Genesco up after raising FY 2025 sales forecast

Genesco

06/12/2024 17:32

(Updates)
    ** Shares of apparel and footwear retailer Genesco  GCO.N 
rise as much as 14.9% to $43, highest since March 2023
    ** Co expects FY 2025 total sales to be down 1% to flat vs.
prior expectation of a 1% to 2% decline
    ** Also expects fiscal year EPS of 80 cents to $1.00 vs.
prior guidance of 60 cents to $1.00
    ** Co posts Q3 net sales rise of 3% to $596.3 mln, above
analysts' estimates of $580.9 mln, and adjusted EPS of 61 cents
vs. estimates of 37 cents - data compiled by LSEG
    ** Says sales trends at Journeys retail chain, helped by its
strategic growth plan, and momentum from back-to-school season
drove co's quarterly sales
    ** Up to Thursday's close, stock has risen ~6% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))