Apparel group Genesco has raised its full-year earnings guidance after reporting a 56.7% increase in third-quarter net profit.
Net earnings reached $40.9 million for the quarter to October 27, from $26.1 million the same period last year.
Sales rose 7.8% to $664.5 million, compared to $616.5 million the prior year. Comparable store sales climbed 4% with the Journeys Group, the Schuh Group and Johnston & Murphy Group posting gains of 8%, 9% and 6% respectively. However, comparable store sales were down 5% at Lids Sports Group.
Chairman, president and CEO Robert Dennis said: “Our third quarter results were highlighted by strong earnings growth as we were able to meaningfully leverage expenses on a mid single digit comparable store sales gain.
“The fourth quarter got off to a slow start with November comparable store sales down 4% compared with a 12% increase in November last year. We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%. For the long Thanksgiving weekend, US comparable store sales increased by low single digits.”
The company expects full-year adjusted diluted earnings per share to range from $5.00 to $5.08, compared to earlier guidance of between $4.88 to $5.00.
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