Last $75.88 USD
Change Today -0.67 / -0.88%
Volume 172.7K
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genesco inc (GCO) Key Developments

Genesco Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended February 1, 2014; Reports Impairment Charges for the Fourth Quarter Ended February 1, 2014; Provides Earnings Guidance for the Fiscal 2015

Genesco Inc. reported consolidated earnings results for the fourth quarter and fiscal year ended February 1, 2014. For the quarter, the company reported net sales of $792.506 million against $796.693 million a year ago. Earnings from operations were $75.204 million, compared to $62.807 million for the last year. Earnings from continuing operations before income taxes were $73.998 million, compared to $61.401 million for the last year. Earnings from continuing operations were $42.212 million, compared to $38.913 million for the last year. Net earnings were $42.153 million or $1.89 per share, compared to $38.763 million or $1.63 per diluted share for the last year. Adjusted earnings from continuing operations were $51.011 million or $2.16 per share against $51.38 million or $2.16 per share a year ago. Comp sales for the quarter increased by 1%, with direct business up 10% on top of 17% last year. Fourth quarter capital expenditures were $22.8 million and depreciation and amortization was $17.6 million. For the year, the company reported net sales of $2,624.972 million against $2,604.817 million a year ago. Earnings from operations were $163.435 million, compared to $169.863 million for the last year. Earnings from continuing operations before income taxes were $158.86 million, compared to $164.832 million for the last year. Earnings from continuing operations were $92.982 million, compared to $112.897 million for the last year. Net earnings were $92.653 million or $3.92 per diluted share, compared to $112.435 million or $4.68 per diluted share for the last year. Adjusted earnings from continuing operations were $120.272 million or $5.09 per share against $121.775 million or $5.06 per share a year ago. For the full year, capital expenditures were $98.5 million and depreciation and amortization was $67.1 million. Based on current visibility, the company expected adjusted fiscal 2015 diluted earnings per share to be in the range of $5.40 to $5.55, which represents a 6% to 9% increase over fiscal 2014's adjusted earnings per share of $5.09. Consistent with previous guidance, these expectations do not include expected non-cash asset impairments and other charges, which are estimated in the range of $3.1 million to $4.5 million pretax, or $0.08 to $0.12 per share, after tax, in fiscal 2015. For the fiscal 2015, the company’s forecasted earnings from continuing operations will be in the range of $120.191 million or $5.08 per share to $115.699 million or $4.89 per share. The company’s forecasted earnings from continuing operations will be in the range of $131.299 million or $5.55 per share to $127.748 million or $5.40 per share. The company reported impairment charges for the fourth quarter ended February 1, 2014 were $365,000 or $0.02 per share compared to $432,000 or $0.02 per share for the last year.

Genesco Inc., Q4 2014 Earnings Call, Mar 13, 2014

Genesco Inc., Q4 2014 Earnings Call, Mar 13, 2014

Genesco Inc. Enters into a Third Amended and Restated Credit Agreement

on January 31, 2014, Genesco Inc. entered into a third amended and restated credit agreement by and among the company, certain subsidiaries of the company party thereto, as other borrowers, the lenders party thereto and bank of america, n.a., as agent (the "agent"). The credit facility effectively replaces the company’s previous $405.0 million revolving credit facility. The credit facility is a revolving credit facility in the aggregate principal amount of $400.0 million, including a $70 million sublimit for the issuance of letters of credit and a domestic swingline sub facility of up to $40.0 million, a revolving credit sub facility for the benefit of gco canada inc. in an aggregate amount not to exceed $25.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit, and a revolving credit sub facility for the benefit of genesco (uk) limited in an aggregate amount not to exceed $50.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline sub facility of up to $10.0 million. the facility has a five-year term. any swingline loans and any letters of credit and borrowings under the canadian and u.k. facilities will reduce the availability under the credit facility on a dollar-for-dollar basis. The company has the option, from time to time, to increase the availability under the credit facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. in connection with this increased facility, the canadian revolving credit facility may be increased up to no more than $40.0 million. genesco (uk) limited has a one-time option to increase the availability of its subfacility under the credit facility by an additional amount of up to $50.0 million. The credit facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the company subject to, among other things, the receipt of commitments for such tranche.

Genesco Inc. Announces Sales Results for the Quarter-To-Date Period Ended January 11, 2014; Updates Earnings Guidance for the Fiscal Year Ending February 1, 2014

Genesco Inc. announced sales results for the quarter-to-date period ended January 11, 2014. For the quarter, comparable sales, including both stores and direct sales, increased 1% for the quarter-to-date period ended January 11, 2014, compared to a 1% decrease for the equivalent period last year. Comparable sales for stores only for the quarter-to-date period ended January 11, 2014, were flat with the equivalent period last year, when such sales decreased 2%. Comparable sales for the company's e--commerce and catalog direct sales businesses increased 11% in the quarter-to-date period ended January 11, 2014, compared to an increase of 17% for the equivalent period last year. The company also reported that, based on quarter-to-date results and current trends, the company's adjusted earnings per diluted share expectations for the fiscal year ending February 1, 2014, are in the lower end of the guidance range of $5.10 to $5.20 it announced on December 6, 2013. The company's adjusted earnings per share expectations do not reflect charges related to litigation in connection with the criminal intrusion into a portion of the company's computer network that processed payments for transactions in some of its stores, which the company announced December 2010, and certain other charges reported in the "asset impairment and other" line in the company's statement of operations, expected to be in the range of $0.03 to $0.05 per diluted share for the fiscal year, after tax. Earnings from continuing operations expected to be in the range of $101,039,000 or $4.29 per share to $99,304,000 or $4.21 per share. Adjusted earnings from continuing operations expected to be in the range of $122,635,000 or $5.20 per share to $120,276,000 or $5.10 per share.

Genesco Inc. to Report Q4, 2014 Results on Mar 07, 2014

Genesco Inc. announced that they will report Q4, 2014 results at 11:31 AM, GMT Standard Time on Mar 07, 2014

 

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