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Genesco announces 10% sales increase

Jan 13, 2015 United States
Genesco announces 10% sales increase
Genesco Inc. announced that comparable sales, including both stores and direct sales, increased 10% for the quarter-to-date period ended 3rd of January, from similar period last year
Same store sales increased 9% and sales for the company's ecommerce and catalog direct sales businesses increased 25% on a comparable basis for the period. 

Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco stated: "While we are pleased with the strong overall comparable sales trend through the Holiday season, which has continued into January, due to lower gross margin, lower than expected non-comparable sales, and exchange rate pressure in some of our businesses, we are maintaining our most recently announced expectations for adjusted earnings per share in the range of 4.75 US dollars to 4.85 US dollars for the fiscal year ending 31st of January. We are particularly pleased with the performance of the Journeys Group, which is currently benefiting from a combination of favorable fashion trends and stellar execution. While we experienced better than expected comparable sales in the Lids Sports Group, the Group's non-comparable sales were lower than expected and the comparable sales have been driven in part by promotional pricing to manage inventory levels.  Additionally, we are cautious about the balance of the quarter for Lids because results will depend in part on the performance of certain teams. The comparison to last year's Seattle Seahawks' run to the Super Bowl may be difficult to match."

Genesco plans to announce its fourth quarter and fiscal year 2015 results on the 12th of March.

Genesco Inc
. is a Nashville-based specialty retailer, selling footwear, headwear, sports apparel and accessories in more than 2 830 retail stores throughout the US, Canada, the United Kingdom and the Republic of Ireland, under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Lids Clubhouse, Johnston & Murphy, and on internet websites. 

For more information on Genesco please visit the company's website.

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