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Genesco Inc. stock price

Genesco Inc. latest news:


  • 08/31/2017 05:37:23

    Shares of Lids parent Genesco plummet 11% as company reports wider Q2 loss, issues profit warning

    Shares of retailer Genesco Inc. [s:GCO], owner of Journeys and Lids, were down more than 11% in premarket trade on Thursday after the company reported a wider loss for the fiscal 2018 second quarter than Wall Street had expected. Genesco said it had a net loss of $3.9 million, or 21 cents per share, after net earnings of $14.6 million, or 72 cents per share during the same quarter a year ago. The company's adjusted loss per share was 10 cents, compared with the 8 cents loss FactSet consensus. Revenue for the quarter was $616.5 million, down from $625.6 million during the same quarter a year ago, and below FactSet's $627.0 million consensus. Genesco Chief Executive Robert Dennis said that Journeys saw positive sales trends, but that was offset by increasing headwinds at Lids and a more dramatic shift in consumers choosing to shop online, which put pressure on profitability. "The second quarter was a bit more challenging than we expected," Dennis said. He also said Genesco is lowering expectations for the year, cutting its per-share earnings range to $3.35 to $3.65 from the previously expected range of $3.90 to $4.05. FactSet's consensus is for full-year earnings of $3.73 per share. Genesco shares have declined nearly 59% in the year to date, while the S&P 500 index is up almost 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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