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Journeys Powers Genesco to Q3 Earnings Beat

Genesco Inc. today reported third-quarter sales and profits that topped analysts’ expectations, thanks to a strong performance by teen mall staple Journeys as well as solid advances at its Johnston & Murphy division.
The former saw comparable store sales rise 9 percent, and the latter enjoyed a gain of 10 percent during the period — boosting the firm’s adjusted earnings to 95 cents per share. Analysts had expected Genesco to post earnings of 86 cents per share. (The company also reversed last year’s net losses to post profits of $12 million, or 74 cents per diluted share.)
Overall, Genesco’s sales dipped 1 percent to $713 million, reflecting a calendar shift as opposed to lagging momentum, according to president, chairman and CEO Roger Dennis. Despite the moderate declines, those results topped analysts’ forecasts for $712 million. The firm’s comparable sales also improved 4 percent — the highest quarterly comparable sales increase at the company in more than two years, driven by “the ongoing strength of our U.S. footwear businesses,” Dennis said.
“Journeys and Johnston & Murphy delivered strong performances both in-store and online, which fueled an acceleration in our combined consolidated store and digital comps on a sequential basis,” he added. “While still negative,

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Via:: https://footwearnews.com/2018/business/earnings/genesco-earnings-q3-2018-journeys-1202715366/