Genesco (GCO) Tops Q1 EPS by $1.31, Revenues Beat

Genesco (NYSE: GCO) reported Q1 EPS of $0.79, $1.31 better than the analyst estimate of ($0.52). Revenue for the quarter came in at $538.7 million versus the consensus estimate of $449.15 million.

First Quarter Fiscal 2022 Financial Summary

• Net sales increased 93% from last year to $539 million
• Net sales increased 9% over the first quarter two years ago with stores open about 90% of days
• GAAP operating income increased 71% over first quarter two years ago
• Non-GAAP operating income increased 125% over first quarter two years ago
• Comparable direct sales increased 43%
• Inventory down 23%
• GAAP EPS from continuing operations was $0.60 vs. ($9.54) last year and $0.36 two years ago
• Non-GAAP EPS from continuing operations was $0.791 vs. ($3.65) last year and $0.33 two years ago

Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, "Fiscal 2022 is off to a very strong start with a first quarter that meaningfully exceeded our expectations. Our momentum has been building each quarter following the disruption from COVID-19 last year and trends accelerated as the first quarter progressed. Our outperformance was driven by better than anticipated results at every division, led by record first quarter revenue and profitability at Journeys. The momentum from the first quarter has continued into May. Even as the pandemic continued to impact our business to varying degrees, our exceptional performance reflects the strong competitive positions of our retail and branded concepts and the traction we are experiencing with the footwear focused strategy we embarked on a couple of years ago, combined with a boost from U.S. government stimulus and pent-up demand as the economy reopened."

For earnings history and earnings-related data on Genesco (GCO) click here.

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