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Genesco reports GAAP loss from continuing operations

Christian Fernsby ▼ | June 10, 2020
Genesco reported a GAAP loss from continuing operations per diluted share of ($9.54) for the three months ended May 2, 2020, compared to earnings from continuing operations per diluted share of $0.36 in the first quarter last year.
Genesco
Genesco   Net sales for the first quarter of Fiscal 2021 decreased 44%
Adjusted for the excluded items in both periods, the Company reported a first quarter loss from continuing operations per diluted share of ($3.65), compared to earnings from continuing operations per diluted share of $0.33 last year.

Topics: Genesco

Net sales for the first quarter of Fiscal 2021 decreased 44% to $279 million from $496 million in the first quarter of Fiscal 2020.

Selling and administrative expense for the first quarter this year increased as a percentage of net sales.

Genesco's GAAP operating loss for the first quarter was $(156.0) million, or (55.9)% of sales this year compared with operating income of $9.1 million, or 1.8% of sales last year.

Adjusted for the excluded items in both periods, the operating loss for the first quarter was $(69.5) million this year compared with operating income of $8.4 million last year. Adjusted operating margin was (24.9)% of sales in the first quarter of Fiscal 2021 and 1.7% last year.


 

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