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.
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