Genesco 8-week Sales Down, Comps Rise; Now Sees FY23 Adj. EPS At Low End Of Guidance Range

(RTTNews) - Genesco Inc. (GCO), a specialty retailer of footwear and accessories, Monday said its overall sales for the 8-week quarter-to-date period dropped 2 percent, while comparable sales, including both stores and direct sales, increased 3 percent.

For the quarter-to-date period ended December 24, same store sales decreased 2 percent and sales for the company's e-commerce businesses increased 22 percent on a comparable basis.

Looking ahead, the company now expects fiscal 2023 adjusted earnings per share to be at the low end of the most recent guidance range of $5.50 to $5.90, compared with prior view that would be near the midpoint.

Mimi Vaughn, Genesco board chair, president and chief executive officer, said, "While fourth quarter sales are trending towards the higher-end of our projections, more than expected shipping and warehouse expense is pressuring gross margins and December store performance in the U.S. has resulted in store expense deleverage."