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Genesco profit rises 39%, lifts view

5/23/12 7:59 AM ET (MarketWatch)

NEW YORK (MarketWatch) -- Genesco Inc. said Wednesday its first-quarter profit rose to $20.6 million, or 85 cents a share, from $14.8 million, or 63 cents a share, in the year-ago period. Adjusted profit in the latest period totaled 98 cents a share. Sales rose 25% to $600 million, reflecting the acquisition of Schuh. Wall Street analysts expected Genesco to earn 74 cents a share on sales of $577 million, according to a survey by FactSet Research. Genesco lifted its adjusted 2013 profit target to $4.70 to $4.82 a share, from its earlier view of $4.58 to $4.70 a share. Analysts expected the company to earn $4.69 a share in 2013.