Genesco Shares Soar After Beating Revenue and Earnings Estimates

Genesco shares are up after the company posted stronger than expected earnings and revenues results. The footwear firm behind Journeys, Johnson & Murphy, and more brands saw a strong fourth quarter, with net sales up 14% year over year to $728 million. This beat the predictions of $726.57 million from analysts surveyed by Yahoo News. Net income was $62.1 million, $4.41 or per share, ahead of predictions at $2.64. For the full year, Genesco reported a year over year net sales increase of 36% to $2.4 billion. E-commerce sales grew 77%. The company saw double digit sales growth and record profitability for its brands, with Journeys leading the pack. Shares of Genesco were up more than 10% as of noon on Thursday. “We concluded an outstanding year with a very strong fourth quarter that far exceeded our expectations,” said Genesco CEO, board chair and president Mimi Vaughn. “We believe our exceptional results this year underscore the earnings power of our business model and the work we’ve done enhancing the strong competitive positions of our retail and branded concepts through our footwear focused strategy.” Vaughn said the company expects growth to slow through fiscal year 2023 sue to a lack of stimulus payments and normalization in

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