NASHVILLE, Tenn. (AP) — Retailer Genesco Inc. said a key revenue figure rose 13 percent during the holiday period, and it raised its guidance on the results.
Genesco sells footwear, hats, clothing and accessories at its stores including Journeys and Johnston & Murphy. The holiday quarter is crucial for retailers since it can account for up to 40 percent of annual sales. Genesco's revenue in stores open at least one year rose 13 percent for the quarter-to-date period ending Jan. 7, the company said late Monday. The figure is a key gauge of a retailer's financial health since it excludes stores that open or close during the year.
The Nashville, Tenn.-based company now expects net income of $1.63 to $1.68 per share for the fourth quarter, up from $1.53 to $1.58 per share. It expects annual net income of $3.74 to $3.79 per share for the year ending Jan. 28, up from prior guidance of $3.64 to $3.69.
Analysts expect net income of $1.60 per share for the quarter and $3.72 per share for the year, according to FactSet.
The company plans to report fourth-quarter results on March 2.
Shares fell 98 cents to $61 in Tuesday morning trading. The stock has traded between $35.12 and $64.93 over the past year.
