US: Genesco raises full-year outlook on Q3 profit rise
- Q3 profit jumped 56.7% to $40.9m
- Sales rose 7.8% to $664.5m
- Comparable store sales up 4%
Apparel group Genesco has raised its full-year earnings guidance after reporting a 56.7% increase in third-quarter net profit.
Net earnings reached US$40.9m for the quarter to 27 October, from $26.1m the same period last year.
Sales rose 7.8% to $664.5m, compared to $616.5m the prior year. Comparable store sales climbed 4% with the Journeys Group, the Schuh Group and Johnston & Murphy Group posting gains of 8%, 9% and 6% respectively. However, comparable store sales were down 5% at Lids Sports Group.
Chairman, president and CEO Robert Dennis said: "Our third quarter results were highlighted by strong earnings growth as we were able to meaningfully leverage expenses on a mid single digit comparable store sales gain.
"The fourth quarter got off to a slow start with November comparable store sales down 4% compared with a 12% increase in November last year. We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%. For the long Thanksgiving weekend, US comparable store sales increased by low single digits."
The company expects full-year adjusted diluted earnings per share to range from $5.00 to $5.08, compared to earlier guidance of between $4.88 to $5.00.
A deferred payment and impairment charges have contributed to an 11% drop in first quarter profit at apparel and footwear retailer Genesco Inc....
Apparel and footwear retailer Genesco plans to withdraw its listing on the Chicago Stock Exchange as part of efforts to streamline its operations and cut costs....
Nashville-based apparel and footwear retailer Genesco has seen its fourth-quarter profit decline on the back of one-off costs, and says it remains cautious in its outlook....
- What Marks & Spencer's numbers mean for clothing
- Where next for 3D design and prototyping?
- Balance essential in garment supply chain
- Tanzania adds to Africa’s apparel sourcing mix
- Supply chain weighs on Kering's green footprint
- Brandix named PVH ‘Global Supplier of the Year’
- Ascena Retail to buy Ann Taylor owner for $2bn
- Earthquake damage at Bangladesh garment factories
- AGOA delays drag on sourcing decisions
- Esprit warns of “substantial” FY loss