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(Click here for our Executive Edition story that includes a recap of Genesco CEO Bob Dennis's presentation to day 1 of the 2011 ICR Xchange investor conference.)
Genesco Reports Same Store Sales, Raises Fourth Quarter Earnings Outlook
NASHVILLE, Tenn. -- Genesco Inc. (NYSE: GCO) announced on Jan. 11 that same store sales for the quarter-to-date period ended January 8, 2011, increased 9% from the equivalent period last year, when same store sales increased 1%.
Sales for the Company's e-commerce and catalog direct sales businesses increased 25% in the quarter-to-date period ended January 8, 2011. Same store sales changes for each retail segment for the period were as follows:
Based on the stronger than expected sales for the quarter to date, the Company has increased its adjusted earnings per diluted share expectations to a range of $1.25 to $1.30 for the fourth quarter and $2.40 to $2.45 for the fiscal year ending January 29, 2011.
The Company's most recent previously announced earnings expectations were in the range of $1.23 to $1.28 per diluted share for the fourth quarter and $2.38 to $2.43 for the fiscal year.
The adjusted earnings per share expectations do not reflect expected non-cash asset impairments and other charges, including costs related to the previously announced intrusion into the Company's computer network, expected to be in the range of $0.07 to $0.11 per diluted share for the fourth quarter and $0.29 to $0.33 per diluted share for the fiscal year.
The Company believes that providing an adjusted earnings per share estimate not reflecting these items will benefit investors by facilitating comparison with the Company's previously announced expectations, which also excluded these items.
A reconciliation of the adjusted earnings per share estimates with the diluted earnings per share estimates calculated in accordance with U.S. Generally Accepted Accounting Principles is included as Schedule A to this press release.
Genesco plans to announce its fourth quarter and fiscal year 2011 results on March 3, 2011.
On page 2: An update on the investigation into computer hacking of its ecommerce sites