Genesco Q1 Adj. Profit Declines; Reaffirms FY23 Outlook

(RTTNews) - Genesco Inc. (GCO) reported first quarter non-GAAP profit per share from continuing operations of $0.44 compared to $0.79, last year. On average, three analysts polled by Thomson Reuters expected the company to post a loss per share of $0.09, for the quarter. Analysts' estimates typically exclude special items.

GAAP earnings from continuing operations was $5.0 million in the first quarter, compared to $8.9 million, a year ago. Before discontinued operations, profit per share was $0.37 compared to $0.60.

Net sales were $521 million, a decrease of 3% from last year. Analysts on average had estimated $521.05 million in revenue.

Genesco reaffirmed its fiscal 2023 full year EPS guidance. Adjusted earnings per share from continuing operations is projected in the range of $7.00 to $7.75, with an expectation that earnings per share will be near the mid-point of the range. Sales are projected to be up 1% to 3%.