Genesco Raises Full Year Outlook; Records 37% Increase In Q3 Adj. EPS

(RTTNews) - Genesco Inc. (GCO) announced, for fiscal 2020, the company now expects adjusted earnings per share from continuing operations in the range of $4.10 to $4.40 with an expectation that earnings per share for the year will be near the mid-point of the range. This an increase from the previous guidance range of $3.80 to $4.20. Comparable sales are anticipated to be up 2 percent to 3 percent, for the fiscal year. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.05. Analysts' estimates typically exclude special items.

Robert Dennis, Genesco CEO, said, "The fourth quarter has started well, highlighted by solid results during the Black Friday through Cyber Monday period versus the comparable period last year. Based on our strong third quarter results and positive start to the holiday season, we are raising our full-year guidance."

For the third-quarter, adjusted earnings from continuing operations per share was $1.33 compared to $0.97, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.08, for the quarter.

Third-quarter net sales were flat at $537 million. Excluding the effect of lower exchange rates, net sales would have increased $2 million compared to last year. Comparable sales increased 3 percent, with stores up 1 percent and direct up 19 percent. Analysts expected revenue of $540.56 million, for the quarter.

Shares of Genesco Inc. were up more than 8% in pre-market trade on Friday.