Sam Boughedda

Investing.com — Retailer of brand-name footwear and accessories Genesco Inc (NYSE:) Reports fourth quarter earnings prior to the bell on Thursday. This beat earnings expectations.

Analyst expectations were for $2.59 per shares. The share price of the company was $3.48.

But revenue was lower than expected at $727.66million. Investing.com polled analysts and expected revenues of $728.25 millions.

Genesco traded almost 9% higher than Wednesday’s closing price following the release.

Genesco’s same-store sales increased 10% last year while its ecommerce sales increased 36% over the quarter two years earlier.

Genesco saw its full-year net revenue rise 36% to $2.4 Billion, while adjusted earnings per share were $7.62.

We had an exceptional year, with strong results in the fourth quarter. This was far beyond our expectations. Genesco’s president and chief executive officer Mimi E. Vaughn said that Genesco’s holiday results were fueled by record levels of full price selling, strong in-store sales and a remarkable holiday season. However, our digital channel saw a significant increase last year and was still able to maintain its previous records,” she added.

Vaughn stated that fiscal 2023 is off to an impressive start in comparison to last year. However, this trend will slow down as last year’s March stimul payments are refunded and the first-half sales return to prepandemic levels.

Company expects to see fiscal 2023 sales rise by 2% to 4.4% and adjusted earnings per share of $7.75 to $7.75 for the period.