Genesco Earnings Spike, Miss Estimates

NEW YORK — Genesco Inc. posted a 69 percent rise in net earnings Tuesday, despite ongoing restructuring and merger-related costs, though the firm’s results missed analysts’ estimates.

The Nashville, Tenn.-based company said net earnings for the three months ended Nov. 1 were $9.5 million, or 43 cents a diluted share, including $2.5 million in restructuring and merger costs. That compared with a profit of $5.6 million, or 23 cents, the prior year. Net revenues rose 5 percent to $389.8 million.

Analysts had been expecting earnings per share of 47 cents on revenues of $394.3 million.

By division, Genesco said Journeys Group sales rose 10 percent to $200.8 million, while same-store sales were up 5 percent and footwear unit comps increased 2 percent. The firm cited strength in skate and the women’s boot business.

At Underground Station, net sales slipped 9 percent to $24.3 million, but footwear unit comp-store sales jumped 10 percent. Johnston & Murphy Group sales decreased 6 percent to $41.8 million and Dockers footwear sales rose 11 percent, driven by strong results in the moderate and specialty footwear business.

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