RTTNews | Dec 4, 2020 07:18AM EST

07:18 Friday, December 4, 2020 (RTTNews.com) - Genesco Inc. (GCO) reported that its third-quarter net earnings dropped to $7.47 million or $0.52 per share from $18.90 million or $1.30 per share in the same quarter last year.

Adjusted earnings from continuing operations were $12.1 million or $0.85 per share in Fiscal 2021, compared to $19.4 million or $1.33 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.14 per share for the third-quarter. Analysts' estimates typically exclude special items.

Net sales for the third quarter decreased about 11% to $479.28 million from $537.26 million last year. The sales decrease was hurt by lower store comps reflecting decreased back-to-school sales, continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital comp growth of 62%. Analysts expected revenues of $457.21 million for the quarter.

Total comparable sales for the third-quarter declined 9%, compared to an increase of 3% last year.

The company said it did not provide guidance at this time, due to the continued uncertainty in the overall economy driven by COVID-19.

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