Genesco Quarter-to-Date Comps. Up 3%; Sees FY23 Adj. EPS At Low End Of Guidance Range

(RTTNews) - Genesco Inc. (GCO) reported that comparable sales, including both stores and direct sales, increased by 3% for the quarter-to-date period ended December 24, 2022. Same store sales decreased 2% and sales for the e-commerce businesses increased 22% on a comparable basis. Looking forward, the company now expects total year adjusted EPS to be at the low end of most recent range of $5.50 to $5.90. The prior guidance was adjusted EPS would be near the midpoint.

Mimi Vaughn, CEO, said, "While fourth quarter sales are trending towards the higher-end of our projections, more than expected shipping and warehouse expense is pressuring gross margins and December store performance in the U.S. has resulted in store expense deleverage."