logo
Plus   Neg
Share
Email

Genesco Comps Up 4%; Backs FY19 Adj. EPS Outlook - Quick Facts

Specialty retailer Genesco, Inc. (GCO) announced Monday that comparable sales, including both stores and direct sales, increased 4 percent for the fourth quarter-to-date period ended January 10, 2019. Same store sales grew 3 percent and sales for the company's e-commerce businesses increased 8 percent on a comparable basis for that period.

The company also said it continues to expect adjusted earnings for the fiscal year ending February 2, 2019, in the range of $3.10 to $3.40 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $3.07 per share for fiscal year 2018. Analysts' estimates typically exclude special items.

Robert Dennis, Chairman, President and Chief Executive Officer of Genesco said, "Overall, we enjoyed a very solid Holiday selling season, with stronger than expected results."

"We remain comfortable with our previously announced adjusted earnings per share range for the full fiscal year and reiterate expectations that earnings will be near the midpoint," Dennis added.

The company noted that its adjusted earnings per share expectations for Fiscal 2019 do not primarily include the anticipated sale of the Lids Sport Group and do not include fixed asset impairments and other charges, estimated in the range of $0.40 to $0.44 per share after tax, for the full fiscal year.

Genesco plans to announce its fourth quarter and fiscal year 2019 results on March 14, 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amazon Inc. is leading a new $575 million investment in British food delivery company Deliveroo, intensifying the e-commerce giant's competition with rival Uber and its Uber Eats service. Deliveroo noted that Amazon is set to be the largest investor in the Series G preferred shared funding round. With the latest funding round, Deliveroo has raised $1.53 billion. While reporting financial results for the first quarter on Friday, Deere & Co. (DE) slashed its earnings and revenue growth guidance for the full-year 2019. The company said the lower forecast is partly a result of actions taken by it to prudently manage field inventories, which will cause production... European Union regulators on Thursday fined five global banks a total of 1.07 billion euros, or $1.2 billion, for participating in foreign exchange spot trading cartels and manipulating the foreign-exchange currency market. The five banks are Barclays, Royal Bank of Scotland, Citigroup, JPMorgan Chase and Japan's MUFG Bank, formerly known as Bank of Tokyo-Mitsubishi.
Follow RTT