Designer Brands Inc. (NYSE:DBI) shares jumped more than 31% intra-day on Tuesday after the footwear retailer posted third-quarter adjusted earnings that more than doubled expectations, despite a minor revenue shortfall.

The operator of DSW stores reported adjusted earnings of $0.38 per share, topping the $0.15 consensus estimate. Revenue totaled $752.4 million, slightly below the anticipated $756.97 million and down 3.2% year-over-year.

Gross margin improved significantly to 45.1%, up from 43.0% a year earlier. Comparable sales declined 2.4%, though this marked an improvement from the prior quarter's performance.

For fiscal 2025, the company projected net sales to decline 3% to 5% and forecast adjusted operating profit of $50 million to $55 million. Designer Brands also declared a dividend of $0.05 per share for both Class A and Class B shares, payable December 19.