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Genesco 1Q adjusted profit tops Street estimates

NASHVILLE, Tenn. (AP) -- Genesco's fiscal first-quarter net income fell 11 percent, pulled down by a deferred payment and impairment charges. Its adjusted results topped Wall Street's expectations.

The Nashville, Tenn.-based company sells shoes, hats, clothing and accessories at more than 2,400 stores like Journeys Group and Lid Sports as well as online.

For the three months ended May 4, Genesco Inc. earned $18.4 million, or 77 cents per share. That compares with $20.6 million, or 85 cents per share, a year earlier.

Taking out the deferred payment related to the Schuh Group Ltd. buyout and impairment charges, earnings from continuing operations were 94 cents per share.

Analysts, on average, predicted earnings of 85 cents per share, according to a FactSet survey.

Revenue dipped 1 percent to $591.4 million from $600.1 million, missing Wall Street's estimate of $604.4 million.

A figure that measures revenue at stores open at least a year as well as comparable online and catalog sales dropped 4 percent in the quarter.

Genesco Inc. still expects fiscal 2014 adjusted earnings between $5.57 and $5.67 per share. Analysts forecast earnings of $5.58 per share.

The company said it also remains on pace for its five-year goal of $3.5 billion in sales by fiscal 2017.

In premarket trading, Genesco shares added 13 cents to $69.20. The stock is up about 25 percent in the year to date.