What is going on with GCO?
Genesco Inc. (GCO) stock is lower today after the footwear and sports apparel manufacturer reported preliminary sales results for the fourth quarter of 2021.
Overall, total sales increased by 18% and 9% for the quarter-to-date period ended December 25, 2021 versus the same period for Fiscal 2021 and Fiscal 2020, respectively.
The jump was led by Johnston & Murphy Group, whose sales rose 53% for the quarter.
Shares of GCO declined 2.36% to $58.78 as of Monday at 10:58am.
What does this mean for Genesco?
Genesco's strong fourth quart results suggests that the company was able to weather the supply chain pressure that plagued other manufacturers during the quarter.
As a result, Genesco has reaffirmed its total year EPS guidance of $6.40 to $6.90, and now expects the final figures to come in at the midpoint of the range.
Mimi E. Vaughn, Genesco board chair, president and CEO, commented, "We are pleased with our performance this holiday selling season, especially given the supply chain challenges, as strong full-priced selling drove better than expected sales and profitability."
"While traffic levels have remained healthy thus far in January, our sales trend has moderated as inventory is currently very lean; however, we expect our in-stock positions to improve as the month progresses and feel confident that we will finish the year strong."
Genesco management will present at the 2022 ICR Conference on Monday, January 10, 2022, at 9:00 a.m.
GCO has a Short-Term Technical Rank of 81. Find out what this means to you and get the rest of the rankings on GCO!
Genesco Inc sells footwear, headwear, sports apparel, and accessories. The company has four reportable segments namely Journeys Group, derives maximum revenue which comprised of Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce operations, and catalog. Its Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations. The Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and H.S. Trask brands. Licensed Brands, comprised of Dockers Footwear, under a license from Levi Strauss & Company.
