Genesco 2nd-qtr Results Top Analyst Estimates

NASHVILLE, Tenn. (AP) — Footwear retailer Genesco Inc. on Thursday recorded a second-quarter loss on charges, but its adjusted results beat analysts' estimates.

The retailer posted a loss of $2.7 million, or 13 cents per share, for the period ended Aug. 1. That compares with a loss of $10.8 million, or 58 cents per share, in the same period a year earlier.

Excluding asset impairment charges of 9 cents per share and other items, loss from continuing operations was 2 cents per share.

Analysts polled by Thomson Reuters forecast a loss of 4 cents per share. Analysts' estimates generally exclude one-time items.

Sales declined 5 percent to $334.7 million from $353.1 million as same-store sales fell 8 percent. Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

Revenue missed Wall Street's estimate of $340.5 million.

"We were pleased with our bottom-line performance for the quarter, even though sales remained choppy," Genesco President and CEO Robert Dennis said in a statement.

The company maintained its full-year forecast for earnings in a range of $1.70 to $1.80 per share.

Analysts expect profit of $1.71 per share.

Genesco sells footwear, headwear and accessories in more than 2,240 retail stores in the U.S. and Canada.