Specialty retailer Genesco Inc. (GCO) Tuesday reported an increase in quarter-to-date, ended January 9, 2010 same store sales, reflecting improved sales from e-commerce and catalog direct businesses. The company also backed its earnings guidance for the full year fiscal 2010. However, Genesco shares are currently trading down more than 6% on the NYSE.
For the period same store sales rose 1% from the prior-year period, when same store sales were down 4%. Sales from e-commerce and catalog direct sales businesses for the period increased 24%.
On a segmental basis, same store sales from Hat World Group rose 7% from the corresponding period prior year, Johnston & Murphy Group same store sales were up 1%, and same store sales from Underground Station Group remained unchanged. However, same store sales from Journeys Group declined 2%.
The Nashville, Tennessee-based company also said it remains comfortable with its previously announced earnings guidance of $1.07 to $1.13 per share for the fiscal year ending January 30, 2010. According to the company fourth quarter earnings will depend on same store sales for the rest of the quarter and quarter-end accounting adjustments, along with other factors. The company intends to announce its fourth quarter and fiscal year 2010 results on March 4, 2010.
GCO is currently trading on the New York Stock Exchange at $26.72 per share down $1.75 or 6.15% on a volume of 30,690 shares. In the past 52-week period, the shares have been trading in a range of $11.31 to $29.71.
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