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Genesco Reports Mixed Q2 Earnings, Raises Guidance

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Genesco (NYSE: GCO) reported second-quarter earnings of 15 cents per share, which beat the analyst consensus estimate by 17 cents. This is a 275% increase over earnings of 4 cents per share from the same period last year.

The company reported quarterly sales of $486.573 million, which missed the analyst consensus estimate of $487.93 million by 0.28%. This is a 25.59% decrease over sales of $653.892 million the same period last year.

Genesco raised fiscal year 2020 EPS guidance from $3.35-$3.75 to $3.80-$4.20 versus the $3.67 estimate.

"We delivered second-quarter consolidated results that exceeded expectations across the board,” said CEO Robert Dennis. “Our outperformance was driven primarily by the ongoing strength of our Journeys business, which continued to experience strong comparable sales even as year-over-year comparisons became more difficult.”

Genesco shares were trading up 13.15% at $40 in Friday’s pre-market session. The stock has a 52-week high of $50.73 and a 52-week low of $31.65.

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