genesco inc cut its fullyear adjusted earnings guidance and narrowed its sales expectations as inventories surged 66 over the past year the footwear and accessories retailer said it now expects fiscal 2023 adjusted earnings from continuing operations to be in the range of 550 a share to 590 a share down from prior guidance issued in september of 625 a share to 7 a share the company also said it now expects fullyear sales to be down 1 to 2 narrowed from a prior range of flat to down 3 a sluggish start to november combined with higher industrywide promotional activity and cost pressures has led us to adopt a more conservative view on the balance of this year chief executive mimi vaughn said the reduced earnings guidance is based on performance so far in the current quarter and reflects a more cautious view of the operating environment chief financial officer thomas george said inventories as of oct 29 were 5635 million up 66 from a year earlier when surging demand and supplychain challenges depressed inventory levels high inventories could spur retailers to deeply discount items in an effort to move products at the expense of margins write to will feuer at willfeuerwsjcom