Genesco Earnings: GCO Stock Shoots 30% Higher on Q3 Results, Outlook

Genesco (NYSE:GCO) earnings for the footwear retailer’s fiscal third quarter of 2020 have GCO stock taking off on Friday. That’s thanks to the company’s adjusted earnings per share of $1.33. This blows past Wall Street’s estimate of $1.08 for the quarter. Revenue of $537.26 million is below analysts’ estimates of $540.56 million, but aren’t keeping GCO stock down today.

Genesco Earnings: GCO Stock Shoots 30% Higher on Q3 Results, Outlook

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Now for a closer look at the most recent Genesco earnings report.

  • Adjusted EPS is up 37.11% from the 97 cents reported in fiscal Q3 2019.
  • Revenue comes in roughly unchanged from the same period of the year prior.
  • Operating income of $25.93 million is down 1.74% from the $26.39 million in the third quarter of the previous fiscal year.
  • The Genesco earnings report also includes a net income of $18.90 million.
  • That’s a 31.34% increase over the company’s net income of $14.39 million from the same time last year.

Robert Dennis, Chairman, President and CEO of Genesco, has this to say about the GCO stock earnings.

“Our third quarter results meaningfully exceeded our expectations. Consolidated comparable sales increased 3% driven by the ongoing strength of our Journeys business, coupled with a much improved performance from Schuh in the U.K.”

The Genesco earnings report also includes its fiscal 2020 outlook. The company is expecting adjusted per-share earnings to range from $4.10 to $4.40. That’s great news for GCO stock with the low end above Wall Street’s estimate of $4.05.

GCO stock was up 29.75% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/12/genesco-earnings-gco-boost-stock-much-higher/.

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