Specialty retailer Genesco, Inc. (GCO) on Friday reported that net income for the third quarter plunged to $6.54 million or $0.60 per share from $20.38 million or $1.65 per share in the prior-year quarter.
Excluding items, adjusted earnings from continuing operations were $0.57 per share, compared to $1.65 per share in the year-ago quarter.
Net sales for the quarter decreased 4 percent to $579.32 million from $603.79 million in the same quarter last year. Total Genesco Comparable Sales declined 4 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share on revenues of $588.60 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects adjusted earnings from continuing operations in a range of $1.50 to $2.00 per share on sales to be down 1 to 2 percent, or down 2 to 3 percent excluding the 53rd week this year.
Previously, the company expected adjusted earnings from continuing operations in the range of $2.00 to $2.50 per share on sales to be down 2 to 4 percent, or down 3 to 5 percent excluding the 53rd week this year.
The Street is looking for earnings of $2.30 per share on a revenue decline of 2.5 percent to $2.33 billion for the year.
The Company said it remains on track to close approximately 100 Journeys stores in Fiscal 2024 and continues to anticipate up to $40 million in cost reductions by the end of Fiscal 2025.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
For comments and feedback contact: editorial@rttnews.com
Business News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.