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Genesco raises full-year outlook again, shares rise
August 29, 2012 / 12:10 PM / 5 years ago

Genesco raises full-year outlook again, shares rise

* Second-quarter adj EPS of $0.50 vs $0.22 yr-ago

* Second-quarter rev rose 15 pct to $543.5 mln

* Shares rise 6 percent

Aug 29 (Reuters) - Footwear and cap retailer Genesco Inc’s profit topped estimates for the eighth quarter in a row as more customers visited its stores, prompting the company to raise its full-year 2013 earnings outlook for the second time this year.

Shares of the company, which operates stores under the Journeys, Lids and Schuh brand names, rose 6 percent in premarket trading.

Genesco expects fiscal 2013 profit of between $4.88 per share and $5.00 per share, up from its previous forecast of between $4.70 per share and $4.82 per share.

Adjusted quarterly profit rose to $12.1 million, or 50 cents per share, from $5.2 million, or 22 cents per share, a year earlier.

Revenue rose 15 percent to $543.5 million.

The company, which competes with DSW Inc and Foot Locker Inc, said same-store sales rose 4 percent.

Shares of Nashville, Tennessee-based Genesco, which have risen 49 percent over the past year, closed at $71.17 on Tuesday on the New York Stock Exchange.

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