Genesco Q2 Estimate Disappoints

Genesco Footwear retailer Genesco estimated second-quarter results below analysts’ forecast. The company also slashed its adjusted profit outlook for the current year.

“We are disappointed that our second quarter performance fell short of expectations,” said Robert J. Dennis, chairman, president and CEO of Genesco. “Sales trends proved to be more challenging as the quarter progressed and results came in below our plan. The third quarter has gotten off to a difficult start with comparable sales down 3% through Aug. 24.

Genesco said it expects net income to rise to $12.1 million, from $10.6 million a year earlier.

The company said sales increased 5.7% to $574.7 million in the quarter, missing market estimates of $596.2 million.

Same-store sales fell 2%. By division, same-store sales fell 3% at The Lids Sports Group’s, 1% at the Journeys Group, 7% at Schuh Group and 7% at Johnston & Murphy Retail.

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