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By Dean Seal
Shares of Genesco dropped after the company cut its full-year profit outlook and recorded lower sales and earnings in the third quarter.
The stock was down 12% at $32.85 in premarket trading. When the market closed Thursday, shares had fallen 19% year-to-date.
The footwear and apparel retailer said it is now guiding for a smaller sales decline for the year than previously expected, but also lower earnings as it ratchets up promotional activity through the end of the year.
Genesco’s profit shrunk to $6.5 million, or 60 cents a share, in the third quarter from $20.4 million, or $1.66 a share, in the year-ago period. Adjusted earnings were 57 cents a share.
Sales meanwhile fell 4% to $579.3 million. Same-store sales, which adjust for store openings and closings, were down 7%, while direct-to-consumer sales were up 8%.
Write to Dean Seal at [email protected]
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