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Genesco Turns To Profit In Q1 On Strong Sales

Specialty retailer Genesco Inc. (GCO) reported Thursday that its first-quarter net earnings were $8.88 million, compared to prior year's net loss of $134.78 million.

Earnings per share were $0.60, compared to loss of $9.55 a year ago, and profit of $0.36 two years ago. Adjusted earnings per share were $0.79, compared to last year's loss of $3.65, and profit of $0.33 two years ago

Net sales increased 93 percent to $538.70 million from last year's $279.23 million. Net sales increased 9 percent over the first quarter two years ago with stores open about 90 percent of days.

Comparable direct sales increased 43 percent.

In pre-market activity on NYSE, Genesco shares were trading at $62, up 6.31 percent.

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