Genesco tumbles after EPS, revenue forecast cut

Genesco

01/09/2022 16:07

** Shares of apparel and footwear retailer Genesco Inc.
 GCO.N  down 13.4% at $48.98 - a near seven-week low
    ** Co cuts FY23 EPS forecast to $6.25 to $7.00, below Wall
Street consensus of $7.22; sales forecast cut to 3%-flat, from
1%- 3%
    ** GCO reports bigger-than-expected earnings of 59 cents a
share vs IBES Refinitiv estimates of 26 cents/share
    ** Net sales fall 4% to $535 mln, dragged down by a decline
in Journeys Group and Schuh Group segments  urn:newsml:reuters.com:*:nPn4wXKZta   
    ** "In light of current impact inflation on consumer
discretionary spending we believe it's prudent to take a more
conservative approach to our back half outlook," says CEO Mimi
Vaughn
    ** Stock is down ~22% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))