Genesco Inc. (NYSE: GCO) recently shared earnings from continuing operations for the third quarter ended October 31, 2009, of $11.5 million, or $0.50 per diluted share, compared to earnings from continuing operations of $9.0 million, or $0.43 per diluted share, for the third quarter ended November 1, 2008. Fiscal 2010 third quarter earnings reflected pretax charges of $2.6 million, or $0.07 per diluted share, primarily related to fixed asset impairments. In addition, the third quarter of Fiscal 2010 reflected additional interest expense due to the adoption in the first quarter of Fiscal 2010 of FSP APB 14-1.
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Robert J. Dennis, president and chief executive officer of Genesco, said, "We are pleased with our third quarter earnings, which exceeded expectations thanks to improved gross margin and solid expense leverage, despite the lack of a sustained sales trend in the quarter. Comparable store sales for the first three weeks of November are down 3% from the same period last year. Nevertheless, given the consumer's continued willingness to shop during the peak sales periods throughout the current economic downturn, the relatively easier comparisons later in the quarter, and our strong merchandise position, we remain optimistic about the Holiday selling season. "We are raising our fiscal 2010 guidance to reflect our strong third quarter results, and now expect earnings per share of $1.78 to $1.84 for the year. This guidance assumes fourth quarter earnings per share of $1.07 to $1.13, based on flat to slightly positive fourth quarter comparable store sales compared with -5% last year and subject to the same adjustments as our previous guidance. "As we look ahead, we are confident about both our near and long-term opportunities. We continue to build on our leadership status in our niche markets and remain confident in our ability to execute a strategy that will result in long-term growth and increased shareholder value."
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