RTTNews | Dec 3, 2021 08:09AM EST

08:09 Friday, December 3, 2021 (RTTNews.com) - Shares of specialty retailer, Genesco Inc. (GCO) are up more than 6% in pre-market on Friday after reporting better-than-expected third-quarter results. The company's full-year earnings outlook stands higher than the consensus estimate.

Earnings from continuing operations jumped $32.98 million or $2.30 per share in the third quarter, compared with $7.48 million or $0.52 per share in the same quarter a year ago driven by revenue growth.

Excluding one-time items, earnings from continuing operations were $34.5 million, or $2.36 per share. This compares with the view of analysts surveyed by Thomson Reuters of $1.29 per share.

The company said its sales for the quarter increased 25% year-over-year to $600.55 million on strong back-to-school season in the United States and United Kingdom. The consensus estimate was for $575.57 million.

Looking forward to the full year, the company expects adjusted EPS to be in the range of $6.40 to $6.90 and sales growth to be between 9% and 11% year-over-year. Analysts expect earnings of $5.82 per share on revenue growth of 33.5% for the period.

Genesco stock closed Thursday's trade at $63.76, up $2.52 or 4.11%. The stock is currently at $67.99.

Read the original article on RTTNews ( https://www.rttnews.com/3246756/genesco-adds-6-in-pre-market-on-quarterly-results-outlook-better-than-view.aspx)

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