Genesco Lifts Full-Year Outlook as Back-to-School Fuels 3Q Sales

Dow Jones

Dec 06, 2024

By Dean Seal

Genesco raised its full-year guidance after back-to-school-season demand and a strong performance for its Journeys brand boosted third-quarter sales.

The footwear retailer now expects sales to fall no more than 1% and possibly come in flat year-over-year. It previously targeted a 1% to 2% decline. Adjusted earnings from continuing operations, which strip out one-time items, are now expected to be 80 cents to $1 a share, lifting the floor of Genesco's previous outlook by 20 cents.

The raise comes after sales in the third quarter increased 3% to $596 million, with a comparable sales gain of 6%.

Chief Executive Mimi Vaughn said the back-to-school season was a strong start to the quarter, which ended Nov. 2.

The company's Journeys chain saw robust sales trends in September and October, fueling an 11% gain in comparable sales for the brand. That offset small declines for its Schuh and Johnston & Murphy banners.

Genesco posted a loss for the quarter of $18.9 million, or $1.76 a share, compared with a profit of $6.5 million, or 60 cents a share, in the same quarter of last year. A $26.3 million tax expense weighed on the bottom line.

Vaughn said earnings would have been stronger had an important back-to-school week not been shifted into the second quarter this year.

Shares rose 5.6% to $39.50 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 06, 2024 07:16 ET (12:16 GMT)

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It previously targeted a 1% to 2% decline. Adjusted earnings from continuing operations, which strip out one-time items, are now expected to be 80 cents to $1 a share, lifting the floor of Genesco's previous outlook by 20 cents. \n</p>\n<p>\n  The raise comes after sales in the third quarter increased 3% to $596 million, with a comparable sales gain of 6%. \n</p>\n<p>\n  Chief Executive Mimi Vaughn said the back-to-school season was a strong start to the quarter, which ended Nov. 2. \n</p>\n<p>\n  The company's Journeys chain saw robust sales trends in September and October, fueling an 11% gain in comparable sales for the brand. That offset small declines for its Schuh and Johnston &amp; Murphy banners. \n</p>\n<p>\n  Genesco posted a loss for the quarter of $18.9 million, or $1.76 a share, compared with a profit of $6.5 million, or 60 cents a share, in the same quarter of last year. A $26.3 million tax expense weighed on the bottom line. \n</p>\n<p>\n  Vaughn said earnings would have been stronger had an important back-to-school week not been shifted into the second quarter this year. \n</p>\n<p>\n  Shares rose 5.6% to $39.50 in premarket trading. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 06, 2024 07:16 ET (12:16 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GCO","symbol_name":"格涅斯科","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2489056289","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2489056289","pubTimestamp":1733487360,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Genesco raised its full-year guidance after back-to-school-season demand and a strong performance for its Journeys brand boosted third-quarter sales.The footwear retailer now expects sales to fall no more than 1% and possibly come in flat year-over-year. It previously targeted a 1% to 2% decline. Adjusted earnings from continuing operations, which strip out one-time items, are now expected to be 80 cents to $1 a share, lifting the floor of Genesco's previous outlook by 20 cents.The raise comes after sales in the third quarter increased 3% to $596 million, with a comparable sales gain of 6%.Chief Executive Mimi Vaughn said the back-to-school season was a strong start to the quarter, which ended Nov. 2.The company's Journeys chain saw robust sales trends in September and October, fueling an 11% gain in comparable sales for the brand. That offset small declines for its Schuh and Johnston & Murphy banners.Genesco posted a loss for the quarter of $18.9 million, or $1.76 a share, compared wi","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"GCO":"格涅斯科"},"translate_title":"由于返校推动第三季度销售，Genesco上调全年前景","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GCO":1},"content_text":"By Dean Seal \n\n\n \n\n\n  Genesco raised its full-year guidance after back-to-school-season demand and a strong performance for its Journeys brand boosted third-quarter sales. \n\n\n  The footwear retailer now expects sales to fall no more than 1% and possibly come in flat year-over-year. It previously targeted a 1% to 2% decline. Adjusted earnings from continuing operations, which strip out one-time items, are now expected to be 80 cents to $1 a share, lifting the floor of Genesco's previous outlook by 20 cents. \n\n\n  The raise comes after sales in the third quarter increased 3% to $596 million, with a comparable sales gain of 6%. \n\n\n  Chief Executive Mimi Vaughn said the back-to-school season was a strong start to the quarter, which ended Nov. 2. \n\n\n  The company's Journeys chain saw robust sales trends in September and October, fueling an 11% gain in comparable sales for the brand. That offset small declines for its Schuh and Johnston & Murphy banners. \n\n\n  Genesco posted a loss for the quarter of $18.9 million, or $1.76 a share, compared with a profit of $6.5 million, or 60 cents a share, in the same quarter of last year. A $26.3 million tax expense weighed on the bottom line. \n\n\n  Vaughn said earnings would have been stronger had an important back-to-school week not been shifted into the second quarter this year. \n\n\n  Shares rose 5.6% to $39.50 in premarket trading. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 06, 2024 07:16 ET (12:16 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}