Genesco Q3 Profit Rises; Cuts Annual Earnings Outlook - Quick Facts

(RTTNews) - Specialty retailer Genesco, Inc. (GCO) reported third-quarter earnings from continuing operations of $28.7 million or $1.21 per share, up from $27.8 million, or $1.18 per share in the comparable quarter last year.

Excluding items, earnings from continuing operations were $30.3 million, or $1.28 per share, down from $33,8 million or $1.43 per share in the prior year period. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.44 for the quarter. Analysts' estimates typically exclude one-time items.

Total sales for the latest third quarter rose by 8 percent to $722.92 million from $666.33 million a year ago with comparable sales, including same store sales and comparable e-commerce and catalog sales, rising 3 percent. Analysts estimated revenue of $716.58 million.

Looking ahead, for the fiscal 2015, the company now expect adjusted earnings per share in the range of $4.75 - $4.85, down from its previously issued guidance of $5.10 - $5.20. Analysts forecast earnings per share of $5.14.

Separately, Genesco announced that James Gulmi, senior vice president and chief financial officer, has made the decision to retire from the role of chief financial officer at the end of its current fiscal year. He will be succeeded as chief financial officer by Mimi Vaughn, the company's current senior vice president - strategy and shared services.

Gulmi, who has served as Genesco's chief financial officer since 1986, and who joined the Company in 1971, is expected to continue as senior advisor to the company for at least the next year.

Commenting on Vaughn, the company said she joined Genesco as vice president - strategy and business development in 2003, was promoted to senior vice president - strategy and business development in 2006, and was named senior vice president - strategy and shared services in 2009.