Market Overview

Genesco Reports Fourth Quarter Fiscal 2016 Results

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NASHVILLE, Tenn., March 11, 2016 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the fourth quarter ended January 30, 2016, of $46.7 million, or $2.15 per diluted share, compared to earnings from continuing operations of $51.8 million, or $2.18 per diluted share, for the fourth quarter ended January 31, 2015.  Fiscal 2016 fourth quarter results reflect a pretax gain of $3.4 million, or $0.04 per diluted share after tax, including a gain on the sale of Lids Team Sports of $7.3 million, partially offset by $3.9 million of asset impairment charges, asset write-downs and network intrusion expenses.  Fiscal 2015 fourth quarter results reflect pretax items of $1.9 million, or $0.12 per diluted share after tax, including $1.0 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited and $0.9 million in network intrusion expenses and asset impairment charges.

Adjusted for the items described above in both periods, earnings from continuing operations were $45.8 million, or $2.11 per diluted share, for the fourth quarter of Fiscal 2016, compared to earnings from continuing operations of $54.7 million, or $2.30 per diluted share, for the fourth quarter of Fiscal 2015.  For consistency with Fiscal 2016's previously announced earnings expectations and with previously reported adjusted results for the prior year period, the Company believes that the disclosure of the results from continuing operations adjusted for these items will be useful to investors. A reconciliation of earnings and earnings per share from continuing operations in accordance with U.S. Generally Accepted Accounting Principles with the adjusted earnings and earnings per share numbers presented in this paragraph is set forth on Schedule B to this press release.

Net sales for the fourth quarter of Fiscal 2016 increased 4.4% to $932 million from $893 million in the fourth quarter of Fiscal 2015.  Consolidated fourth quarter 2016 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased 4%, with a 5% increase in the Journeys Group, a 3% increase in the Lids Sports Group, a 2% decrease in the Schuh Group, and a 6% increase in the Johnston & Murphy Group. Comparable sales for the Company reflected a 2% increase in same store sales and a 21% increase in e-commerce sales.

The Company also reported net sales for the year ended January 30, 2016, of $3.0 billion, an increase of 5.7% from net sales of $2.9 billion for the year ended January 31, 2015.  Earnings from continuing operations for Fiscal 2016 were $97.1 million, or $4.22 per diluted share, compared to earnings from continuing operations of $99.4 million, or $4.19 per diluted share, for Fiscal 2015. Fiscal 2016 earnings reflect after-tax charges of $0.07 per diluted share, including $9.4 million in asset impairments, asset write-downs, network intrusion expenses, compensation expense associated with the Schuh deferred purchase price, and other legal matters, partially offset by a $7.3 million gain on the sale of Lids Team Sports.  Fiscal 2015 earnings reflect after-tax charges of $0.55 per diluted share, including, an indemnification asset write-off, network intrusion-related expenses, compensation expense associated with the Schuh deferred purchase price, effects of the change in accounting for deferred bonuses under the EVA incentive plan, asset impairments, and other legal matters, partially offset by a gain on a lease termination.

Adjusted for the listed items in both years, earnings from continuing operations were $98.6 million, or $4.29 per diluted share, for Fiscal 2016, compared to earnings from continuing operations of $112.3 million, or $4.74 per diluted share, for Fiscal 2015. For consistency with previously announced earnings expectations, which did not reflect the listed items, the Company believes that disclosure of earnings from continuing operations adjusted for those items will be useful to investors. A reconciliation of the adjusted financial measures to their corresponding measures as reported pursuant to U.S. Generally Accepted Accounting Principles is included in Schedule B to this press release.

The Company repurchased a total of 2.4 million shares of common stock in Fiscal 2016 at a total cost of $145 million and an average price of $60.79 per share.  These purchases included 251,000 shares repurchased in the fourth quarter at a total cost of $16 million and an average price of $63.24.  Through March 4, 2016, the Company had repurchased 480,500 shares at a total cost of $31 million and an average price of $64.40 in the first quarter of Fiscal 2017.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Fourth quarter earnings came in just below our guidance range as a result of gross margin pressure related to our decision to make a final, aggressive push to complete our year-long program to right-size inventory in the Lids Sports Group and similarly aggressive efforts to clear inventory after a slow Holiday selling season at Schuh. Additionally, a later start to IRS tax refunds than in the previous year reduced comparable sales at the end of the quarter.  While we are disappointed with our overall results, we are encouraged by the strong performance of Journeys and Johnston & Murphy and the work we've done to prepare the Company for sustained, profitable growth going forward.

