Genesco Inc. (GCO), a specialty retailer of branded footwear and accessories, reported Friday that its fourth-quarter net earnings fell to $27.19 million from last year's $38.95 million.
Net earnings per share were $2.47, down from $3.21 a year ago.
Earnings from continuing operations were $20.29 million, compared to $39.20 million last year. Earnings per share from continuing operations were $1.84, compared to $3.23 last year.
Adjusted earnings from continuing operations were $28.5 million or $2.59 per share, compared to $37.1 million or $3.06 per share a year ago.
Analysts on average expected the company to report earnings of $3.04 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Net sales of $738.95 million this year increased 2 percent from last year's $725 million, benefited by the additional 14th week. Excluding the 14th week, sales decreased 2 percent.
The Street was looking for sales of $705.66 million for the quarter.
Total Genesco Comparable Sales fell 4 percent, compared to a 5 percent growth last year.
Looking ahead for fiscal 2025, the company expects adjusted earnings per share from continuing operations in the range of $0.60 to $1.00, while analysts estimate $2.53 per share. In fiscal 2024, adjusted earnings from continuing operations were $0.56 per share.
The company expects total sales to decrease 2 percent to 3 percent compared to fiscal 2024, or down 1 percent to 2 percent excluding the 53rd week in fiscal 2024.
In pre-market activity on the NYSE, the shares were losing around 18.11 percent to trade at $23.97.
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