Genesco Inc. (GCO) reported a reduction in losses for the second quarter compared to the same period last year, surpassing analysts' expectations.
The company posted a net loss of $9.99 million, or $0.91 per share, which is a significant improvement from the net loss of $31.67 million, or $2.79 per share, reported in the previous year's second quarter.
On an adjusted basis, excluding special items, Genesco Inc. reported a net loss of $9.13 million, or $0.83 per share for the period.
Analysts, as compiled by Thomson Reuters, had projected an average loss of $1.11 per share, typically excluding special items from their estimates.
Revenue for the quarter saw a slight increase of 0.4%, rising to $525.19 million from $523.03 million in the previous year.
Overview of Genesco Inc.'s second-quarter performance under GAAP:
- Net Loss: $9.99 million, compared to $31.67 million last year
- Loss Per Share: $0.91, compared to $2.79 last year
- Revenue: $525.19 million, compared to $523.03 million last year
Guidance:
- Full-year EPS guidance is projected to be between $0.60 and $1.00.
