• Q3 net profit up 54% to US$26.2m
  • Net sales soar 33% to $616.5m
  • Comparable store sales up 12%

Apparel group Genesco recorded a strong increase in third quarter profit, boosted by a 33% sales surge and double-digit comparable store sales increase.

The US company said its Lids Sports Group’s comparable store sales had risen 8% in the three months to 29 October, while the increases for the Journeys Group, Johnston & Murphy and Underground Station were 15%, 7% and 14% respectively.

“We were particularly encouraged by our 12% comparable store sales gain, which contributed to strong expense leverage for the quarter,” said chairman, president and CEO Robert Dennis.

“The strength of our product assortments combined with the current fashion trends have us well-positioned as we get set for our busiest selling period of the year.”

Dennis added that the fourth quarter had started well, with comparable store sales up 11% in the first three weeks of November.

Genesco is forecasting full-year earnings per share of $3.64-3.69 on comparable store sales gains of 10-11%.