Genesco Q3 2023 Earnings Report
Key Takeaways
Genesco Inc. reported a 1% increase in net sales to $604 million compared to the previous year, with a GAAP EPS of $1.66 and non-GAAP EPS of $1.65. The company is taking a conservative approach for the fourth quarter with revised expectations for adjusted EPS of $5.50 to $5.90.
Net sales increased by 1% compared to last year, reaching $604 million.
Excluding the impact of lower exchange rates, net sales increased 4% compared to the previous year.
Comparable sales were up 3%, with gains in every business segment.
E-commerce sales represented 18% of retail sales, flat compared to last year but significantly higher than pre-pandemic levels.
Genesco
Genesco
Genesco Revenue by Segment
Forward Guidance
The Company revises its Fiscal 2023 full year guidance with Sales are now expected to be down 1% to 2%, compared to Fiscal 2022 and Adjusted diluted earnings per share from continuing operations in the range of $5.50 to $5.90.
Positive Outlook
- Sales are now expected to be down 1% to 2%, compared to Fiscal 2022, versus prior guidance of down 3% to flat.
Challenges Ahead
- Adjusted diluted earnings per share from continuing operations in the range of $5.50 to $5.90, with an expectation that adjusted diluted earnings per share for the year will be near the mid-point of the range, versus the prior expectation for adjusted diluted earnings per share to be near the mid-point of $6.25 to $7.00.
Revenue & Expenses
Visualization of income flow from segment revenue to net income