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The American retailer of branded footwear and licensed sports apparel posted better-than-expected earnings for its fourth-quarter ended January 28, 2017.
Genesco reported adjusted earnings on revenue of US$883 million in the fourth-quarter of the current fiscal year. However, trade analysts were reported to be expecting revenue of US$901.4 million.
Reported earnings from continuing operations for the fourth-quarter ended January 28, 2017 was US$46.8 million against earnings from continuing operations of US$45.0 million for the fourth-quarter ended January 30, 2016. According to Genesco, the results reflect a pre-tax gain of US$9.2 million including a gain on the sale of SureGrip Footwear of US$12.3 million.
Net sales for the fourth-quarter of Fiscal 2017 are reported to have decreased 5% to US$883 million from US$932 million in the corresponding period of 2016, reflecting the sale of the Lids Team Sports business in 2016, and a decrease of approximately 2% in sales from the remaining businesses. The company also reported net sales for the year ended January 28, 2017, of US$2.9 billion, a 5% decrease from net sales of US$3.0 billion for the year ended January 30, 2016.
“Fourth quarter EPS came in above last year’s levels and above expectations, fuelled in large part by better holiday selling than anticipated for most of our businesses. The strong gross margin and operating income recovery experienced at Lids and Schuh offset some impact of the significant fashion rotation at Journeys”, said Robert Dennis, Chairman, President and CEO, Genesco.
The Group says it remains optimistic about its long-term prospects for growth and margin recovery “due to the solid strategic positioning of our businesses and the strength of our disciplined operating teams”.