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Genesco Inc Down 19.76% To $30.00 After Earnings Miss

Friday, December 01, 2023 01:48 PM | InvestorsObserver Analysts

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Genesco Inc Down 19.76% To $30.00 After Earnings Miss

Genesco Inc (GCO) said before open Friday that it earned $0.57 per share in quarter three 2024. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $579.3 million, missing estimates by $9.3 million.

In the same quarter a year ago, the company earned $1.65 per share on revenue of $603.8 million.

The stock is down 19.76% to $30.00 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 47. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Genesco Inc sells footwear, headwear, sports apparel, and accessories. The company has four reportable segments namely Journeys Group, derives maximum revenue which comprised of Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce operations, and catalog. Its Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations. The Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and H.S. Trask brands. Licensed Brands, comprised of Dockers Footwear, under a license from Levi Strauss & Company.

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