Genesco misses 2nd-quarter profit forecasts, and shares slump as company lowers outlook
Genesco Inc. (GCO) on Thursday reported fiscal second-quarter earnings of $4.7 million.
On a per-share basis, the Nashville, Tennessee-based company said it had net income of 20 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, came to 34 cents per share.
The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The seller of footwear, hats, clothing and accessories posted revenue of $615.5 million in the period, exceeding Street forecasts. Analysts expected $614.2 million, according to Zacks.
Genesco cut its full-year outlook, and now expects adjusted earnings between $5.10 and $5.20 per share. Its previous estimate called for $5.40 to $5.55 per share.
The company's stock fell $6.50, or 7.3 percent, to $82.17 in midday trading.
Genesco shares have climbed 21 percent since the beginning of the year. The stock has climbed 32 percent in the last 12 months.