Mar 4, 2011
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Genesco Q4 profit beats; says off to a good start this year

Mar 4, 2011

March 4 - Shoe and hat retailer Genesco Inc posted a better-than-expected quarterly profit and forecast a strong year ahead as its Journeys and Johnston & Murphy brands sold well during the holiday season.

Journeys Kidz, one of the 2,275 retail stores that Genesco operates in the US

The Journeys Group, which sells trendy footwear, and Johnston & Murphy, which sells more pricey clothes and accessories, each saw same-store sales rise 12 percent during the quarter ended Jan. 29.

Total sales increased 17 percent to $560.5 million.

Genesco earned $31.4 million, or $1.34 a share, compared with $25.8 million, or $1.08 last year.

On an adjusted basis, it earned $1.33 a share, while analysts were expecting it to earn $1.29 a share, on revenue of $539.3 million, according to Thomson Reuters I/B/E/S.

The Nashville-based company also said fiscal 2012 is off to a good start with February comparable store sales across all the retail businesses up 10 percent.

"While we expect these trends will moderate, we feel good about our prospects for spring based on our merchandising strategies and solid inventory position," Chief Executive Robert Dennis said.

For the fiscal 2012, the company expects to earn between $2.78-$2.85 a share, while analysts were expecting $2.81 a share.

Genesco shares had closed at $40.86 on Thursday on the New York Stock Exchange.

(Reporting by Nivedita Bhattacharjee; Editing by Maju Samuel)

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