GCO ,,, Genesco Backs 1Q View on Strong Sales
Wednesday May 11, 3:06 pm ET
Genesco Posts 27 Percent Rise in 1Q Sales, Holds Forecast in Line With Wall Street Views
NASHVILLE, Tenn. (AP) -- Genesco Inc., a distributor of men's and boys' shoes, on Wednesday posted a sharp rise in sales for the first quarter and said earnings should fall in line with Wall Street expectations.
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Shares of Genesco rose on the news, climbing $1.22, or 4.3 percent, to $29.90 during afternoon trading on the New York Stock Exchange. The stock is approaching its 52-week high of $31.50, set in late December.
Quarterly sales totaled $286 million, an increase of 27 percent from $226 million a year earlier and topping the $274.5 million targeted by analysts.
At the company's retail locations open at least a year, sales from Journeys rose 7 percent, Hat World grew 7 percent, Underground Station was up 11 percent and Johnston & Murphy advanced 3 percent, Genesco said.
Genesco held its forecast for earnings of 25 cents to 26 cents per share, compared with the mean view of 26 cents from analysts polled by Thomson Financial. Last year, Genesco earned 24 cents per share.
The estimate includes expected charges of $1.6 million, or 6 cents per share, from settling a previously disclosed class-action lawsuit against managers and assistant managers of its California retail sites.
Financial results for the first quarter are scheduled to be released on May 26.
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