"Comparable sales for the first quarter through March 5, 2016 increased 3% from the same period last year, reflecting in part the impact on early February sales from the delay in receipt of income tax refunds by customers, and recovery later in the month as tax refunds began.

"Based on the projected margin recovery at Lids Sports Group combined with modest overall comparable sales growth, we expect adjusted diluted earnings per share for the fiscal year ending January 28, 2017, in the range of $4.80 to $4.90, which represents a 12% to 14% increase over Fiscal 2016's adjusted earnings per share of $4.29. These expectations do not include expected non-cash asset impairments and other charges, estimated in the range of $6.3 million to $6.8 million pretax, or $0.19 to $0.20 per share after tax, for the full fiscal year.  This guidance assumes comparable sales increases in the 1% to 2% range for the full year." A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to U.S. Generally Accepted Accounting Principles is included in Schedule B to this press release.

Dennis concluded, "We begin Fiscal 2017 in a solid position to execute our long-term strategic plans. We look forward to realizing some of the benefits of last year's hard work in the new fiscal year."

Conference Call and Management Commentary

The Company has posted detailed financial commentary in writing on its website, www.genesco.com, in the investor relations section. The Company's live conference call on March 11, 2016 at 7:30 a.m. (Central time), may be accessed through the Company's internet website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.

Cautionary Note Concerning Forward-Looking Statements

This release contains forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, sales, expenses, margins and earnings) and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences.  These include adjustments to estimates reflected in forward-looking statements, including the level and timing of promotional activity necessary to maintain inventories at appropriate levels;  the timing and amount of non-cash asset impairments related to retail store fixed assets and intangible assets of acquired businesses; the effectiveness of the Company's omnichannel initiatives; weakness in the consumer economy and retail industry; competition in the Company's markets; fashion trends that affect the sales or product margins of the Company's retail product offerings; changes in buying patterns by significant wholesale customers; bankruptcies or deterioration in financial condition of significant wholesale customers or the inability of wholesale customers or consumers to obtain credit; disruptions in product supply or distribution; unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products; the Company's ability to continue to complete and integrate acquisitions, expand its business and diversify its product base; changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons; and the performance of athletic teams, the participants in major sporting events such as the Super Bowl and World Series, developments with respect to certain individual athletes, and other sports-related events or changes that may affect period-to-period comparisons in the Company's Lids Sports Group retail business. Additional factors that could affect the Company's prospects and cause differences from expectations include the ability to build, open, staff and support additional retail stores and to renew leases in existing stores and control occupancy costs, and to conduct required remodeling or refurbishment on schedule and at expected expense levels; deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of fixed assets or intangible assets or other adverse financial consequences; unexpected changes to the market for the Company's shares; variations from expected pension-related charges caused by conditions in the financial markets; and the cost and outcome of litigation, investigations and environmental matters involving the Company. Additional factors are cited in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of, and elsewhere in, our SEC filings, copies of which may be obtained from the SEC website, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com. Many of the factors that will determine the outcome of the subject matter of this release are beyond Genesco's ability to control or predict. Genesco undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.

About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in more than 2,850 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Lids, Locker Room by Lids, Lids Clubhouse, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.schuh.co.uk, www.littleburgundyshoes.com, www.johnstonmurphy.com, www.lids.com, www.lids.ca, www.lidslockerroom.com, www.lidsclubhouse.com, http://shop.neweracap.com/ , www.trask.com, www.suregripfootwear.com  and www.dockersshoes.com.  The Company's Lids Sports Group division operates the Lids headwear stores, the Locker Room by Lids and other team sports fan shops and single team clubhouse stores.   In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, G.H. Bass, SureGrip, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.

