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Genesco profit misses consensus by 48.7% in fiscal Q2

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Genesco profit misses consensus by 48.7% in fiscal Q2

Genesco Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS rose 48.3% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.7 million, an increase of 49.0% from $4.5 million in the year-earlier period.

The normalized profit margin rose to 1.1% from 0.8% in the year-earlier period.

Total revenue rose 7.1% on an annual basis to $615.5 million from $574.7 million, and total operating expenses grew 6.6% from the prior-year period to $604.0 million from $566.4 million.

Reported net income fell 44.2% from the prior-year period to $4.7 million, or 20 cents per share, from $8.5 million, or 36 cents per share.