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Genesco Beats Estimates in Q1

The company records net loss of $5.8 million.

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Genesco Inc. exceeded analyst expectations by 13 cents a share for the first quarter, but the Nashville-based firm still recorded a net loss in the quarter.
 
In the three months ended May 2, Genesco’s net loss came to $5.8 million, or 31 cents a diluted share, versus net income of $129.3 million, or $5.14, in the year-ago period. Excluding a loss on the early retirement of debt related to an exchange of notes for common stock, discontinued operations and other charges, Genesco earned $3.5 million, or 17 cents a share. Analysts had anticipated EPS of 4 cents.
 
Excluding the benefit of the settlement reached in its aborted merger with Finish Line and other items in last year’s quarter, earnings during the year-ago period would have been $3.8 million, or 17 cents.
 
Sales in the first quarter of 2009 rallied 4 percent to $370.4 million from $356.9 million in the year-ago period.
 
Genesco reaffirmed its full-year guidance for earnings of $1.70 to $1.80 a share.