Genesco Inc (GCO) posted net sales for the third quarter of $713 million, down 1% — falling short of analyst estimates. Comparable sales rose 4%, with stores sales up 4% and direct sales up 9%. Direct-to-consumer sales were 11% of total retail sales for the quarter.
GAAP earnings from continuing operations were $14.5 million in the quarter, compared to a loss of $164.8 million in the third quarter last year.
Net earnings was $14.4 million or $0.73 per diluted share, missing Street estimates of $0.86 per share.
Last quarter, Genesco beat market expectations on revenue and earnings. Net sales then soared 6% to $654 million while, total comparable sales rose 3%, reflecting the highest gain in over two years.
For fiscal 2019, Genesco narrowed its outlook, and now expects comparable sales to be up 2-3%, and adjusted diluted earnings per share of $3.10-3.40.
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,