Genesco Inc. (GCO), a specialty retailer of branded footwear, reported Wednesday narrower net loss in its first quarter, benefited by higher net sales and comparable sales. Further, the firm maintained its fiscal 2025 earnings outlook, and lifted sales growth view.
In the pre-market activity on the NYSE, Genesco shares were gaining around 5.3 percent to trade at $23.55.
Sandra Harris, Genesco's Senior Vice President Finance and Chief Financial Officer, said, "Our first quarter performance exceeded our expectations, and our adjusted EPS would have been $0.05 better had we not opportunistically bought back shares during the quarter. … Although there is ongoing external market uncertainty, we know our businesses are strong, and we are making investments in product, stores, and marketing across all brands to drive growth."
For fiscal 2026, Genesco continues to expect adjusted earnings per share from continuing operations in the range of $1.30 to $1.70, including the impact of tariffs currently in place.
The company now expects total sales to be up 1% to 2% from the prior year, compared to prior expectation of flat to up 1% due to the impact of favorable foreign exchange.
Comparable sales outlook range has been narrowed to a growth of 2% to 3% compared to prior outlook range of up 2% to 4%.
In its first quarter, the company's net loss narrowed to $21.227 million from a loss of $24.347 million a year ago. Net loss per share was $2.02, compared to $2.23 a year ago.
Loss from continuing operations was $21.212 million or $2.02 per share in the first quarter, compared to a loss of $24.288 million or $2.22 per share last year.
Adjusted loss from continuing operations was $21.5 million or $2.05 per share, compared to a loss of $22.9 million or $2.10 per share in the first quarter last year.
Net sales for the first quarter increased 4% to $473.97 million from $457.60 million last year. Comparable sales grew 5%, including a 7% increase in e-commerce comparable sales and a 5% increase in same store sales. Wholesale sales laso increased, partially offset by the impact of net store closings.
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