Genesco Q3 profit jumps 56%; raises 2013 outlook
Nashville, Tenn. -- Genesco Inc. said Friday its third-quarter profit increased to $41 million, from $26.2 million in the year-ago period, better than Wall Street expected. The company also raised its fiscal 2013 outlook, even as it warned that November was off to a slow start.
“The fourth quarter got off to a slow start with November comparable store sales down 4%, compared with a 12% increase in November last year,” said Robert J. Dennis, chairman, president and CEO. “We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.”
Sales in the quarter rose 7.8% to $664.5 million from $616.5 million. Same-store sales rose 4% for the company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.