Genesco's stock price shot up 17.48.04% to $41.53 after the company reported a 3% rise in comparable-store sales and earning of 5 cents a share. Earnings for the same period the year before were flat for Genesco, which sells footwear, hats, clothing and other accessories.
Genesco handily beat the earnings estimates of analysts surveyed by Zacks Investment Research, who had predicted a loss of 3 cents a share for the quarter.
The retailer's Journeys stores were a key driver in Genesco's "outperformance" during the quarter, said Robert J. Dennis, Genesco Chairman, president and CEO, in a statement.
"We delivered second quarter consolidated results that exceeded expectations across the board," Dennis said. Our outperformance was driven primarily by the ongoing strength of our Journeys business, which continued to experience strong comparable sales even as year-over-year comparisons became more difficult."