Genesco Q1 Profit Drops; Cuts Annual Earnings Outlook - Quick Facts

(RTTNews) - Specialty retailer Genesco, Inc. (GCO) Friday reported first-quarter earnings from continuing operations of $9.9 million or $0.42 per share, down from $14.1 million, or $0.60 per share comparable quarter last year.

Excluding items, earnings from continuing operations declined to $12.2 million, or $0.51 per share from $19.3 million or $0.81 per share in the prior year. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.67 for the quarter. Analysts' estimates typically exclude one-time items.

Total sales, however, rose by 5 percent to $660.60 million from $628.83 million a year ago with comparable sales rising 4 percent. Analysts estimated revenue of $665.92 million.

Looking ahead, for the fiscal 2016, the company now expects adjusted earnings per share in the range of $4.70 - $4.80, down from its previously issued guidance of $5.10 - $5.20. Analysts forecast earnings per share of $5.15.