Genesco Slips To Loss In Q2, But Results Top Estimates; Reaffirms FY24 Outlook
(RTTNews) - Specialty retailer Genesco, Inc. (GCO) on Thursday reported a net loss for the second quarter of $31.67 million or $2.79 per share, compared to net income of $7.64 million or $0.59 per share in the prior-year quarter.
Excluding items, adjusted loss from continuing operations were $0.85 per share, compared to adjusted earnings from continuing operations of $0.59 per share in the year-ago quarter.
Net sales for the quarter decreased 2 percent to $523.03 million from $535.33 million in the same quarter last year. Total Genesco Comparable Sales declined 2 percent.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $1.23 per share on revenues of $497.25 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company continues to expect adjusted earnings from continuing operations in the range of $2.00 to $2.50 per share on sales to be down 2 to 4 percent, or down 3 to 5 percent excluding the 53rd week this year.
The Street is looking for earnings of $2.23 per share on a revenue decline of 4.4 percent to $2.28 billion for the year.
The Company still expects to close more than 100 Journeys stores in fiscal 2024. It also now anticipates up to $40 million in cost reductions by the end of Fiscal 2025, with approximately $20 million realized in fiscal 2024.
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