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Earnings: Retailer Genesco slips to loss in the fourth quarter

Genesco Inc. (NYSE: GCO) reports results for the fourth quarter of 2019 on March 14, 2019, before the market opens. Net sales from continuing operations slipped 2% in the quarter to $675 million from $689 million in the fourth quarter of fiscal 2018. If the extra week’s revenue from last year’s 14-week quarter and the impact of lower exchange rates this year were excluded, revenue was up 4%.

Net loss for the three-month period was $3.29 per diluted share, compared to a profit of $2.90 per share last year.

Comparable sales from continuing operations fell 4%, with stores up 3% and direct up 10%.

GAAP earnings from continuing operations fell to $29.7 million, from last year’s $48.4 million Adjusted earnings from continuing operations grew to $42.4 million from $35.7 million a year ago.

 

 

 

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