Genesco Q4 Adj. Profit Beats View, But Revenues Miss - Quick Facts

(RTTNews) - Genesco Inc. (GCO) on Thursday reported that its net income for the fourth quarter was $35.56 million or $2.49 per share, compared to net loss of $63.97 million or $3.29 per share in the year-ago period.

Excluding items, adjusted earnings from continuing operations for the quarter were $3.09 per share, compared to $2.18 per share in the same period last year.

Net sales for the quarter rose to $677.58 million from $675.49 million in the year-ago period. Excluding the impact of lower exchange rates this year, revenue was still flat for the quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.74 per share for the quarter on revenues of $679.7 million. Analysts' estimates typically exclude special items.

Comparable sales for the quarter increased 1 percent, with stores down 2 percent and direct up 19 percent.

Looking ahead to fiscal 2021, the company forecast total sales to increase 3 percent to 6 percent, including sales from the recent Togast acquisition, comparable sales to be down 1 percent to up 2 percent, and adjusted earnings per share from continuing operations in the range of $4.90 to $5.40, with an expectation that earnings for the year will be near the midpoint of the range.

The Street expects earnings of $4.80 per share for the year on revenues of $2.24 billion.