Genesco Anticipates Lower Same-Store Sales

Genesco Inc. sounded the warning bell Tuesday that its fourth-quarter same-store sales could bottom out at the lower end of its previously issued projection.

The company said same-store sales could be down as much as 4 percent for the quarter. To date, the company said comp sales were down 1 percent at Journeys stores; 12 percent at Underground Station; 4 percent at Hat World; and 16 percent at Johnston & Murphy.

Though the company did not revise its fourth-quarter earnings guidance, it did say in a press release yesterday that earnings would hinge on same-store sales for the remainder of the quarter, as well as accounting adjustments and other factors. Genesco previously stated it expected earnings of $1.06 to $1.20 per share.

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