Genesco Q2 profit up, raises full-year outlook

Nashville, Tenn. -- Genesco Inc.'s profit topped estimates for the eighth quarter in a row amid increased store traffic. The company raised its full-year earnings outlook for the second time this year.

Genesco, which operates stores under such banners as Journeys, Lids, Johnston & Murphy and Schuh banners, said its adjusted quarterly profit rose to $12.1 million from $5.2 million in the year-ago period.

Revenue rose 15% to $543.5 million.Same-store sales were up 4%.

Robert J. Dennis, chairman, president and CEO of Genesco, stated: "We are pleased with the strength of our second quarter performance. We generated significant operating expense leverage on solid sales growth to deliver earnings that were ahead of expectations. With August comparable sales up 9%, the third quarter is off to an encouraging start. We believe our merchandise assortment is well positioned for the remainder of back-to-school and the upcoming holiday season."