May has been a tough month for the stock market, and Thursday showed the ongoing tug of war between those who believe the U.S. economy can continue to lead the world and those who fear that weaker conditions abroad could put an end to the 10-year-old recovery from the financial crisis. Major benchmarks initially moved higher on optimism from investors over the domestic business environment, but that favorable attitude faded somewhat by the end of the session. Nevertheless, some stocks made significant gains, including several that posted good financial results for their recently ended quarters. Designer Brands (NYSE:DBI), Titan Machinery (NASDAQ:TITN), and Dollar General (NYSE:DG) were among the top performers. Here’s why they did so well.
Designer Brands runs higher
Shares of Designer Brands climbed 6% following the footwear specialist’s release of fiscal first-quarter financial results. Revenue for the company formerly known as DSW Shoe Warehouse soared 23% on a 3% rise in comparable sales, and adjusted net income jumped 10%. Moreover, Designer Brands boosted its outlook for the full fiscal year, including a $0.07 increase in earnings per share expectations to a new range of $1.87 to $1.97 per share. CEO Roger Rawlins painted an optimistic tone for the company, saying that “we expect to build upon our progress throughout the year and remain excited about our business and increased ability to generate long term value.” Investors hope that the report is the first step of a turnaround that could reverse the stock’s drop of more than 40% since last September.
Titan builds a strong quarter
Titan Machinery saw its stock jump 16.5% after the construction and agricultural equipment specialist released its fiscal first-quarter financial results. Titan said that revenue climbed 14% from year-ago levels, leading to a modest adjusted profit that reversed year-earlier losses.