Genesco Inc. Q2 Profit Tops Estimates

(RTTNews) - Genesco Inc. (GCO) said it delivered outstanding second quarter results highlighted by record profitability for the footwear businesses that far exceeded the company's expectations. For the current quarter, the company said it is pleased with results to date as sales tracked ahead of pre-pandemic levels in August.

Adjusted second quarter earnings from continuing operations was $1.05 per share compared to a loss per share from continuing operations of $1.23, last year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.03, for the quarter. Analysts' estimates typically exclude special items. Earnings from continuing operations was $10.87 million or $0.74 per share compared to a loss of $18.92 million or $1.33 per share, previous year.

Net sales increased 42% to $555 million from $391 million, a year ago. Comparable direct sales for the second quarter were down 23%. Analysts expected revenue of $522.36 million, for the quarter.