Genesco Earnings: What Investors Need to Know
Genesco Inc. (NYSE:GCO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Genesco Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12% to $0.56 in the quarter versus EPS of $0.50 in the year-earlier quarter.
Revenue: Rose 5.74% to $574.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Genesco Inc. reported adjusted EPS income of $0.56 per share. By that measure, the company missed the mean analyst estimate of $0.6. It missed the average revenue estimate of $596.24 million.
Quoting Management: Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, “We are disappointed that our second quarter performance fell short of expectations. Sales trends proved to be more challenging as the quarter progressed and results came in below our plan. The third quarter has gotten off to a difficult start with comparable sales down 3% through Saturday, August 24. Despite our current sales trajectory we remain optimistic that we can deliver a modest comp improvement in the fourth quarter based primarily on a product mix shift in footwear that moves in our favor and easier comparisons for Journeys and Lids.”
Key Stats (on next page)…