Genesco Q3 Profit Tops Estimates

(RTTNews) - Genesco Inc. (GCO) said its third quarter results exceeded its expectations and were well above pre-pandemic levels. The company noted that the results were fueled by an outstanding back-to-school season in the United States and United Kingdom.

Third quarter non-GAAP earnings per share from continuing operations increased to $2.36 from $0.85 last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.29, for the quarter. Analysts' estimates typically exclude special items.

Earnings from continuing operations increased to $32.98 million from $7.48 million, prior year. Earnings per share from continuing operations increased to $2.26 from $0.52.

Net sales increased 25% to $601 million. Same store sales increased 25% over last year. Analysts on average had estimated $575.57 million in revenue. For Fiscal 2022, the company expects: adjusted earnings per share from continuing operations in the range of $6.40 to $6.90. Analysts expect the company to report profit per share of $5.82.

Shares of Genesco were up 9% in pre-market trade on Friday.