Genesco Cuts FY18 Earnings Guidance - Quick Facts

(RTTNews) - Genesco Inc. (GCO) announced the company now expects fiscal 2018 adjusted earnings per share in the range of $3.90 to $4.05, compared to previously issued guidance range of $4.40 to $4.55. The guidance assumes comparable sales are flat to up to 1% for the full year.

Robert Dennis, CEO of Genesco, said, "While Journeys continues to make good progress adjusting its product offering to better reflect current consumer demand, we now believe Journeys' comp recovery will take longer to materialize than previously expected due to a more significant slowdown in the declining part of its merchandise assortment. In addition, we have adopted a more conservative outlook for store-based sales given the anemic level of mall traffic year-to-date and the more pronounced shift in consumer spending away from stores to online."