Genesco Q1 Net Loss Widens; Reaffirms FY25 Outlook
(RTTNews) - Specialty retailer Genesco, Inc. (GCO) on Friday reported a net loss for the first quarter of $24.35 million or $2.23 per share, wider than $18.89 million or $1.60 per share in the prior-year quarter.
Excluding items, adjusted loss from continuing operations were $2.10 per share, compared to adjusted loss from continuing operations of $1.59 per share in the year-ago quarter.
Net sales for the quarter decreased 5 percent to $457.60 million from $483.33 million in the same quarter last year. Excluding the impact of lower exchange rates, net sales decreased 6 percent. Total Genesco Comparable Sales declined 5 percent.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $2.70 per share on revenues of $445.65 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2025, the company continues to project adjusted earnings from continuing operations in the range of $0.60 to $1.00 per share on sales to be down 2 to 3 percent, or down 1 to 2 percent excluding the 53rd week in fiscal 2024.
The Street is looking for earnings of $0.63 per share on a revenue decline of 3.1 percent to $2.25 billion for the year.
The Company continues to evaluate up to 50 Journeys store closures in Fiscal 2025. The Company's cost savings program remains on track to achieve a reduction in the annualized run rate of $45 to $50 million by the end of fiscal 2025.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Genesco Slashes FY24 Earnings Outlook As Q3 Results Miss Estimates
Genesco Slips To Loss In Q2, But Results Top Estimates; Reaffirms FY24 Outlook
Genesco Slips To Loss In Q1; Slashes FY24 Outlook
Genesco Q2 Adj. EPS Tops Estimates; Slashes FY23 Outlook
European Shares Seen Lower As US Economic Concerns Mount
Sensex, Nifty Subdued In Early Trade
Australian Market Extends Early Losses In Mid-market
