Genesco Stock Jumps on Big Earnings Beat, Sales Spike Across All Brands

Shares of Genesco Inc. are jumping in Thursday premarket trading following the release of stronger-than-anticipated first-quarter financial results. For the three months ended May 1, the Nashville, Tenn.-based company posted adjusted profits of $11.6 million, or earnings of 79 cents per share, compared with the prior year’s loss of $51.4 million, or loss of $3.65 per share. The figure blasted past Wall Street’s predictions of a loss of 52 cents per share. Revenues surged 93% to $539 million, also besting analysts’ projections of $449.15 million. As of 8:45 a.m. ET, GCO stock was up 7.15% to $62.49. “Fiscal 2022 is off to a very strong start with a first quarter that meaningfully exceeded our expectations,” board chair, president and CEO Mimi Vaughn said in a statement. “Our momentum has been building each quarter following the disruption from COVID-19 last year and trends accelerated as the first quarter progressed.” She added, “Even as the pandemic continued to impact our business to varying degrees, our exceptional performance reflects the strong competitive positions of our retail and branded concepts and the traction we are experiencing with the footwear-focused strategy we embarked on a couple of years ago, combined with a boost from U.S. government stimulus and pent-up

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