UPDATE: Genesco Posts Surge In Q1 Profit, Raises 2013 Forecast

Genesco Inc

reported a rise in its first-quarter profit. Genesco's quarterly profit climbed to $20.6 million, or $0.85 per share, versus $14.8 million, or $0.63 per share, in the year-earlier period. Its adjusted profit came in at $0.98 per share. Genesco's sales climbed 25% to $600 million. However, analysts were expecting earnings of $0.74 per share on sales of $577 million. Genesco raised its adjusted 2013 profit forecast to $4.70 to $4.82 per share, versus its prior outlook of $4.58 to $4.70 per share. However, analysts were expecting earnings of $4.69 per share. Genesco shares closed at $70.91 yesterday.