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--Record Third Quarter EPS, Exceeding Expectations-
--Strong Back-to-School Season in U.S. and U.K.-
--Revenue and Earnings Continue to Exceed Pre-Pandemic Levels--
Third Quarter Fiscal 2022 Financial Summary
Net sales increased 25% from last year to $601 million
Net sales increased 12% over the third quarter two years ago
GAAP and Non-GAAP operating income both increased 69% over third quarter two years ago
Same store sales increased 25% over last year, store sales above pre-pandemic levels
E-commerce sales increased 79% from third quarter two years ago
Returned capital to shareholders with the repurchase of $31 million in stock
GAAP EPS from continuing operations increased to $2.26 vs. $0.52 last year and $1.31 two years ago
Non-GAAP EPS from continuing operations increased to $2.361 vs. $0.85 last year and $1.33 two years ago
NASHVILLE, Tenn., Dec. 3, 2021 --- Genesco Inc. (NYSE: GCO) today reported GAAP earnings from continuing operations per diluted share of $2.26 for the three months ended October 30, 2021, compared to $0.52 in the third quarter last year and $1.31 per diluted share two years ago. Adjusted for the Excluded Items in all periods, the Company reported third quarter earnings from continuing operations per diluted share of $2.36, compared to $0.85 last year and $1.33 per diluted share two years ago.
Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, “Building off a very strong first half of Fiscal 2022, our excellent results this quarter were fueled by an outstanding back-to-school season in the United States and United Kingdom, reinforcing Journeys’ and Schuh’s positions as the leading destinations for teen and youth fashion footwear. We were especially pleased with the performance of our stores, as sales in our current fleet were up for the first time since prior to the pandemic. The improvement in traffic trends bolsters our view that teens like to shop in person, making our stores strategic assets that work in tandem with our digital capabilities, serving our customers whenever and wherever they choose to engage with our brands. Turning to the current quarter, we have been very pleased with our results to date, as sales tracked nicely ahead of pre-pandemic levels in November, and we are now into the all-important holiday selling season. Given the recovery and confidence we have in our business, we are returning to giving guidance. We expect adjusted earnings for Fiscal 2022 to be between $6.40 and $6.90 per share with an expectation that earnings will be near the mid-point of the range, an increase of 45% over pre-pandemic Fiscal 2020.