Genesco posts strong results

United States
Published:  20 March, 2019

The American retailer of branded footwear, which owns Schuh and Journeys, said comparable sales from continuing operations increased +4% for the three months to February 2, 2019.

For the fourth quarter of Genesco’s fiscal 2019, net sales from continuing operations totalled US$675 million (-2%), with comparable sales from continuing operations increasing +4%. For its fiscal 2019, Genesco has posted net sales from continuing operations of US$2.2 billion, up from US$2.1 billion in fiscal 2018, with comparable sales from continuing operations increasing +5% in the year.

"Fiscal 2019 was an incredibly significant and successful year for Genesco highlighted by several important accomplishments and a turnaround in the trajectory of our business. The strength of our U.S. retail footwear concepts fuelled our highest annual comparable sales increase in three years”, said Robert J. Dennis, Chairman, President and CEO, Genesco, adding that recent cost reduction efforts allowed the Company to leverage the “brick and mortar” expense structure.

For Fiscal 2020, the footwear retailing Group expects comparable sales from continuing operations to be up 1-2%, and adjusted diluted earnings per share from continuing operations in the range of US$3.35 to US$3.75, with an expectation that earnings for the year will be “near the midpoint of the range”.