Earnings To Watch: Genesco (GCO) Reports Q3 Results Tomorrow
Footwear, apparel, and accessories retailer Genesco (NYSE:GCO) will be reporting earnings tomorrow before market hours. Here's what to expect.
Last quarter Genesco reported revenues of $523 million, down 2.3% year on year, beating analyst revenue expectations by 5.2%. It was an impressive quarter for the company, with revenue and EPS exceeding analysts' estimates. For the full year, the company increased its sales outlook while maintaining the EPS outlook.
Is Genesco buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Genesco's revenue to decline 2.5% year on year to $588.6 million, a deceleration on the 0.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.84 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates three times over the last two years.
Looking at Genesco's peers in the apparel and footwear retail segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Boot Barn delivered top-line growth of 6.5% year on year, missing analyst estimates by 0.8% and Shoe Carnival reported revenue decline of 6.4% year on year, missing analyst estimates by 0.4%. Boot Barn traded down 6.2% on the results, and Shoe Carnival was flat on the results.
Read our full analysis of Boot Barn's results here and Shoe Carnival's results here.
There has been positive sentiment among investors in the apparel and footwear retail segment, with the stocks up on average 12.8% over the last month. Genesco is up 42.8% during the same time, and is heading into the earnings with analyst price target of $34, compared to share price of $37.9.
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The author has no position in any of the stocks mentioned.
