Genesco Inc. (GCO) reported third-quarter earnings from continuing operations of $11.5 million or $0.50 per share, compared to earnings from continuing operations of $9.0 million or $0.43 per share in the year ago quarter. Net earnings for the quarter were $11.44 million, up from $8.96 million in the same quarter last year.
Adjusted earnings from continuing operations were $12.3 million, or $0.53 per share, compared to earnings from continuing operations of $9.5 million, or $0.43 per share, for the third quarter of fiscal 2009.
Net sales for the third quarter were $390.30 million, compared to $389.77 million in the year ago quarter. Comparable store sales in the third quarter of fiscal 2010 decreased by 2%. Comparable store sales in the Journeys Group decreased by 2%, the Hat World Group increased by 1%, Underground Station decreased by 6%, and Johnston & Murphy Retail decreased by 2%.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share on revenues of $388.41 million for the quarter. Analysts' estimates typically exclude special items.
The company expects fourth quarter earnings to be in the range of $1.07 - $1.13 per share, and comparable store sales to be flat to slightly positive, compared with -5% last year. Analysts expect the company to report earnings of $1.15 per share for the fourth-quarter.
The company raised its fiscal 2010 earnings guidance to a range of $1.78 - $1.84 per share, from the prior range of $1.70 - $1.80 per share. Analysts expect the company to report earnings of $1.75 per share for fiscal 2010.
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