- Genesco Inc (NYSE:GCO) reported fourth-quarter FY22 sales growth of 14% year-on-year, to $727.66 million, beating the consensus of $726.57 million. Same-store sales rose 10% over last year.
- Overall sales were up 2% at Journeys, grew 33% at Schuh, up 51% at Johnston & Murphy, and up 98% at Licensed Brands versus Q4 FY21. While sales were up 2% at Journeys, grew 15% at Schuh, and up 263% at Licensed Brands versus Q4 FY20.
- E-commerce sales increased 36% from Q4 two years ago.
- Adjusted EPS of $3.48 beat the consensus of $2.64.
- The gross profit rose 21.9% Y/Y to $355.7 million with a gross margin of 48.9%, a 310 basis points expansion.
- The operating margin was 11.5%, and operating income for the quarter rose 33.2% to $83.4 million.
- The company held $320.5 million in cash and equivalents as of January 29, 2022. Inventories decreased 4% Y/Y.
- Outlook: Genesco sees FY23 sales growth of 2% - 4% Y/Y. The company expects FY23 adjusted EPS of $7.00 - $7.75, with an expectation that EPS will be near mid-point, against the consensus of $7.13.
- Price Action: GCO shares are trading higher by 9.05% at $68.77 on the last check Thursday.
