13 Jan Genesco Sees Q4 Comps Running Up 2 Percent
Genesco Inc. announced that comparable sales, including both stores and direct sales, increased 2 percent for the quarter-to-date period ended January 9, 2020. Same-store sales decreased 1 percent and sales for the company’s e-commerce businesses increased 21 percent on a comparable basis for that period. Comparable sales changes for each retail business for the period were as follows:
By concept, comps through January 9 were up 3 percent at Journeys Group, rose 2 percent at Schuh Group and declined 2 percent at Johnston & Murphy Group.
The company also announced that it expects adjusted earnings per diluted share for the fiscal year ending February 1, 2020 to be above the midpoint of its guidance range of $4.10 to $4.40.
Robert J. Dennis, Chairman, president and chief executive officer of Genesco, said, “Overall, we enjoyed a solid Holiday selling season, with sales results at the higher end of our expectations. Journeys once again led the way, and we were pleased that Schuh delivered better than expected results. January is off to a good start as we look to deliver our 11th consecutive quarter of positive comparable sales for our footwear businesses. Although, the start of the month was strong, we expect that to moderate through the course of the month. We now expect that adjusted earnings per share will be above the midpoint of our guidance range.”
The updated guidance comes as management is set to present at the 2020 ICR Conference on Monday, January 13, 2020, at 11:00 a.m. (Eastern Time).