GENESCO INC.













Consolidated Earnings Summary











 

Fourth Quarter



 

Fiscal Year Ended





Jan. 30,


Jan. 31,


Jan. 30,


Jan. 31,



In Thousands


2016


2015


2016


2015



Net sales


$  932,214


$  892,630


$ 3,022,234


$  2,859,844



Cost of sales


509,058


468,397


1,578,768


1,459,433



Selling and administrative expenses*

348,782


336,395


1,284,322


1,230,864



Asset impairments and other, net

3,923


934


7,893


2,281



Earnings from operations

70,451


86,904


151,251


167,266



Gain on sale of Lids Team Sports

(7,331)


-


(7,331)


-



Indemnification asset write-off

-


-


-


7,050



Interest expense, net

1,500


853


4,403


3,227



Earnings from continuing operations










    before income taxes

76,282


86,051


154,179


156,989














Income tax expense

29,538


34,294


57,042


57,616



Earnings from continuing operations

46,744


51,757


97,137


99,373














Provision for discontinued operations**

(324)


(1,361)


(812)


(1,648)



Net Earnings 


$    46,420


$    50,396


$       96,325


$        97,725













*

Includes $0.0 million and $1.5 million in deferred payments related to the Schuh acquisition in the fourth quarter and fiscal


year ended January 30, 2016, respectively, and $1.0 million and $7.3 million in the fourth quarter and fiscal year ended January 31, 2015, respectively.

**

Lids Team Sports does not qualify as a discontinued operation.

 

 


Earnings Per Share Information













Fourth Quarter



Fiscal Year Ended





Jan. 30,


Jan. 31,


Jan. 30,


Jan. 31,



In Thousands (except per share amounts)

2016


2015


2016


2015














Average common shares - Basic EPS

21,595


23,563


22,880


23,507














Basic earnings per share:










     Before discontinued operations

$2.16


$2.20


$4.25


$4.23



     Net earnings 

$2.15


$2.14


$4.21


$4.16














Average common and common










    equivalent shares - Diluted EPS

21,693


23,759


23,000


23,708














Diluted earnings per share:










     Before discontinued operations

$2.15


$2.18


$4.22


$4.19



     Net earnings 

$2.14


$2.12


$4.19


$4.12













 

 

GENESCO INC.













Consolidated Earnings Summary











 

Fourth Quarter



 

Fiscal Year Ended





Jan. 30,


Jan. 31,


Jan. 30,


Jan. 31,



In Thousands


2016


2015


2016


2015



Sales:











    Journeys Group

$  403,832


$  376,734


$ 1,251,637


$  1,179,476



    Schuh Group


122,264


123,942


405,674


406,947



    Lids Sports Group

299,990


294,040


975,504


902,661



    Johnston & Murphy Group

81,081


75,318


278,681


259,675



    Licensed Brands

24,708


22,380


109,826


110,115



    Corporate and Other

339


216


912


970



    Net Sales


$  932,214


$  892,630


$ 3,022,234


$  2,859,844



Operating Income (Loss):










    Journeys Group

$    53,654


$    53,240


$    126,248


$      114,784



    Schuh Group (1)

8,244


11,499


19,124


10,110



    Lids Sports Group

10,140


23,753


17,040


48,970



    Johnston & Murphy Group

8,301


6,279


17,761


14,856



    Licensed Brands

1,710


1,983


9,236


10,459



    Corporate and Other (2)

(11,598)


(9,850)


(38,158)


(31,913)



   Earnings from operations

70,451


86,904


151,251


167,266



   Indemnification asset write-off

-


-


-


7,050



   Gain on sale of Lids Team Sports

(7,331)


-


(7,331)


-



   Interest, net


1,500


853


4,403


3,227



Earnings from continuing operations










    before income taxes

76,282


86,051


154,179


156,989



Income tax expense

29,538


34,294


57,042


57,616



Earnings from continuing operations

46,744


51,757


97,137


99,373














Provision for discontinued operations (3)

(324)


(1,361)


(812)


(1,648)



Net Earnings 


$    46,420


$    50,396


$       96,325


$        97,725














(1) Includes $0.0 million and $1.5 million in deferred payments related to the Schuh acquisition in the fourth quarter and


fiscal year ended January 30, 2016, respectively, and $1.0 million and $7.3 million for the fourth quarter and fiscal year


ended January 31, 2015, respectively.





















