Genesco Q2 Adj. EPS Tops Estimates; Slashes FY23 Outlook
(RTTNews) - Specialty retailer Genesco, Inc. (GCO) on Thursday reported that net earnings for the second quarter declined to $7.64 million or $0.59 per share from $10.94 million or $0.75 per share in the prior-year quarter.
Net sales for the quarter decreased 4 percent to $535.33 million from $555.18 million in the same quarter last year. Excluding the impact of lower exchange rates, net sales decreased 1 percent. Total Genesco Comparable Sales declined 2 percent.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share on revenues of $539.89 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects adjusted earnings from continuing operations in the range of $6.25 to $7.00 per share on sales between a decline of 3 percent and flat.
Previously, the company expected adjusted earnings from continuing operations in a range of $7.00 to $7.75 per share on sales growth of 1 to 3 percent.
The Street is looking for earnings of $8.12 per share on revenue growth of 2.9 percent to $2.50 billion for the year.
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