Genesco Inc. today reported holiday sales results at the higher end of its expectations as Journeys continues to drive gains for the business.
The shoe and accessories firm — parent to teen mall staple Journeys and shoe brands Johnston & Murphy and Schuh — announced overall comparable sales growth of 2% for the quarter-to-date period ended Jan. 9.
Same-store sales dipped 1%, while sales for its e-commerce businesses climbed 21% on a comparable basis.
“We enjoyed a solid holiday selling season, with sales results at the higher end of our expectations,” said Chairman, President and CEO Robert Dennis. “Journeys once again led the way, and we were pleased that Schuh delivered better-than-expected results.”
The report comes a month after Genesco logged third-quarter earnings that blew past expectations.
On Dec. 6, the retailer saw profits, on an adjusted basis, of $1.33 per share, trouncing analysts bets of $1.08 and the prior year’s 97 cents. (On a reported basis, profits rose 31% to $18.9 million, or $1.31 per share.)
Although Q3 revenues dropped to $537.3 million from last year’s $539.8 million (analysts had predicted $540.6 million), same-store sales for the period were up 3%, marking the firm’s 10th consecutive quarter of positive comps for its footwear businesses, driven by the strength of Journeys and an improved performance from Schuh.
For the fiscal year, Genesco last month predicted earnings per share of $4.10 to $4.40, with expectations near the midpoint. Now, the firm forecasts EPS to be above the midpoint of that guidance.
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