Plus   Neg

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
Shares of Biogen Inc. are falling almost 28 percent in Thursday's trading after the company and Japanese drugmaker Eisai Co. said they will discontinue two late-stage trials for their experimental Alzheimer's drug, Aducanumab. The two Phase 3 trials, ENGAGE and EMERGE, are multi-center, randomized, double-blind, placebo-controlled, parallel-group studies designed to evaluate Aducanumab. The European Union on Wednesday ordered Alphabet Inc.'s Google to pay an antitrust fine of 1.49 billion euros for abusing its dominant position in the online search advertising intermediation market by preventing competition. This is the third antitrust fine by the EU against Google and it represents 1.29 percent of the tech giant's turnover in 2018. Shares of BMW Group declined around 5 percent in German trading after the auto giant reported Wednesday weak profit in its fiscal year 2018, despite a 0.1 percent growth in Automotive revenues with higher deliveries. Looking ahead for fiscal 2019, the company expects Group profit before tax will be well below the previous year's level. BMW said it is confident of volume growth in Automotive unit.
Follow RTT