Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco, commented: "Consolidated comparable sales for the third quarter came in ahead of our expectations, thanks to better than expected sales at the Lids Sports Group and Schuh Group. Our top-line performance, effective management of selling costs, and share repurchases made during the quarter allowed us to deliver earnings per share ahead of expectations. We were able to offset some of the bottom line pressure caused by negative expense leverage on lower sales versus last year through gross margin expansion, primarily a significant increase in the Lids Sports Group.”

Genesco reported earnings from continuing operations for the third quarter (period ended on the 29th of October) of 25.9 million US dollars compared to earnings from continuing operations of 32.9 million US dollars per diluted share, for the same period last year.

Net sales for the third quarter of the current fiscal year decreased by 8% totaling 711 million US dollars from 774 million US dollars in the same period last year, reflecting the sale of the Lids Team Sports business in the fourth quarter of last year and a decrease of approximately 3% in sales from businesses operated during both periods.  Consolidated third quarter 2017 comparable sales, including same store sales and comparable e-commerce and catalog sales, decreased by 3%, with an 8% decrease in the Journeys Group, a 2% increase in the Lids Sports Group, flat comparable sales in the Schuh Group, and a 1% increase in the Johnston & Murphy Group. Comparable sales for the Company reflected a 4% decrease in same store sales and a 7% increase in e-commerce sales.

Dennis concluded: "The strong positive impact of the World Series on the Lids Sports Group's sales has offset weaker comps in the rest of our businesses so far during the quarter.  While we expect the Cubs' victory to continue to drive sales through the balance of the quarter, it will have less impact than the gains immediately following the Series. Our outlook going forward takes into account the better than expected third quarter performance and positive effect of the World Series win.  This is offset, primarily by expectations for a more challenging fourth quarter at Journeys due to unseasonably warmer weather that has hurt sales and the continued impact of the fashion shift that began to affect Journeys' sales in the second quarter.”