NASHVILLE, Tenn. (AP) — Genesco Inc.'s net income climbed 34 percent in its fiscal fourth quarter, driven by strong performances from its Journeys and Lids Sports stores.
Chairman, President and CEO Robert Dennis said the results were helped by full-priced selling both in stores and online.
The company, which sells footwear, hats, clothing and accessories, also gave a fiscal 2013 earnings outlook on Friday that is above Wall Street's expectations.
Genesco shares rose $2.76, or 3.9 percent, to $73.40 in premarket trading.
Nashville, Tenn.-based Genesco reported net income of $41.5 million, or $1.72 per share, in the three months ended Jan. 28, up from$30.9 million, or $1.31 per share, a year ago.
Taking out a compensation expense and other items, earnings were $1.97 per share. That topped the $1.67 per share that analysts surveyed by FactSet expected.
Revenue rose 29 percent to $723.4 million from $560.5 million, beating Wall Street's estimate of $723.1 million.
Revenue at stores open at least a year increased 12 percent. This metric is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
The figure climbed 13 percent for Lids Sports and rose 14 percent for Journeys. Johnston & Murphy posted an 8 percent increase, while Underground Station fell 4 percent.
For February, revenue at stores open at least a year climbed 13 percent.
Genesco said Friday that its full-year earnings jumped 54 percent to $82 million, or $3.43 per share, from $53.2 million, or $2.24 per share, in the prior year. Annual revenue climbed 28 percent to $2.29 billion from $1.79 billion.
The company forecasts fiscal 2013 earnings at between $4.58 and $4.70 per share. The guidance does not include asset impairment and other charges estimated to be between 4 cents to 6 cents per share. It also does not account for a compensation expense that is expected to be about 49 cents per share for the full year. The outlook assumes revenue at stores open at least a year will rise 2 percent to 3 percent.
Analysts expect full-year earnings of $4.42 per share.
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