Genesco Quarter-To-Date Key Sales Metric Flat
Genesco said Tuesday that its sales at stores open at least a year were flat for the quarter to date. The retailer also cautioned that its fiscal 2014 adjusted profit is now expected at the lower end of its outlook due to quarter-to-date results and current trends.
The flat results for the quarter to date compare with a drop of 2 percent in the prior-year period.
Comparable sales for the Johnston & Murphy group climbed 9 percent. The figured edged up 1 percent for Lids Sports Group. The Schuh Group posted a 6 percent decline, while the Journeys Group reported a 1 percent dip.
This metric is a key gauge of a retailer's health because it excludes results for stores recently opened or closed.
Genesco Inc., which sells shoes, hats, clothing and accessories, said that the figure rose 1 percent for the total company when also accounting for direct sales. This compared with a 1 percent dip in the year-ago period.
Quarter-to-date comparable sales for online and catalog direct sales climbed 11 percent. A year earlier the figure increased 17 percent.
For fiscal 2014, Genesco now anticipates adjusted earnings at the lower end of its forecast of $5.10 to $5.20 per share.
Analysts surveyed by FactSet predict earnings of $5.16 per share.
The Nashville, Tenn., company plans to report its fourth-quarter and full-year financial results on March 7.
Its shares rose 28 cents to $69.89 in morning trading Tuesday. Its shares have risen 23 percent over the past year.
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