Online:
Visits:
Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Genesco caps solid year with forecast-beating fourth quarter

Friday, March 10, 2017 8:41
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Footwear and clothing seller Genesco Inc (NYSE:HCO) put its best foot forward in early trading after releasing pleasing results after the bell last night.

Fourth quarter adjusted earnings per share (EPS) of US$2.40 were up from US$2.07mln the year before and ahead of expectations of US$1.78.

Net income from continuing operations clocked in at US$46.8mln, up from US$45.0mln the previous year.

Net sales eased to US$883mln from US$932mln in the fourth quarter of 2015, reflecting the sale of the lids Team Sports business in the fourth quarter.

Nonetheless, the sales number was below the US$901mln the market had been expecting.

That did not stop the market from marking the shares up 12% to US$63.10 in early deals.

“Fourth quarter EPS came in above last year’s levels and above expectations fueled in large part by better holiday selling than anticipated for most of our businesses,” revealed Robert Dennis, whose business card must be extra wide to fit in his job titles of chairman, president and chief executive officer. 

“The strong gross margin and operating income recovery experienced at Lids and Schuh offset some impact of the significant fashion rotation at Journeys.  January markdown and other assumptions proved to be conservative and we benefitted from a number of year-end items that contributed to the EPS beat as well.  Year-over-year operating income was down, but EPS improved due to share buybacks and a lower tax rate,” Dennis said.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174630/genesco-caps-solid-year-with-forecast-beating-fourth-quarter-174630.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.