Specialty retailer Genesco, Inc. (GCO) on Friday reported that net income for the third quarter plunged to $6.54 million or $0.60 per share from $20.38 million or $1.65 per share in the prior-year quarter.

Excluding items, adjusted earnings from continuing operations were $0.57 per share, compared to $1.65 per share in the year-ago quarter.

Net sales for the quarter decreased 4 percent to $579.32 million from $603.79 million in the same quarter last year. Total Genesco Comparable Sales declined 4 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share on revenues of $588.60 million for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects adjusted earnings from continuing operations in a range of $1.50 to $2.00 per share on sales to be down 1 to 2 percent, or down 2 to 3 percent excluding the 53rd week this year.

Previously, the company expected adjusted earnings from continuing operations in the range of $2.00 to $2.50 per share on sales to be down 2 to 4 percent, or down 3 to 5 percent excluding the 53rd week this year.

The Street is looking for earnings of $2.30 per share on a revenue decline of 2.5 percent to $2.33 billion for the year.

The Company said it remains on track to close approximately 100 Journeys stores in Fiscal 2024 and continues to anticipate up to $40 million in cost reductions by the end of Fiscal 2025.

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Original: RTT – Earnings: Genesco Slashes FY24 Earnings Outlook As Q3 Results Miss Estimates