Genesco slumps as Q1 results take a hit
25/05/2023 19:52
** Shares of footwear and apparel retailer Genesco Inc
GCO.N down 33.5% at $19.79
** Shares hit lowest level since October 2020
** Company reports Q1 adj. loss from continuing operations
of $1.59/shr vs adj. profit of $0.44/shr a year earlier
** Q1 net sales decline 7% to $483 mln, hurt by decreased
store sales in Journeys group — a teen specialty retail leader
with emphasis on trendy and affordable branded footwear, apparel
and accessories
** "Following a positive end to the holiday season, the
first quarter proved considerably more challenging than we
anticipated" - CEO Mimi Vaughn
** Company to close more than 100 Journeys stores in FY 2024
compared with previous expectation to close 60 stores
** Expects FY 2024 sales to be down 4% to 5%
** Stock down 56% YTD
(Reporting by Anandita Mehrotra in Bengaluru)
((Anandita.Mehrotra@thomsonreuters.com))