Genesco Inc. handily beat estimates in the first quarter and raised its guidance for the year.
For the period ended April 28, the Nashville, Tenn.-based firm earned a net income of $20.6 million, or 85 cents a share, an increase from $14.8 million, or 63 cents, in the same period a year ago.
Net sales surged 24.6 percent to $600.1 million, from $481.5 million, reflecting the addition of sales from the Schuh Group and a comparable-store sales increase of 9 percent.
The Journeys Group’s comps increased by 12 percent; the Lids Sports Group’s by 4 percent; and Johnston & Murphy Retail’s by 4 percent.
“The combination of favorable fashion trends, excellent execution and the strong strategic positions of our businesses has helped us maintain momentum even in the face of tougher comparisons,” Robert Dennis, chairman, president and CEO of Genesco, said in a statement. “Initiatives aimed at further enhancing our e-commerce capabilities and expanding our retail footprint in both the U.S. and abroad are progressing well.”
The company now expects full-year EPS to come in between $4.70 and $4.82, up from its previous range of $4.58 to $4.70, and representing an increase of 15 percent to 18 percent over last year’s results.
Genesco ended the quarter with $54.8 million in cash and equivalents, and $25.3 million in long-term debt.