Genesco Q2 Profit Drops; Cuts Annual Earnings Outlook - Quick Facts

(RTTNews) - Specialty retailer Genesco, Inc. (GCO) Thursday reported a decline in its second-quarter earnings from continuing operations to $4.8 million or $0.20 per share from $8.5 million, or $0.36 per diluted share last year. Quarterly results reflected expenses of $3.6 million after tax, including $2.2 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited and $1.4 million in network intrusion expenses, asset impairment charges and other legal matters. Excluding items, earnings from continuing operations were $8.0 million, or $0.34 per share. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.55 for the quarter. Analysts' estimates typically exclude one-time items. Total sales, however, rose by 7.1 percent to $615 million from $575 million a year ago with comparable sales, including same store sales and comparable e-commerce and catalog sales, rising 2 percent. Analysts estimated revenue of $613.94 million. Looking ahead, for the fiscal 2015, the company now expect adjusted earnings per share in the range of $5.10 - $5.20, down from its previously issued guidance of $5.40 - $5.55. Analysts forecast earnings per share of $5.47.