** Shares of footwear retailer Designer Brands DBI.N up 40% at $6.82 in afternoon trading

** Posts Q3 profit of 38 cents, compared to 27 cents a year ago, helped by efforts including premium family product launches and cost control

** Co's quarterly revenue declines 3.2% to $752.4 million

** "While macroeconomic pressures persist, we are confident in our ability to navigate the near-term environment"- CEO Doug Howe

** Expects annual net sales to fall 3% to 5% after withdrawing its annual outlook last quarter due to macroeconomic uncertainties

** Encouraged by the reinstatement of guidance with one quarter left in the year, says Telsey Advisory Group analyst Dana Telsey, adding anticipated decline indicates demand remains challenged

** As of last close stock down 9.2% YTD

(Reporting by Koyena Das in Bengaluru)

((Koyena.das@thomsonreuters.com))