Genesco Inc. (NYSE:GCO) shares moved higher Friday after the footwear retailer posted a stronger-than-expected quarterly performance and pointed to continued momentum across key banners.
Genesco is a footwear-focused retailer operating more than 1,230 stores and e-commerce sites across North America and the U.K. Its portfolio includes Journeys, Little Burgundy, Schuh, and Johnston & Murphy, while Genesco Brands Group distributes licensed footwear brands such as Wrangler, Dockers, and Starter.
The company also issued a fiscal-year outlook that signalled steady comparable sales growth despite pressure from store closures and license exits.
Quarterly Metrics
The company reported fourth-quarter adjusted earnings per share of $3.74, beating the analyst consensus estimate of $3.58. Quarterly sales of $799.941 million (+7% year over year) outpaced the Street view of $790.525 million.
The overall sales increase was driven by an increase of 10% at Journeys, 9% at Schuh, and 2% at Johnston & Murphy, partially offset by a decrease of 27% or $10 million at Genesco Brands. On a …