Nov 24, 2009
Genesco third quarter results beat Street, raises FY10 profit view
Nov 24, 2009
Genesco Inc (GCO.N) posted a better-than-expected quarterly profit helped by improved gross margin, and raised its fiscal 2010 earnings outlook.
Genesco, which sells footwear and headwear under the Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy brands, forecast earnings of $1.78 to $1.84 a share in fiscal 2010, up from its prior view of $1.70 to $1.80 a share. Chief Executive Robert Dennis said he remained optimistic about the holiday season, due to relatively easier comparisons later in the quarter and on the company's strong merchandise position.
For the third quarter ended Oct. 31, the company earned $11.5 million, or 50 cents a share, from continuing operations, compared with $9.0 million, or 43 cents a share, a year ago.
Excluding items, it earned 53 cents a share.
Revenue rose marginally to $390.3 million.
Analysts on average expected earnings of 44 cents a share, before items, on revenue of $388.4 million, according to Thomson Reuters I/B/E/S.
Shares of the Nashville-based company closed at $28.54 Monday 23 November on the New York Stock Exchange. (Reporting by Renju Jose; Editing by Vinu Pilakkott) (([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 080 4135 5800; Reuters messaging: [email protected]))
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