Why Shares of Genesco Inc. Tumbled on Thursday
Shares of apparel retailer Genesco (NYSE: GCO) fell as much as 18% on Thursday, following the company's second-quarter earnings release for fiscal 2018. The stock closed the trading day down about 17%.
Investor pessimism toward the stock on Thursday is likely due to the company's worse-than-expected revenue and wider-than-anticipated adjusted loss per share. Genesco reported revenue and an adjusted loss per share of $616.5 million and $0.10, respectively. On average, analysts surveyed by Thomson Reuters expected revenue and an adjusted loss per share of $626.9 million and $0.08, respectively. Earnings were also slightly below management's own forecasts for the quarter.
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Source: Fool.com
