- Genesco ( NYSE: GCO ) shares down on guidance cut after mixed Q2 results .
- Sales guidance cut to -3% to flat Y/Y, vs. prior guidance of up 1% to 3% and consensus growth of 0.54%; Adjusted diluted EPS from continuing operations now expected to be in the range of $6.25 to $7.00 vs. prior expectation of near the mid-point of $7.00 to $7.75 and consensus of $7.22.
- E-commerce sales for the quarter represented 18% of retail sales vs. 19% year ago.
- Comparable direct sales down 3% compared to up -23% year ago.
- Total Comp sales down 2%.
- Comp sales -8% at Journeys, +9% at Schuh and +17% at Johnston & Murphy.
- Gross margin rate fell 160 bps to 47.5% Y/Y.
- Adjusted operating margin was 1.9% for the quarter.
- The company repurchased 826,034 shares during the quarter at a cost of $45.4M or an average of $54.99 per share.
- The company currently has $54.9M remaining on its expanded share repurchase authorization announced in February 2022.
- Since the start of 2022, stock lost around 25% .
For further details see:
Genesco stock down after FY2023 guidance cut