Shares of Genesco Inc. GCO sank 5.8% in premarket trading Thursday, after the parent of retailer brands Johnston & Murphy, Journeys and Journeys Kidz reported mixed fiscal fourth-quarter results and provided a downbeat full-year profit outlook. Net income for the quarter to Jan. 28 fell to $38.9 million, or $3.21 a share, from $62.1 million, or $4.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.
21 a share, from $62.1 million, or $4.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.06, while the average estimate of two analyst surveyed by FactSet was $2.97. Sales slipped 0.4% to $725.0 million, below the average FactSet estimate of $727.4 million. Total Genesco same-store sales rose 5%, as Journeys Group sales fell 1% while Johnston & Murphy sales jumped 23%. For fiscal 2024, the company expects adjusted EPS of $5.10 to $5.
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