue of $873.5 million. Revenue for the period was up 23.4% year over year. Fiscal first-quarter adjusted earnings per share were $0.43, up 10.3% year over year and about in line with what analysts were anticipating.
"The quarter saw strength across the board -- with growth in key operating metrics, segments, and geographies," said Designer Brands' CEO Roger Rawlins in the company's fiscal first-quarter earnings release.
Designer Brands said it expects full-year revenue to rise at a rate in the low double digits compared to fiscal 2018 revenue. In addition, management reiterated its guidance for comparable sales growth to achieve a low-single-digit rate.
Notably, Designer Brands boosted its outlook for full-year adjusted earnings per share. Management now expects the key metric to be between $1.87 and $1.97, up from a previous forecast for $1.80 to $1.90.