By Sam Boughedda
Investing.com -- Branded footwear and accessories retailer Genesco Inc (NYSE:GCO) reported its fourth quarter earnings before the bell Thursday, beating earnings expectations.
The company reported earnings per share of $3.48, beating analyst expectations of $2.59 per share.
However, revenue came in below forecasts at $727.66 million. Analysts polled by Investing.com expected revenue of $728.25 million.
Genesco is trading almost 9% above Wednesday's close following the report.
The company revealed same-store sales for Genesco increased 10% over last year, while e-commerce sales increased 36% from the fourth quarter two years ago.
Genesco's full-year net sales increased 36% from last year to $2.4 billion, with adjusted earnings per share for the period at $7.62.
"We concluded an outstanding year with a very strong fourth quarter that far exceeded our expectations. Our holiday performance was fueled by unprecedented levels of full-price selling and strong in-store sales while our digital channel held on to most of last year's record gains," said Mimi E. Vaughn, Genesco president and chief executive officer.
"Fiscal 2023 has gotten off to a strong start compared with last year, however, we expect this trend to moderate in the near-term as we anniversary last year's March stimulus payments and first half sales revert to more normalized, pre-pandemic patterns," added Vaughn.
The company sees fiscal 2023 sales up between 2% to 4%, with adjusted earnings per share for the period from $7 to $7.75.