Genesco slips as retailer tightens FY sales forecast, cuts profit view
02/12/2022 15:38
** Shares of apparel and footwear retailer Genesco Inc
GCO.N fall 6.2% to $45.38 after co tightens FY sales, lowers
profit forecast
** "A sluggish start to November combined with higher
industry-wide promotional activity and cost pressures has led us
to adopt a more conservative view on the balance of this year,"
says CEO Mimi Vaughn
** However adds, "sales have since re-accelerated with the
start of the holiday season"
** Co now expects sales to be down 1%-2% vs previous
guidance of down 3%-flat urn:newsml:reuters.com:*:nPn7tqWhxa
** GCO sees adj diluted EPS to be near mid-point of $5.50 to
$5.90 per share vs previous expectations of near mid-point of
$6.25-$7.00
** However, co posts better-than-expected Q3 results
** "Journeys sales accelerated nicely in August and early
September following a slower start to back-to-school" - CEO
Vaughn
** YTD, stock down ~29%
(Reporting by Granth Vanaik in Bengaluru)
((Granth.Vanaik@thomsonreuters.com;))