Genesco Revises Guidance

NEW YORK — Genesco Inc. tweaked its fourth-quarter financial guidance Tuesday amid reporting that third-quarter sales and earnings are expected to rise from year-ago levels.

The company said it expects fourth-quarter same-store sales to fall between 1 percent and 4 percent, which it said would result in earnings per share of $1.06 to $1.20. Analysts’ consensus is for $1.35.

Genesco said it expects to report third-quarter EPS of 41 cents to 43 cents, which would compare with 23 cents last year. Analysts’ consensus is for 53 cents.

Third-quarter revenues are seen at $390 million, the company said. That would compare with $372 million a year ago. Comps are expected to increase 2 percent.

“We were pleased with the performance of both the Journeys Group and Hat World Group during the quarter, particularly given the extremely challenging retail environment, and the solid results underscore their strong competitive positions in the marketplace,” Robert Dennis, president and CEO, said in a written statement Tuesday. “And while Underground Station missed its sales targets, stronger-than-expected gross margins allowed it to essentially meet its profit expectations.”

Dennis went on to say, “The biggest shortfall was at Johnston & Murphy, as the difficult macroeconomic environment, especially for retailers at the better end, negatively impacted its results for the quarter.”

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