NEW YORK (TheStreet) -- Shares of Genesco (GCO) - Get Genesco Inc. Report were sliding 31.35% to $49.87 on heavy trading volume early Thursday afternoon after the company posted lower earnings guidance for the fiscal 2017 year and missed analysts' estimates on revenue for the fiscal second quarter.
Following yesterday's closing bell, the Nashville-based retailer reduced its full-year per-share earnings outlook to $3.80 to $4.00 vs. the company's prior view of $4.80 per share to $4.90 per share.
Wall Street is looking for earnings of $4.91 per share for the year.
For the fiscal second quarter, revenue slid 4.6% to $626 million and fell short of analysts' projections of $642.53 million.
Adjusted earnings for the quarter were 34 cents per diluted share, topping consensus of 27 cents per share.
Total consolidated comparable sales decreased 1% year-over-year in the period.
"We experienced a sudden shift away from many of the core styles that have fueled Journeys' strong performances in recent years," CEO Robert Dennis said in a statement.
"The third quarter is off to a difficult start driven largely by the impact of the fashion shift at Journeys during the height of the back to school season and challenges at Schuh," he added.
Comparable-store sales for August are down 5% over last year.
More than 2.38 million of Genesco's shares have traded hands so far today vs. the 30-day daily average of roughly 125,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, reasonable valuation levels and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.
You can view the full analysis from the report here: GCO