Genesco Inc. Announces Sales Results for the Quarter-To-Date Period Ended January 11, 2014; Updates Earnings Guidance for the Fiscal Year Ending February 1, 2014
January 14, 2014 at 08:28 am EST
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Genesco Inc. announced sales results for the quarter-to-date period ended January 11, 2014. For the quarter, comparable sales, including both stores and direct sales, increased 1% for the quarter-to-date period ended January 11, 2014, compared to a 1% decrease for the equivalent period last year. Comparable sales for stores only for the quarter-to-date period ended January 11, 2014, were flat with the equivalent period last year, when such sales decreased 2%. Comparable sales for the company's e--commerce and catalog direct sales businesses increased 11% in the quarter-to-date period ended January 11, 2014, compared to an increase of 17% for the equivalent period last year.
The company also reported that, based on quarter-to-date results and current trends, the company's adjusted earnings per diluted share expectations for the fiscal year ending February 1, 2014, are in the lower end of the guidance range of $5.10 to $5.20 it announced on December 6, 2013. The company's adjusted earnings per share expectations do not reflect charges related to litigation in connection with the criminal intrusion into a portion of the company's computer network that processed payments for transactions in some of its stores, which the company announced December 2010, and certain other charges reported in the "asset impairment and other" line in the company's statement of operations, expected to be in the range of $0.03 to $0.05 per diluted share for the fiscal year, after tax. Earnings from continuing operations expected to be in the range of $101,039,000 or $4.29 per share to $99,304,000 or $4.21 per share. Adjusted earnings from continuing operations expected to be in the range of $122,635,000 or $5.20 per share to $120,276,000 or $5.10 per share.
Genesco Inc. is a retailer and wholesaler of branded footwear, apparel and accessories. The Companyâs segments include Journeys Group, Schuh Group, Johnston & Murphy Group and Genesco Brands Group. The Journeys Group segment comprises the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations. The Schuh Group segment comprises the Schuh retail footwear chain and e-commerce operations. The Johnston & Murphy Group segment comprises Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand. The Genesco Brands Group segment comprises the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands it licenses for footwear. It operates over 1,341 retail footwear and accessory stores located primarily throughout the United States and in Puerto Rico, including 77 footwear stores in Canada and 122 footwear stores in the United Kingdom and the Republic of Ireland.
Genesco Inc. Announces Sales Results for the Quarter-To-Date Period Ended January 11, 2014; Updates Earnings Guidance for the Fiscal Year Ending February 1, 2014