Genesco Credits World Series For Solid Earnings - Genesco (NYSE:GCO)

Genesco Inc.GCO

, a retailer of footwear, apparel and accessories, reported better-than-expected

for its

, driven by World Series-led sales at the Lids Sports Group and Schuh Group coupled with effective management of selling costs.

Quick Quarterly Highlights

Q3 EPS: $1.30 vs. estimated $0.93.
Revenue: $711 million vs. estimated $716 million.
Q3 comps fell 3 percent.
Genesco sees FY 2016 EPS at $3.80–$4.00 vs. estimated $3.91.
Genesco sees FY 2016 comps to drop in the 2–3 percent range.

'Winds: World Series, Weather

Meanwhile, the company’s fourth quarter consolidated comparable sales were down 2 percent through November 29, as positive impact of the World Series offset weaker comps in the rest of its businesses so far during the quarter.

That said, the company expects a more challenging fourth quarter at Journeys due to unseasonably warmer weather and the continued impact of the fashion shift that began to affect Journeys' sales in the second quarter.

Shares of Genesco closed Thursday’s trading at $63.25.

Image Credit: By Laslovarga (Own work) [CC BY-SA 4.0], via Wikimedia Commons

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