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.
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