Publicly traded Nashville companies Genesco Inc. and SmileDirectClub are temporarily cutting their workforces in response to COVID-19. SmileDirectClub is furloughing “much” of its corporate and retail workers through May 3, according to a news release. The company declined to provide the number of employees furloughed when reached for comment.
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With one year as a footwear-focused firm under its belt, Genesco Inc. is off and running. Although, like many of its peers, it sounded the alarm on coronavirus impacts down the line.The company, parent to Johnston & Murphy, Schuh and teen mall staple Journeys, today posted fourth-quarter profits that trumped expectations.On an adjusted basis, Genesco’s earnings per share climbed 42% year over year to $3.09, besting forecasts that called for adjusted EPS of $2.74. Sales, meanwhile, held steady year on year at $6.78 billion, just below analysts’ bets of $6.79 billion. Comparable sales across all businesses Improved 1%.Genesco president and CEO Mimi Vaughn said the company’s first year as a shoe-focused firm “was filled with many notable successes and important accomplishments.”“We delivered strong results, building on the turnaround in profitability that began in fiscal 2019,” she added in a statement. “This included positive consolidated comparable sales growth in every quarter, even as we faced more challenging comparisons, and positive store comps for the year.”Vaughn attributed Genesco’s profit growth to positive comps as well as gross margin expansion, the firm’s cost reduction efforts and share repurchase activity.Still, amid what the World Health Organization Wednesday declared a global pandemic, Genesco’s chief noted that the company is feeling the business effects of the coronavirus in its airport stores as well as at other tourist-heavy locations globally, including in the U.S. and the U.K. For that reason and partially due to unseasonably warm weather in parts of the United States, Vaughn said the first quarter has started slowly for Genesco’s domestic footwear businesses.“Despite these near-term headwinds, we are confident in the strategic course we have set for Genesco,” she said. “With a very healthy balance sheet, we have the flexibility to invest for growth and new capabilities in our current businesses, pursue new growth opportunities and return cash to our shareholders."By division, comps at Journeys gained 1% in Q4 while Schuh’s advanced 3% and Johnston and Murphy dipped 3%.Looking ahead, Genesco predicts its fiscal year 2021 sales will increase 3% to 6% including sales from its recent Togast acquisition. It expects comparable sales to be down 1% to up 2%, and adjusted diluted earnings per share from continuing operations in the range of $4.90 to $5.40 with an expectation that earnings for the year will be near the midpoint of the range.Genesco shares closed down 9.33% to $24.11 on Wednesday.Genesco in December announced its acquisition of New York-based Togast LLC, which specializes in the design, sourcing and sale of licensed footwear and is the distributor for Levi’s footwear in the United States. The move had come a year after Genesco offloaded Lids Sports Group to focus on footwear. After several years of struggling sales at the division, the athletic headwear business sold for $100 million in cash to FanzzLids Holdings, with sports licensing and e-commerce firm Fanatics Inc. making a minority investment in FanzzLids as part of a commercial arrangement connected with the deal.More from Footwear News * Genesco to Move Headquarters and Invest More Than $30 Million in Tennessee * Journeys Leads Genesco's Holiday Sales Growth, Schuh Sees Improvements * Genesco to Snap Up Levi's Footwear Distributor
Genesco Inc. (NYSE: GCO) today provided details on store reopening plans as well as business updates in response to the COVID-19 pandemic.
Shares of Genesco (NYSE:GCO) moved higher by 3.87% to $24.97 after the company reported Q4 results.Quarterly Results • Earnings per share were up 41.74% year over year to $3.09, which beat the estimate of $2.75.• Revenue of $677,579,000 higher by 0.31% year over year, which missed the estimate of $680,430,000.Looking Ahead • Q1 EPS expected to be between $4.90 and $4.80.• Q1 revenue expected between $2,263,000,000 and $2,329,000,000.How To Listen To The Conference Call • Date: Mar 12, 2020View more earnings on GCO• Webcast URL: https://edge.media-server.com/mmc/p/6ta5r5mmPrice Action • 52-week high was at $53.20• 52-week low was at $23.97• Price action over last quarter: Up 51.01%Company Description Genesco Inc sells footwear, headwear, sports apparel, and accessories. The company has four reportable segments namely Journeys Group, derives maximum revenue which comprised of Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce operations, and catalog. Its Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations. The Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and H.S. Trask brands. Licensed Brands, comprised of Dockers Footwear, under a license from Levi Strauss & Company.See more from Benzinga * Morning Market Stats In 5 Minutes * Genesco's Q4 Earnings Outlook * 10 Apparel Retail Stocks Moving In Friday's Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Q4 2020 Genesco Inc Earnings Call
Genesco Inc. said Wednesday that it will close its North American stores through March 28, citing efforts to contain the COVID-19 pandemic. The company's store brands include Journeys, Johnston & Murphy, Journeys Kidz, Shuh and Shuh Kids and Little Burgundy. The company said its e-commerce operations will remain open. Given the uncertainty of the potential COVID-19-related impact on its business, Genesco said it is withdrawing the financial guidance it provided on March 12, and is not updating its guidance at this time. The stock, which was indicated down nearly 2% in the premarket, has plunged 61% over the past month through Tuesday, while the SPDR S&P Retail ETF has lost 33% and the S&P 500 has shed 25%.
Genesco (GCO) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Genesco Inc. (NYSE: GCO) today announced that the Company will report results for the first quarter fiscal 2021 on June 9, 2020, before the market opens, and hold its quarterly earnings conference call at 7:30 a.m. (central) the same day.
Genesco Inc. (NYSE: GCO) today provided a business update in response to the continued spread of COVID-19.
Genesco and its Journeys division are donating 25,000 square feet to store supplies as the fight against the coronavirus continues.
Genesco (GCO) delivered earnings and revenue surprises of 13.19% and -1.48%, respectively, for the quarter ended January 2020. Do the numbers hold clues to what lies ahead for the stock?
Genesco Inc. (NYSE: GCO) today announced additional proactive steps in its efforts to significantly reduce expense, capital and inventory levels to mitigate the negative financial and operational impacts of COVID-19 and improve liquidity:
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The number of cases in the U.S. continues to rise as more testing options become available, with each state reporting at least one case of the novel coronavirus and 18 of them reporting deaths.
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lululemon's (LULU) Q4 results benefit from solid comps and the e-commerce business. However, management didn't provide FY20 view in the wake of the COVID-19 crisis.
Shareholders in Genesco Inc. (NYSE:GCO) had a terrible week, as shares crashed 24% to US$22.10 in the week since its...