(2) Includes a $3.9 million charge in the fourth quarter of Fiscal 2016 which includes $2.5 million for asset write-downs,


$1.3 million for asset impairments and $0.1 million for network intrusion expenses.  Includes a $7.9 million charge for 


Fiscal 2016 which includes $3.1 million for asset impairments, $2.5 million for asset write-downs, $2.2 million for  


network intrusion expenses and $0.1 million for other legal matters. Includes a $1.0 million charge in the fourth quarter  


of Fiscal 2015 which includes $0.7 million for network intrusion expenses and $0.3 million for asset impairments.  Includes


a $2.3 million charge for Fiscal 2015 which includes $3.1 million for network intrusion expenses, $1.9 million for asset 


impairments and $0.6 million for other legal matters, partially offset by a $3.3 million gain on a lease termination.






(3) Lids Team Sports does not qualify as a discontinued operation.


 

 

GENESCO INC.
























Consolidated Balance Sheet



























Jan. 30,


Jan. 31,



In Thousands






2016


2015



Assets











Cash and cash equivalents





$    133,288


$      112,867



Accounts receivable





47,820


55,263



Inventories






530,565


598,145



Other current assets





89,033


81,383



Total current assets





800,706


847,658



Property and equipment





323,328


305,752



Goodwill and other intangibles





371,694


390,713



Other non-current assets





46,374


38,964



Total Assets






$ 1,542,102


$  1,583,087



Liabilities and  Equity










Accounts payable





$    155,049


$      176,307



Current portion long-term debt





14,182


13,152



Other current liabilities





153,249


216,457



Total current liabilities





322,480


405,916



Long-term debt






97,876


16,003



Pension liability





9,957


22,184



Deferred rent and other long-term liabilities





153,250


140,207



Equity






958,539


998,777



Total Liabilities and Equity





$ 1,542,102


$  1,583,087


 

 


GENESCO INC.

















































Retail Units Operated - Twelve Months Ended January 30, 2016















Balance


Acquisi-






Balance


Acquisi-






Balance





02/01/14


tions


Open


Close


01/31/15


tions


Open


Close


01/30/16



Journeys Group


1,168


0


34


20


1,182


37


29


26


1,222



    Journeys


827


0


16


9


834


0


13


5


842



    Underground by Journeys


117


0


0


7


110


0


0


12


98



    Journeys Kidz


174


0


18


3


189


0


16


5


200



    Shi by Journeys


50


0


0


1


49


0


0


3


46



    Little Burgundy


0


0


0


0


0


37


0


1


36



Schuh Group


99


0


13


4


108


0


17


0


125



     Schuh UK


90


0


12


4


98


0


15


0


113



     Schuh Germany


0


0


0


0


0


0


2


0


2



     Schuh ROI


9


0


1


0


10


0


0


0


10



Lids Sports Group*


1,133


56


218


43


1,364


0


27


59


1,332



Johnston & Murphy Group


168


0


8


6


170


0


8


5


173



    Shops


106


0


3


4


105


0


3


5


103



    Factory Outlets


62


0


5


2


65


0


5


0


70



Total Retail Units


2,568


56


273


73


2,824


37


81


90


2,852


 

 


Retail Units Operated - Three Months Ended January 30, 2016













Balance


Acquisi-






Balance










10/31/15


tions


Open


Close


01/30/16








Journeys Group


1,179


37


9


3


1,222








    Journeys


838


0


4


0


842








    Underground by Journeys


100


0


0


2


98








    Journeys Kidz


195


0


5


0


200








    Shi by Journeys


46


0


0


0


46








    Little Burgundy


0


37


0


1


36








Schuh Group


117


0


8


0


125








     Schuh UK


106


0


7


0


113








     Schuh Germany


1


0


1


0


2








     Schuh ROI


10


0


0


0


10








Lids Sports Group*


1,347


0


3


18


1,332








Johnston & Murphy Group


174


0


1


2


173








    Shops


105


0


0


2


103








    Factory Outlets


69


0


1


0


70








Total Retail Units


2,817


37


21


23


2,852


























* Includes 185, 190 and 26 Locker Room by Lids in Macy's stores as of January 30, 2016, January 31, 2015 and February 1, 2014, respectively.

