US: Genesco adjusts FY guidance to lower end
Apparel and footwear retailer Genesco has adjusted its full-year earnings guidance to the lower end of its forecast on the back of a 1% increase in fourth-quarter sales.
For the three months ended 11 January, comparable sales, including both stores and direct sales, edged up 1% compared to a drop of 1% on the prior year period.
Comparable sales for stores only were flat on last year, when sales were down 2%, while e-commerce sales climbed 11% versus growth of 17% last year.
Based on quarter-to-date results and current trends, Genesco said its adjusted earnings per diluted share expectations for the fiscal year ending 1 February are now at the lower end of its guidance range of US$5.10 to $5.20.
Genesco plans to announce its fourth-quarter and fiscal year 2014 results on 7 March.
US apparel and footwear retailer Genesco said it is pleased with its performance in the first quarter, despite reporting a slight fall in earnings....
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