Genesco Inc. (NYSE:GCO) stock tumbled Thursday after the company reported worse-than-expected third-quarter results.

Details

The company reported adjusted earnings per share of 79 cents, missing the street view of 88 cents.

Quarterly sales of $616.2 million (increased 3% year over year) missed the analyst consensus estimate of $618.6 million.

Also Read: Genesco Analysts Increase Their Forecasts After Q2 Results

Sales were driven by a 4% increase at Journeys, 2% growth at Schuh, and 3% gains at both Johnston & Murphy and Genesco Brands.

Comparable sales increased by 3%, with stores growing by 5% and e-commerce declining by 3%.

E-commerce sales accounted for 23% of retail sales in the quarter.

Gross margin contracted to 46.8% from 47.8% a year ago, on lower margins at Genesco Brands Group from tariff pressures and license exits, along with ...