Genesco Recovers From Lows Following Report

Genesco GCO shares are flat Friday morning after initially shooting lower on the company’s first quarter results.

Revenue for the quarter came in at $629 million, 6.3 percent higher than the same quarter last year. Highlights include same-store sales and eCommerce rising one percent year-over-year.

CEO Robert Dennis commented on sales, “We are very pleased with our performance given the choppy retail environment, combined with the lack of a meaningful, new fashion driver in the teen footwear space early in the year.”

Related: Chico's Misses on Q1 Earnings, Shares Fall

Earnings were disappointing; 10.99 percent lower than the analyst consensus. Compared to EPS of $0.94 last year, EPS for the most recent quarter was $0.81. Much of this drop in profitability can be attributed to higher SG&A expenses.

Looking forward, Genesco reaffirmed FY EPS to be in the range of $5.40 to $5.55 (six to nine percent higher than the previous year). Analysts are more bullish on the issue; the current consensus is $5.65.

Shares of Genesco were last trading at $70.90, down 0.72 percent from Thursday’s closing price.