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Genesco's stock surges after retailer reports surprise profit, boost outlook
Shares of Genesco Inc. shot up 12% in premarket trading Friday, after the footwear and accessories retailer, which stores include Johnston & Murphy and Journeys, reported a surprise fiscal second-quarter profit and same-store sales that rose more than expected, and lifted its full-year outlook. For the quarter to Aug. 3, net income was $577,000, or 4 cents a share, after a loss of $15,000, or breakeven on a per-share basis. Excluding non-recurring items, adjusted EPS from continuing operations was 15 cents, compared with the FactSet consensus for a loss of 1 cent a share. Sales slipped to $486.6 million from $487.0 million, below the FactSet consensus of $489.2 million, while same-store sales growth of 3% beat expectations for a 0.8% increase. Same-store sales at Journeys stores rose 4% and grew 1% and Johnston & Murphy stores. For fiscal 2020, the company raised its guidance ranges for same-store sales growth to 2% to 3% from 1% to 2% and for adj. EPS to $3.80 to $4.20 from the "higher end" of $3.35 to $3.75. The stock has tumbled 20.2% year to date through Thursday, while the SPDR S&P Retail ETF has inched up 0.2% and the S&P 500 has gained 18.7%.
https://finance.yahoo.com/m/4d44a22...ac1/genesco's-stock-surges.html?.tsrc=rss
Shares of Genesco Inc. shot up 12% in premarket trading Friday, after the footwear and accessories retailer, which stores include Johnston & Murphy and Journeys, reported a surprise fiscal second-quarter profit and same-store sales that rose more than expected, and lifted its full-year outlook. For the quarter to Aug. 3, net income was $577,000, or 4 cents a share, after a loss of $15,000, or breakeven on a per-share basis. Excluding non-recurring items, adjusted EPS from continuing operations was 15 cents, compared with the FactSet consensus for a loss of 1 cent a share. Sales slipped to $486.6 million from $487.0 million, below the FactSet consensus of $489.2 million, while same-store sales growth of 3% beat expectations for a 0.8% increase. Same-store sales at Journeys stores rose 4% and grew 1% and Johnston & Murphy stores. For fiscal 2020, the company raised its guidance ranges for same-store sales growth to 2% to 3% from 1% to 2% and for adj. EPS to $3.80 to $4.20 from the "higher end" of $3.35 to $3.75. The stock has tumbled 20.2% year to date through Thursday, while the SPDR S&P Retail ETF has inched up 0.2% and the S&P 500 has gained 18.7%.
https://finance.yahoo.com/m/4d44a22...ac1/genesco's-stock-surges.html?.tsrc=rss
