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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.

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