Genesco Inc. reported fourth quarter same-store sales increased 4 percent while reiterating its most recent EPS guidance.
Same store sales increased 3 percent and sales for the company’s e-commerce businesses increased 8 percent on a comparable basis for that period. Comparable sales changes for each retail business for the period were as follows:
Quarter-to-Date (January 10, 2019)
By concept, comparable store sales (Stores and Direct) grew 7 percent at Journeys Group, declined 9 percent at Schuh Group, increased 2 percent at Lids Sports Group and grew 5 percent at Johnston & Murphy Group.
The company also announced that it continues to expect adjusted earnings per diluted share for the fiscal year ending February 2, 2019, in the range of $3.10 to $3.40, viewing results near the middle of the range as most likely.
Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco, said, “Overall, we enjoyed a very solid Holiday selling season, with stronger than expected results. Journeys once again delivered stellar results, and the highly promotional U.K. market continued to negatively impact Schuh’s performance. January is off to a good start, helped in part by favorable comparisons against periods of bad weather and earlier school re-openings in some markets last year. We remain comfortable with our previously announced adjusted earnings per share range for the full fiscal year and reiterate expectations that earnings will be near the midpoint. ”
The company’s adjusted earnings per share expectations for Fiscal 2019 do not reflect the anticipated sale of the Lids Sport Group and do not include fixed asset impairments and other charges, estimated in the range of $10.7 million to $11.7 million pretax, or $0.40 to $0.44 per share after tax, for the full fiscal year. They also do not include certain tax effects related to equity grants pursuant to ASU 2016-09, estimated at $0.02 per share after tax.
Genesco plans to announce its fourth quarter and fiscal year 2019 results on March 14, 2019.
Genesco also announced that management will present at the 2019 ICR Conference on Monday, January 14, 2019, at 2:30 p.m. (Eastern Time).
