UPDATE: Genesco Q4 Profit Misses Estimates

reported weaker-than-expected earnings for the fiscal fourth quarter. The Nashville, Tennessee-based company posted quarterly earnings from continuing operations of $51.8 million, or $2.18 per share, versus $42.2 million, or $1.79 per share, in the year-ago period. Excluding certain items, the company earned $2.30 per share. Its revenue gained 12.6% to $892.6 million. However, analysts were expecting earnings of $2.39 per share on revenue of $886.6 million. Comparable sales rose 10% in the fourth quarter. Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Fourth quarter sales were strong, exceeding our expectations. However, gross margin pressure, lower than planned contribution from new stores and acquisitions in the Lids Sports Group and unfavorable trends in foreign exchange rates resulted in disappointing earnings." For the full year, Genesco projects earnings of $5.10 to $5.20 per share, versus analysts' estimates of $5.63 per share. Genesco shares rose 1.10% to close at $73.28 yesterday.