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Genesco profit misses consensus by 29.2% in fiscal Q1

Genesco Inc. said its normalized net income for the fiscal first quarter ended May 2 amounted to 48 cents per share, compared with the S&P Capital IQ consensus estimate of 68 cents per share.

EPS decreased 16.6% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.4 million, a decline of 16.3% from $13.7 million in the year-earlier period.

The normalized profit margin declined to 1.7% from 2.2% in the year-earlier period.

Total revenue rose 5.1% year over year to $660.6 million from $628.8 million, and total operating expenses grew 5.8% year over year to $641.7 million from $606.3 million.

Reported net income decreased 29.8% on an annual basis to $10.0 million, or 42 cents per share, from $14.2 million, or 60 cents per share.