Genesco Inc GCO reported third-quarter FY22 sales growth of 25% year-on-year, to $600.55 million, beating the analyst consensus of $575.57 million. Same-store sales increased 25% versus last year.
- Overall sales were up 20% at Journeys, up 33% at Schuh, up 69% at Johnston & Murphy, and up 6% at Licensed Brands versus Q3 FY21. While, sales were up 7% at Journeys, up 29% at Schuh, and up 103% at Licensed Brands versus Q3 FY20.
- E-commerce sales increased 79% compared to Q3 FY20.
- Adjusted EPS of $2.36 beat the analyst consensus of $1.29.
- The gross profit rose 30.9% Y/Y to $295.2 million with a gross margin of 49.2%, a 210 basis points expansion.
- The operating margin was 7.3%, and operating income for the quarter was $43.8 million.
- The company held $282.8 million in cash and equivalents as of October 30, 2021.
- Inventories decreased 8% on a Y/Y basis and decreased 28% versus Q3 FY20.
- Outlook: Genesco sees FY22 Adjusted EPS of $6.40 - $6.90 (consensus $5.82), with an expectation that EPS will be near the mid-point of the range.
- The company expects FY22 sales growth of 9% - 11% compared to FY20.
- Price Action: GCO shares are trading higher by 3.40% at $65.93 on the last check Friday.
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