Genesco Fiscal Q3 Adjusted Profit Tops Street Mark, Sales Miss

Genesco, a seller of footwear, apparel and accessories, reported Friday fiscal Q3 adjusted net income of $1.28 per share, down from $1.40 per share in the prior year period and came in higher than the $0.93 per share Street estimate provided by Capital IQ.

Net sales for the quarter ended Oct. 29 were $710.8 million, down from $773.9 million reported for the same period last year and lower than the $716.9 million Street estimate.

Comparable sales fell 3% in the quarter, while through Nov. 29 in fiscal Q4, comparable sales are down 2%.

For fiscal 2017 ending Jan. 28, the company expects adjusted earnings of $3.80 to $4.00 per share. The Street consensus calls for earnings of $3.91 per share.

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