This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genesco 4Q Profit Rises As Do Company Shares

NASHVILLE, Tenn. (AP) ¿ Genesco, which runs thousands of retail stores that sell shoes and hats, said Thursday that online and catalog sales boosted its fourth-quarter profit.

President and CEO Robert Dennis said all of the company's businesses are beating end-of-year comparable sales and shares rose 6 percent, to $27.36 in morning trading.

Comparable sales in February jumped 10 percent at Hat World stores and 13 percent at Underground Station, which sells shoes.

Overall net income increased 12 percent to $25.9 million, or $1.08 per share, compared with $23.2 million, or $1.05 per share, a year earlier.

Net income for the quarter increased 12 percent to $25.9 million, or $1.08 per share, compared with $23.2 million, or $1.05 per share, a year earlier.

Taking out 8 cents per share related to asset impairment charges and other items, profit was $1.16 per share.

The performance beat the $1.12 per-share forecast of analysts polled by Thomson Reuters. These estimates typically exclude one-time items.

Sales climbed 6 percent to $479 million, easily beating Wall Street expectations of $466.5 million.

Sales at stores open at least a year were flat. For the Hat World Group, the key sales figure rose 6 percent, while results for Journeys Group fell 3 percent. At Underground Station, sales at stores open at least a year dipped 2 percent, while Johnston & Murphy retail climbed 2 percent.

This figure is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

It was a rough year, however, for almost all retailers, with millions of consumers holding off on goods that are not essential. Joblessness hovered around 10 percent and many people stowed away money.

Genesco's full-year, profit declined 81 percent to $28.8 million, or $1.30 per share, from $150.8 million, or $6.49 per share, in the prior year.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
GCO $63.68 1.00%
AAPL $122.99 -0.32%
FB $96.99 1.78%
GOOG $631.93 0.63%
TSLA $263.82 -0.38%

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs