Specialty Retailer Genesco Stock Tumbles After Q1 Loss: Here's Why
Portfolio Pulse from Vandana Singh
Genesco Inc (NYSE:GCO) reported Q1 sales of $483 million, down 7% Y/Y, driven by decreased store sales in Journeys Group, decreased wholesale sales, and foreign exchange pressure. Adjusted EPS loss was ($1.59), a shift from income of $0.44 a year ago. The company lowered its Fiscal 2024 guidance, expecting sales to fall 4-5% and adjusted EPS of $2.00-$2.50, almost half from prior guidance.
May 25, 2023 | 2:29 pm
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Genesco reported a 7% Y/Y decrease in Q1 sales and an adjusted EPS loss of ($1.59). The company lowered its Fiscal 2024 guidance, expecting sales to fall 4-5% and adjusted EPS of $2.00-$2.50, almost half from prior guidance.
Genesco's Q1 sales decline and adjusted EPS loss, along with the lowered Fiscal 2024 guidance, indicate a negative outlook for the company. This is likely to have a negative impact on the stock price in the short term.
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