Genesco Q4 Profit Down, Comps Up; Issues FY24 Forecast; Stock Down In Pre Market
Specialty retailer Genesco Inc. (GCO) reported Thursday that its fourth-quarter net earnings declined to $38.95 million from last year’s $62.14 million. Earnings per share were $3.21, down from $4.41 a year ago.
Earnings from continuing operations were $39.20 million or $3.23 per share, compared to $62.2 million or $4.41 per share in the fourth quarter last year.
Adjusted earnings from continuing operations were $37.1 million or $3.06 per share, compared to $49.1 million, or $3.48 per share last year
Net sales were $725.02 million, slightly lower than last year’s $727.66 million. Sales increased 7 percent over fiscal 2020, prior to the pandemic.
Excluding the impact of lower exchange rates, net sales increased 2 percent from last year.
Comparable sales went up 5 percent, with Same Store Sales growth of 1 percent and direct sales growth of 21 percent.
Looking ahead for fiscal 2024, the company forecasts adjusted earnings per share to range between $5.10 and $5.90, with an expectation that earnings per share for the year will be near the mid-point of the range.
The company noted that a greater percentage of this year’s earnings will be coming in the second half.
Sales for the year are expected to be flat to up 2 percent, or down 1 percent to up 1 percent, excluding the 53rd week this year.
In fiscal 2023, earnings per share from continuing operations were $5.69, and adjusted earnings per share from continuing operations were $5.59.
In pre-market activity on the NYSE, Genesco shares were losing around 5.8 percent to trade at $44.99.
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