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Genesco profit misses consensus by 36.8% in fiscal Q1

Genesco Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 58 cents per share, compared with the S&P Capital IQ consensus estimate of 91 cents per share.

EPS declined 15.8% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.7 million, a decrease of 16.0% from $16.2 million in the year-earlier period.

The normalized profit margin dropped to 2.2% from 2.7% in the year-earlier period.

Total revenue grew 6.3% on an annual basis to $628.8 million from $591.4 million, and total operating expenses increased 7.4% on an annual basis to $606.3 million from $564.4 million.

Reported net income decreased year over year to $14.2 million, or 60 cents per share, from $14.5 million, or 61 cents per share.