UPDATE 2-Genesco Q3 results beat Street, sees Q4 EPS below view

* Q3 adj EPS $0.53 vs est $0.44

* Q3 rev $390.3 mln vs est $388.4 mln

* Sees Q4 EPS $1.07-$1.13 vs. est $1.15

* Raises FY10 EPS view to $1.78-$1.84

* Shares fall as much as 10 pct

Nov 24 (Reuters) - Genesco Inc (GCO.N) posted a better-than-expected quarterly profit, helped by improved gross margins, but forecast fourth-quarter earnings below Wall Street estimates, sending the shoe and hat retailer's shares down as much as 10 percent.

For the fourth-quarter, the company expects earnings per share of $1.07 to $1.13, below analysts' expectations of $1.15 a share, according to Thomson Reuters I/B/E/S.

On a call, Chief Executive Robert Dennis told analysts that through Nov. 21, the company's month to date same-store sales fell 3 percent.

"While we don't like to blame the weather, we do think that an unseasonable warm November in much of the country has had a negative impact on the month to date results," Dennis said.

Reflecting this, the company said it expects same-store sales for the quarter to be flat to slightly positive.

On the call, the company also said it acquired Sports Fanatic, a Florida-based retailer that sells licensed apparel, accessories and novelties, in November.

Sports Fanatic generated about $29 million in sales for its 12 months ended September.

UPS FY10 EPS VIEW, Q3 BEAT

For the full-year Genesco, which sells footwear and headwear under the Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy brands, raised its earnings forecast to $1.78 to $1.84 a share up from its prior view of $1.70 to $1.80 a share.

In a statement, Dennis said he remained optimistic about the holiday season due to relatively easier comparisons later in the quarter and on the company's strong merchandise position.

For the third quarter ended Oct. 31, the company earned $11.5 million, or 50 cents a share, from continuing operations, compared with $9.0 million, or 43 cents a share, a year ago.

Excluding items, it earned 53 cents a share.

Revenue rose marginally to $390.3 million.

Analysts on average expected earnings of 44 cents a share, before items, on revenue of $388.4 million.

Shares of the Nashville-based company were trading down $2.32 at $26.22 in afternoon trade on the New York Stock Exchange. They touched a low of $25.80 earlier in the day. (Reporting by Abhishek Takle and Renju Jose; Editing by Vinu Pilakkott, Maju Samuel) ((renju.jose@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 080 4135 5800; Reuters messaging: renju.jose.reuters.com@reuters.net))