Genesco tumbles on downbeat annual forecasts

Genesco

09/03/2023 17:21

** Shares of footwear and apparel retailer Genesco Inc
 GCO.N  fall as much as 15.2% to a near five-month low of $40.51
    ** Co forecasts annual profit and sales below Wall Street
estimates; it expects freight and warehouse cost pressures would
persist in the near term
    ** Sees full-year adjusted profit per share in the range of
$5.10 to $5.90, compared with analysts' estimate of $6.83, per
Refinitiv data
    ** Also co misses Q4 sales expectations
    ** GCO last down 12.2% at $41.90
    ** Stock has fallen 34.5% in the past 12 months, compared
with ~1% increase in the S&P Composite 1500 Specialty Retail
index  .SPCOMSPR 

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))