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Genesco’s Q4 Earnings Miss the Mark, Company Renews Focus on Footwear

Genesco Inc. is struggling to find its footing.
The Nashville-based company, which notably offloaded its beleaguered Lids Sports Group business in December, said fourth-quarter earnings missed the mark. It is renewing its focus on footwear to get back on track.
As of 10:15 a.m. ET, Genesco saw its stock drop 5.8 percent to $43.80. The company posted earnings from continuing operations of $1.53 per diluted share for the three months ended Feb. 2, compared with $2.51 the prior year period. Adjusted earnings per diluted share were $2.18 — well under analysts’ expectations of $2.33 — versus earnings of $1.85 per share the previous year. Revenues also slid 2 percent to $675 million, while profit was down 38.6 percent to $29.7 million.
However, the company — parent to teen mall staple Journeys and shoe firms Johnston & Murphy and Schuh — posted comps that increased 4 percent, with stores growing 3 percent and direct-to-consumer up 10 percent.
“The strength of our U.S. retail footwear concepts fueled our highest annual comparable sales increase in three years,” chairman, president and CEO Robert J. Dennis said in a statement. “Our top-line performance included positive store comps, which, along with our recent cost-reduction efforts, allowed us to leverage our

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Via:: https://footwearnews.com/2019/business/earnings/genesco-q4-2018-earnings-sales-1202760854/