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Genesco's growth strategy is working
Strong same-store sales in the third quarter did not keep Genesco Inc. from lowering its guidance, as the company takes steps to reduce inventory through promotions and discounts.
The specialty retailer of hats and accessories said that for the third quarter ended Oct. 31, same-store sales increased 7%. Income was $32.9 million, or $1.43 per diluted share, compared to earnings from continuing operations of $28.8 million, or $1.21 per diluted share, for the prior year quarter. Revenue was $774 million from $723 million in the third quarter of fiscal 2015.
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Five Below still on top in Q3
Fast-growing teen retailer Five Below grew even faster in the third quarter, as the company reported an increase in same-store sales and raised its outlook.
For the period ended Oct. 31, same store sales increased 4.8%. Net sales increased by 23% to $169.7 million from $138 million in the third quarter of fiscal 2014. Net income was $4.3 million, compared to $3.3 million. Diluted income per common share was 8 cents, compared to 6 cents per share in the third quarter of fiscal 2014.

