What happened

Shares of apparel retailer Genesco (NYSE:GCO) shot higher on Friday. The stock was up 32.1% by the time the market closed.

Bullishness for the stock followed the company's stronger-than-expected third-quarter results. Non-GAAP (adjusted) earnings per share and same-store sales both beat expectations.

A chart showing a stock price moving higher

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So what

The apparel retailer reported third-quarter revenue of $537 million -- about flat compared with the year-ago period and slightly missing analysts' average forecast for the metric. Earnings per share were $1.33, up from $1.00 in the year-ago quarter and beating a consensus estimate of $1.08.

Comps rose 3% year over year, coming in ahead of an average analyst forecast for a 1.5% increase. 

"[H]igher gross margins at each of our divisions combined with our aggressive share repurchase activity over the past several months helped to achieve a 37% increase in adjusted earnings per share versus a year ago," CEO Robert Dennis said in the company's third-quarter update.

Now what

Genesco maintained its guidance for full-year fiscal 2020 comps to increase 2% to 3% year over year, but it boosted its view for non-GAAP earnings per share. Management now expects the figure to be between $4.10 and $4.40 -- up from a previous forecast for $3.80 to $4.20.