logo
Plus   Neg
Share
Email

Genesco Raises Full Year Outlook; Records 37% Increase In Q3 Adj. EPS

Genesco Inc. (GCO) announced, for fiscal 2020, the company now expects adjusted earnings per share from continuing operations in the range of $4.10 to $4.40 with an expectation that earnings per share for the year will be near the mid-point of the range. This an increase from the previous guidance range of $3.80 to $4.20. Comparable sales are anticipated to be up 2 percent to 3 percent, for the fiscal year. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.05. Analysts' estimates typically exclude special items.

Robert Dennis, Genesco CEO, said, "The fourth quarter has started well, highlighted by solid results during the Black Friday through Cyber Monday period versus the comparable period last year. Based on our strong third quarter results and positive start to the holiday season, we are raising our full-year guidance."

For the third-quarter, adjusted earnings from continuing operations per share was $1.33 compared to $0.97, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.08, for the quarter.

Third-quarter net sales were flat at $537 million. Excluding the effect of lower exchange rates, net sales would have increased $2 million compared to last year. Comparable sales increased 3 percent, with stores up 1 percent and direct up 19 percent. Analysts expected revenue of $540.56 million, for the quarter.

Shares of Genesco Inc. were up more than 8% in pre-market trade on Friday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The former chief executive officer of Hertz Global Holdings, Mark Frissora, agreed to pay about $2.2 million to settle the U.S. Securities and Exchange Commission's claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013. Daimler AG, the maker of Mercedes-Benz cars, said Thursday that it has agreed to pay more than $2.2 billion to settle U.S. claims over emissions from its diesel vehicles. A new class-action lawsuit filed against Facebook accuses the company's photo and video-sharing app Instagram of illegally collecting biometric data of as many as 100 million users without their consent, according to reports. The lawsuit filed in a state court in California, alleges that Instagram uses its photo-tagging technology to create a database of users' facial features.
RELATED NEWS
Follow RTT