Genesco Inc. raised its 2012 full-year outlook Friday after announcing fourth-quarter results that beat the Street.
For the period ended Jan. 28, the Nashville, Tenn.-based retailer earned a net income of $41.5 million, or $1.72 a share, a 34.3 percent increase over $30.9 million, or $1.31, in the same period a year ago.
The firm’s shares were trading about 4 percent higher after topping estimates that came in at $1.67 a share, as polled by Yahoo Finance.
Led by strong performances from the group’s two largest businesses, Journeys Group and Lids Sports Group, revenue advanced 29 percent to $723 million, from $560 million, on the back of a 12 percent comparable-store sales increase.
“ has started well, with February consolidated comparable-store sales up 13 percent,” Robert Dennis, chairman, president and CEO of Genesco said in a statement. “While we expect these trends to moderate, we continue to look for positive comparable-store sales on top of the challenging quarterly comparisons ahead of us.”
Dennis added that earnings per share for the next fiscal year are expected to come in between $4.58 and $4.70, which represents a 12 percent to 15 percent increase over last year.
For the full year, Genesco earned $82 million, or $3.43 a share, a 54 percent increase over $53.2 million, or $2.24, a year earlier. Full-year revenue advanced 27.9 percent to $2.29 billion, from $1.79 billion.
The firm ended the year with $53.8 million in cash and cash equivalents, and $31.9 million in long-term debt.