Genesco Quarter-to-date Sales Exceed Its Expectations - Quick Facts

(RTTNews) - Genesco Inc. (GCO) announced that comparable sales, including both stores and direct sales, were flat for the quarter-to-date period ended January 5, 2017. Same store sales decreased 2% and sales for the company's e-commerce and catalog direct sales businesses increased 11% on a comparable basis. The company also announced it now expects to meet the high end of the range of its most recently announced expectations for adjusted earnings per share for the fiscal year, in the range of $3.80 to $4.00.

Robert Dennis, CEO of Genesco, said, "Sales for the quarter-to-date have exceeded the expectations outlined in our most recent earnings guidance. While we now anticipate that comparable sales for the quarter will be flat to be down 1%, compared to the decrease in the range of 2% to 3% assumption reflected in that guidance, we also expect to give up some gross margin in order to end the year in an optimal inventory position. Thus, we remain cautious about the amount of upside potential versus our earnings guidance, but we believe that adjusted earnings per share will be at least at the high end of our guidance range."

Genesco plans to announce its fourth quarter and fiscal year 2017 results on March 10, 2017.