 


Comparable Sales (including same store and comparable direct sales)





Fourth Quarter Ended


Fiscal Year Ended





Jan. 30,


Jan. 31,


Jan. 30,


Jan. 31,





2016


2015


2016


2015



Journeys Group


5%


16%


5%


8%



Schuh Group


-2%


3%


3%


1%



Lids Sports Group


3%


7%


6%


2%



Johnston & Murphy Group


6%


2%


6%


1%



Total Comparable Sales


4%


10%


5%


4%


 






Schedule B









Genesco Inc.


Adjustments to Reported Earnings from Continuing Operations


Three Months Ended January 30, 2016 and January 31, 2015











 Fourth 

 Impact on 

 Fourth 

 Impact on 




 Quarter 

  Diluted 

 Quarter 

  Diluted 


In Thousands (except per share amounts)


 Jan 2016 

 EPS 

 Jan 2015 

 EPS 


Earnings from continuing operations, as reported


$     46,744

$        2.15

$      51,757

$   2.18









Adjustments:  (1)







Impairment charges


846

0.04

162

-


Deferred payment - Schuh acquisition


-

-

965

0.04


Gain on lease termination


-

-

(14)

-


Asset write-down


1,564

0.07

-

-


Gain on sale of Lids Team Sports


(4,633)

(0.21)

-

-


Network intrusion expenses


59

-

420

0.02


Higher (lower) effective tax rate


1,206

0.06

1,434

0.06









Adjusted earnings from continuing operations (2)


$     45,786

$        2.11

$      54,724

$   2.30
















(1) All adjustments are net of tax where applicable.  The tax rate for the fourth quarter of Fiscal 2016 is 37.1% excluding a 

    FIN 48 discrete item of less than $0.1 million.  The tax rate for the fourth quarter of Fiscal 2015 is 37.7% excluding a 

    FIN 48 discrete item of less than $0.1 million.  














(2) EPS reflects 21.7 million and 23.8 million share count for Fiscal 2016 and 2015, respectively, which includes common 

     stock equivalents in both years.














The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted


for the items not reflected in the previously announced expectations will be meaningful to investors, especially


in light of the impact of such items on the results.














 

 

Genesco Inc.

Adjustments to Reported Operating Income 

Three Months Ended January 30, 2016 and January 31, 2015








 Three Months Ended January 30, 2016 



 Operating 


Adj Operating

In Thousands 


 Income 

 Other Adj 

Income

Journeys Group


$     53,654

$           -

$      53,654

Schuh Group


8,244

-

8,244

Lids Sports Group


10,140

-

10,140

Johnston & Murphy Group


8,301

-

8,301

Licensed Brands


1,710

-

1,710

Corporate and Other


(11,598)

3,923

(7,675)

Total Operating Income


$     70,451

$      3,923

$      74,374


















 Three Months Ended January 31, 2015 



 Operating 


Adj Operating

In Thousands 


 Income 

 Other Adj 

Income

Journeys Group


$     53,240

$           -

$      53,240

Schuh Group*


11,499

965

12,464

Lids Sports Group


23,753

-

23,753

Johnston & Murphy Group


6,279

-

6,279

Licensed Brands


1,983

-

1,983

Corporate and Other


(9,850)

934

(8,916)

Total Operating Income


$     86,904

$      1,899

$      88,803






*Schuh Group adjustments include $1.0 million in deferred purchase price payments.


 

 

Genesco Inc.



