Stock Monitor: Duluth Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free earnings report on Genesco Inc. (NYSE: GCO). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=GCO. Genesco reported its fourth quarter and fiscal 2018 operating and financial results on March 15, 2018. The seller of footwear, hats, clothing, and accessories outperformed top- and bottom-line expectations and provided guidance for the fiscal year 2019. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Duluth Holdings Inc. (NASDAQ: DLTH), which also belongs to the Services sector as the Company Genesco. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=DLTH
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Genesco most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=GCO
Earnings Highlights and Summary
Genesco's net sales for the fourth quarter of fiscal 2018 (Q4 FY18) increased 5%, including the results of a 53rd week, to $930 million from $883 million in Q4 FY17. The Company's reported quarter consolidated comparable sales, including same store sales and comparable e-commerce and catalog sales increased 1% with an 11% increase in the Journeys Group; a 1% increase in the Schuh Group; a 14% decrease in the Lids Sports Group; and a 4% increase in the Johnston & Murphy Group. Genesco's reported quarter sales numbers beat analysts' estimates of $892.2 million.
Genesco reported net sales for the 53-week year ended February 03, 2018, of $2.91 billion, reflecting an increase of 1% from net sales of $2.87 billion for the 52-week year ended January 28, 2017.
For Q4 FY18, Genesco posted earnings from continuing operations of $56.3 million, or $2.91 per diluted share, compared to earnings from continuing operations of $46.8 million, or $2.40 per diluted share, for Q4 FY17. The Company's reported quarter results reflected a benefit of $1.02 per diluted share from lower tax expense, partially offset by pre-tax charges of $0.26 per diluted share including $0.19 per diluted share in licensing termination expenses, and $0.07 per diluted share of store impairment charges. Genesco's results reflected a pretax gain of $0.25 per diluted share after tax for Q4 FY17, including a gain on the sale of SureGrip Footwear of $12.3 million and a gain of $0.8 million on other legal matters, partially offset by $3.9 million of asset impairment charges, pension settlement expenses, and other items.
On an adjusted basis, Genesco reported earnings from continuing operations of $41.5 million, or $2.15 per diluted share, for Q4 FY18 compared to earnings from continuing operations of $41.8 million, or $2.15 per diluted share, for Q4 FY17. The Company's earnings beat Wall Street's estimates of $2.09 per share.
Genesco's loss from continuing operations for fiscal 2018 was $111.4 million, or $5.80 per diluted share, compared to earnings from continuing operations of $97.9 million, or $4.85 per diluted share, for fiscal 2017. For FY18, the Company's earnings reflected charges of $8.52 per diluted share after tax, including a goodwill impairment charge of $8.18 per diluted share after tax, plus a tax expense of $0.41 per diluted share related to the impact of share-based awards and goodwill impairment. The Company's earnings reflected an after-tax gain of $0.52 per diluted share for FY17, including a $14.7 million gain on the sale of SureGrip Footwear and Lids Team Sports; an $8.9 million gain on network intrusion expenses; and a $0.8 million gain on other legal matters.
On an adjusted basis, Genesco's earnings from continuing operations were $60.3 million, or $3.13 per diluted share, in FY18 compared to earnings from continuing operations of $87.2 million, or $4.33 per diluted share, for FY17.
Cash Matters
Genesco's capital expenditures were $24 million for Q4 FY18. The Company did not repurchase shares during the reported quarter and has $24 million remaining under the current $100 million repurchase authorization.
Outlook
For fiscal 2019, Genesco is forecasting adjusted earnings in the range of $3.05 to $3.45 per share, inclusive of the benefit from lower tax expense following the passage of the Tax Cuts and Jobs Act in December 2017. The Company is estimating comparable sales in the flat to positive 2% range for FY19.
Stock Performance Snapshot
April 16, 2018 - At Monday's closing bell, Genesco's stock was slightly up 0.82%, ending the trading session at $42.90.
Volume traded for the day: 218.52 thousand shares.
Stock performance in the last month - up 10.14%; previous three-month period - up 21.53%; past six-month period - up 78.01%; and year-to-date - up 32.00%
After yesterday's close, Genesco's market cap was at $903.47 million.
The stock is part of the Services sector, categorized under the Apparel Stores industry. This sector was up 1.1% at the end of the session.
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