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NASHVILLE – Genesco Inc . (NYSE:GCO) noticed its shares surge 7% after the footwear retailer reported third-quarter earnings that surpassed analyst estimates and raised its full-year outlook.
The corporate reported adjusted earnings per share of $0.61 for the third quarter, considerably beating the analyst consensus of $0.22. Income got here in at $596.3 million, additionally topping expectations of $573.36 million.
Comparable gross sales elevated 6% within the quarter, pushed by an 11% leap on the firm’s Journeys model. E-commerce gross sales have been notably sturdy, rising 15% in comparison with the identical interval final 12 months.
“Our quarterly efficiency as soon as once more exceeded expectations and marked a return to constructive total comparable gross sales,” stated Mimi E. Vaughn, Genesco’s Board Chair, President and Chief Govt Officer.
Primarily based on the sturdy outcomes, Genesco raised its fiscal 2025 steering. The corporate now expects whole gross sales to be down 1% to flat in comparison with fiscal 2024, or flat to up 1% excluding the 53rd week in fiscal 2024. That is an enchancment from earlier expectations of a 1% to 2% gross sales decline.
Adjusted earnings per share for fiscal 2025 at the moment are projected to be within the vary of $0.80 to $1.00, up from the prior steering of $0.60 to $1.00 and above the analyst consensus of $0.76.
Genesco ended the quarter with 1,302 shops, down 4% from 1,360 shops on the finish of the third quarter final 12 months. The corporate closed 14 shops in the course of the quarter as a part of its ongoing cost-saving initiatives.
“We’re within the very early innings of returning Journeys and the general firm to historic charges of gross sales and profitability,” Vaughn added, expressing confidence within the firm’s methods to drive worthwhile development.
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