02.12.2022 13:12:01
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Genesco Q3 Profit Tops Estimates, Comps. Up 3%; Revises FY23 Guidance
(RTTNews) - Genesco Inc. (GCO) reported third quarter adjusted earnings from continuing operations per share of $1.65, compared to $2.36 last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.57, for the quarter. Analysts' estimates typically exclude special items.
GAAP earnings from continuing operations per share was $1.66, compared to $2.26, last year. Earnings from continuing operations declined to $20.42 million from $32.98 million.
Net sales were $604 million, an increase of 1% from last year. Excluding the impact of lower exchange rates, net sales increased 4% for the quarter. Comps were up 3%. Analysts on average had estimated $590.23 million in revenue.
Thomas George, CFO, said: "The third quarter was highlighted by 4% constant currency revenue growth despite having 2% fewer stores compared to the prior year period. Importantly, we achieved better than expected gross margins as our trend-right merchandise offerings fueled solid full-priced selling."
For fiscal 2023, the company expects sales to be down 1% to 2%, compared to fiscal 2022, revised from prior guidance of down 3% to flat. Adjusted earnings per share from continuing operations is projected in the range of $5.50 to $5.90, with an expectation that adjusted earnings per share for the year will be near the mid-point of the range, versus the prior expectation for adjusted earnings per share to be near the mid-point of $6.25 to $7.00.
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Genesco Inc. | 41,83 | -2,36% |