Adjustments to Reported Earnings from Continuing Operations



Twelve Months Ended January 30, 2016 and January 31, 2015














 Impact on 


 Impact on 





 12 Mos 

  Diluted 

 12 Mos 

  Diluted 



In Thousands (except per share amounts)


 Jan 2016 

 EPS 

 Jan 2015 

 EPS 



Earnings from continuing operations, as reported


$     97,137

$        4.22

$        99,373

$   4.19











Adjustments:  (1)








Impairment charges


1,975

0.09

1,185

0.05



Deferred payment - Schuh acquisition


1,490

0.07

7,311

0.31



Gain on lease termination


-

-

(2,118)

(0.09)



Indemnification asset write-off


-

-

7,050

0.30



Change in accounting for bonus awards


-

-

3,575

0.15



Other legal matters


75

-

437

0.02



Network intrusion expenses


1,375

0.06

1,929

0.08



Asset write-down


1,564

0.07

-

-



Gain on sale of Lids Team Sports


(4,633)

(0.20)

-

-



Higher (lower) effective tax rate


(355)

(0.02)

(6,404)

(0.27)











Adjusted earnings from continuing operations (2)


$     98,628

$        4.29

$      112,338

$   4.74



















(1) All adjustments are net of tax where applicable.  The tax rate for Fiscal 2016 is 36.8% excluding a FIN 48 discrete 


    of $0.1 million.  The tax rate for Fiscal 2015 is 37.3% excluding a FIN 48 discrete item of $0.1 million. 












(2) EPS reflects 23.0 million and 23.7 million share count for Fiscal 2016 and 2015, respectively,  which includes common stock 

     stock equivalents in both years.
















The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted



for the items not reflected in the previously announced expectations will be meaningful to investors, especially



in light of the impact of such items on the results.
















 

Genesco Inc.

Adjustments to Reported Operating Income 

Twelve Months Ended January 30, 2016 and January 31, 2015








 Twelve Months Ended January 30, 2016 



 Operating 


Adj Operating

In Thousands 


 Income 

 Other Adj 

Income

Journeys Group


$   126,248

$           -

$      126,248

Schuh Group*


19,124

1,490

20,614

Lids Sports Group


17,040

-

17,040

Johnston & Murphy Group


17,761

-

17,761

Licensed Brands


9,236

-

9,236

Corporate and Other


(38,158)

7,893

(30,265)

Total Operating Income


$   151,251

$      9,383

$      160,634






*Schuh Group adjustments include $1.5 million in deferred purchase price payments.









 Twelve Months Ended January 31, 2015 



 Operating 

 Bonus Adj 

Adj Operating

In Thousands 


 Income 

 and Other 

Income

Journeys Group


$   114,784

$      4,919

$      119,703

Schuh Group*


10,110

7,311

17,421

Lids Sports Group


48,970

-

48,970

Johnston & Murphy Group


14,856

25

14,881

Licensed Brands


10,459

-

10,459

Corporate and Other


(31,913)

3,016

(28,897)

Total Operating Income


$   167,266

$    15,271

$      182,537






*Schuh Group adjustments include $7.3 million in deferred purchase price payments.


 

Genesco Inc.

Adjustments to Forecasted Earnings from Continuing Operations

Fiscal Year Ending January 28, 2017







In Thousands (except per share amounts)


High Guidance

Low Guidance



Fiscal 2017

Fiscal 2017

Forecasted earnings from continuing operations 


$     98,841

$       4.71

$   96,492

$       4.60







Adjustments:  (1)






Asset impairment and other charges


3,957

0.19

4,273

0.20







Adjusted forecasted earnings from continuing operations (2)

$    102,798

$       4.90

$ 100,765

$       4.80







(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2017 is approximately 36.9% 

    excluding a FIN 48 discrete item of $0.3 million.












(2) EPS reflects 21.0 million share count for Fiscal 2017 which includes common stock equivalents.








This reconciliation reflects estimates and current expectations of future results. Actual results may vary 


materially from these expectations and estimates, for reasons including those included in the discussion 


of forward-looking statements elsewhere in this release. The Company disclaims any obligation to update 


such expectations and estimates.  












 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genesco-reports-fourth-quarter-fiscal-2016-results-300234706.html

SOURCE Genesco Inc.

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