Genesco falls on Q3 earnings miss
Genesco Inc. (NYSE: GCO) shares are falling after the troubled shoe retailer reported third-quarter income from continuing operations of $5.6 million, or $0.23 per share, below analyst estimates of $0.56 per share. Last year, the company’s income from continuing operations was $16 million, or $0.62 per share.
The firm’s quarterly results include about $6.2 million, or $0.16 per share, in litigation and other expenses related to a messy merger proposal with Finish Line, Inc. (Nasdaq: FINL).
“Our third-quarter results continued to reflect generally challenging economic conditions and a difficult retail environment, especially in footwear,” CEO Hal Pennington said in a statement.
This year, Genesco’s third quarter ended on Nov. 3, instead of Oct. 28 during 2006. The Nashville, Tenn.-based firm’s quarterly net sales totaled $372.5 million, below Wall Street projections of $387.98 million and compared with $364.3 million a year earlier.
In pre-market trading, GCO shares are down 6.54%, or $1.75, at $25. Over the last 52 weeks, shares have ranged from $25.38 to $54.15.
