Genesco art

Genesco officials Friday reported quarterly earnings of $2.26 per share, topping estimates from various financial analysts.

The mark compares to earnings of $0.85 per share for the figure from Q3 2020, according to a release.

In addition, the Nashville-based specialty retailer of footwear and fashion accessories posted revenues of about $601 million for the October-ended quarter, an increase of 25 percent compared to the revenue figure of $479.28 million for the same period last year. The company has topped consensus revenue estimates each of the last four quarters, according to Zacks Equity Research.

Same store sales increased 25 percent over the third quarter of 2020. Similarly, e-commerce sales increased 79 percent compared to the Q3 2019 mark.

Mimi Vaughn, Genesco board chair, president and chief executive officer, said in the release the company expects adjusted earnings for fiscal year 2022 to be between $6.40 and $6.90 per share. At the mid-point of that range, the company would see an increase of 45 percent over the figure from the pre-pandemic fiscal year 2020.

"Building off a very strong first half of Fiscal 2022, our excellent results this quarter were fueled by an outstanding back-to-school season in the United States and United Kingdom, reinforcing Journeys' and Schuh's positions as the leading destinations for teen and youth fashion footwear,” Vaughn said in the release.

Vaughn said Genesco is pleased with current quarter results, as sales have “tracked nicely” ahead of pre-pandemic levels in November.

“We are now into the all-important holiday selling season,” she added. “Given the recovery and confidence we have in our business, we are returning to giving guidance.”  

Shares of Genesco (Ticker: GCO) ended the trading day at $65.57, up $1.81 per share (2.84 percent).

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