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    US company Genesco’s operating profit increased 7.3% and gross margin increased 210bps

    Genesco Inc, an American specialty retailer with more than 1,430 retail outlets worldwide, saw net sales in the third quarter of 2022 increase 25% from $ 479 million in the third quarter of 2021 to $ 601 million. Reported a 12% increase from $ 537 million. Third quarter of 2020. GAAP’s operating profit also increased 69% compared to the third quarter two years ago.

    Same-store sales were up 25% from last year, store sales were above pre-pandemic levels, and e-commerce sales were up 79% from the third quarter two years ago.

    The company continues to operate primarily under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy. Overall sales for the third quarter of this year compared to the third quarter of 2021 were up 20% for Journeys, 33% for Schuh, 69% for Johnston & Murphy and 6% for Licensed Brands.

    Genesco Inc, an American specialty retailer with more than 1,430 retail outlets worldwide, saw net sales in the third quarter of 2022 increase 25% from $ 479 million in the third quarter of 2021 to $ 601 million. Reported a 12% increase from $ 537 million. Third quarter of 2020. GAAP’s operating profit also increased 69% compared to the third quarter two years ago.

    “Third-quarter results were better than expected and well above pre-pandemic levels. Strong sales growth, solid gross margins, and well-managed expenses helped us to make the third quarter of 2020 two years ago. Operating profit increased 69% compared to the quarter, helping to set a record. Adjusted EPS for the third quarter was $ 2.36, compared to $ 1.33 in 2020. ” Thomas A George, Chief Financial Officer of Genesco, Said in a press release.

    The company’s gross margin was 49.2% of sales, an increase of 210 basis points from 47.1% last year.

    Genesco’s third-quarter GAAP operating profit was $ 43.8 million (7.3% of sales) this year, compared to $ 8.2 million (1.7%) last year and $ 25.9 million (4.8%) in the third quarter of 2020. )was.

    As of October 30, 2021, cash and cash equivalents were $ 282.8 million, compared to $ 115.1 million in the year-ago quarter. Total debt at the end of the third quarter of fiscal year 2022 was $ 15.6 million, compared to $ 32.9 million at the end of the third quarter of last year. On the other hand, inventories for the third quarter of the current fiscal year decreased by 8% year-on-year.

    The company also repurchased 521,693 shares during the quarter for $ 30.6 million, an average of $ 58.71 per share.

    Based on quarterly results, the company said sales will increase 9% to 11% compared to 2020 and adjusted and diluted earnings per share from continuing operations will range from $ 6.40 to $ 6.90. I’m expecting it. This is about 45% at the midpoint in 2020, and annual earnings per share are expected to approach the midpoint of the range.

    Fiber2Fashion News Desk (KD)

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    US company Genesco’s operating profit increased 7.3% and gross margin increased 210bps

    Source link US company Genesco’s operating profit increased 7.3% and gross margin increased 210bps

    The post US company Genesco’s operating profit increased 7.3% and gross margin increased 210bps appeared first on Eminetra.

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