Genesco Inc (NYSE: GCO) Ends the Week on a High Note After Strong Q3 Results

Genesco Inc (NYSE: GCO) was one of the top gainers at the close of the week. The stock gained by 32.27% to close the session at $48.82. This was driven by strong Q3 results that beat the consensus earnings estimates.

The company announced an EPS of $1.33, while analysts were expecting an EPS of $1.10.  Earnings were also much higher than a similar quarter a year ago, when it had an EPS of $0.95. In the last four consecutive quarters, the company has beat the projected EPS four times.

In terms of revenues, the company posted revenues of $537.26 million, a figure that slightly missed analyst projections by 1.26%. The figure is also lower than in a similar quarter a year ago when the company posted revenues of $713.07 million.  The company attributed the lower figure to lower exchange rates, stating that revenues would have been higher by up to $2 million. It also attributed it to lower sales due to some closed stores.

Nonetheless, the company noted that, Q3 saw a continuation of the growth in transaction sizes.  This led to solid growth in revenues even as store traffic reduced. On top of that, the company’s e-commerce recorded its highest growth on a year-to-year basis. The company noted that, most business had shifted online, and impacted on brick-and-mortar stores.

These results have come just a month after the company named its COO, Mimi Vaugh as its new CEO. Mimi replaced Robert Dennis and will take over officially in February 2020.

From a look at the charts, the stock opened Friday’s session with a gap up.  It traded between a low of 42.27 and a high of $49.69 before closing the day at $48.82. Volumes in the day stood at 2.24 million.

About Genesco Inc

Genesco Inc is a retailer and wholesaler of apparel, footwear, and related products. It has its headquarters in Nashville, Tennessee.

Related Articles

Zebra (NASDAQ: ZBRA) And XMReality Inks Partnership Agreement

Zebra Technologies Corporation (NASDAQ: ZBRA) and XMReality publicized that the two have signed an agreement to work together and collaborate on ideas that offer...

Elanco (NYSE: ELAN) Launch Public Offering Of Common Stock

Elanco Animal Health Inc. (NYSE: ELAN) shares that it is planning to commence the public offering of 54,500,000 shares of common stock. It will...

Jacobs (NYSE: J) Partners with PA Consulting

Jacobs Engineering Group, Inc. (NYSE: J), a famous construction company announced that it will be collaborating with PA Consulting. The firm has purchased an...

Get in Touch

19,000FansLike
35,222FollowersFollow
22,458FollowersFollow

Latest Posts

Zebra (NASDAQ: ZBRA) And XMReality Inks Partnership Agreement

Zebra Technologies Corporation (NASDAQ: ZBRA) and XMReality publicized that the two have signed an agreement to work together and collaborate on ideas that offer...

Elanco (NYSE: ELAN) Launch Public Offering Of Common Stock

Elanco Animal Health Inc. (NYSE: ELAN) shares that it is planning to commence the public offering of 54,500,000 shares of common stock. It will...

Jacobs (NYSE: J) Partners with PA Consulting

Jacobs Engineering Group, Inc. (NYSE: J), a famous construction company announced that it will be collaborating with PA Consulting. The firm has purchased an...

Fuwei (NASDAQ: FFHL) Plans To Sell Dornier Production Line

Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) recently declared that it will be closing its Dornier line of production as early as possible. Fuwei...

PPG Industries (NYSE: PPG) Announces Accquisition Of Ennis-Flint

PPG Industries, Inc. (NYSE: PPG) is planning to buy Ennis-Flint in a deal valued at nearly $1.15 billion. The decision to acquire Ennis-Flint will...