Genesco Inc. (GCO) Expected to Announce Quarterly Sales of $918.00 Million

Equities research analysts expect Genesco Inc. (NYSE:GCO) to announce $918.00 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Genesco’s earnings, with the highest sales estimate coming in at $920.00 million and the lowest estimate coming in at $916.00 million. Genesco posted sales of $930.38 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 1.3%. The company is scheduled to report its next earnings report on Thursday, March 14th.

According to Zacks, analysts expect that Genesco will report full year sales of $2.93 billion for the current financial year. For the next fiscal year, analysts expect that the company will report sales of $2.98 billion, with estimates ranging from $2.97 billion to $2.99 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Genesco.

Genesco (NYSE:GCO) last announced its earnings results on Thursday, March 14th. The company reported $2.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.33 by ($0.15). The firm had revenue of $675.50 million for the quarter, compared to the consensus estimate of $914.85 million. Genesco had a return on equity of 7.21% and a net margin of 2.31%. Genesco’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $2.15 EPS.

A number of brokerages have recently weighed in on GCO. ValuEngine lowered Genesco from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Zacks Investment Research lowered Genesco from a “buy” rating to a “hold” rating in a research note on Thursday, February 21st. TheStreet upgraded Genesco from a “c+” rating to a “b” rating in a research note on Tuesday, January 8th. Finally, Pivotal Research lowered Genesco from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Wednesday, January 9th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Genesco presently has an average rating of “Hold” and an average price target of $43.00.

Shares of NYSE GCO opened at $43.13 on Tuesday. The company has a market cap of $916.54 million, a PE ratio of 13.74, a PEG ratio of 2.51 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.48 and a current ratio of 2.26. Genesco has a 1-year low of $36.60 and a 1-year high of $51.85.

Genesco announced that its Board of Directors has initiated a share buyback program on Friday, December 14th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 14.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Marty G. Dickens sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $49.50, for a total transaction of $247,500.00. Following the sale, the director now owns 18,578 shares of the company’s stock, valued at $919,611. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Dennis sold 11,380 shares of the stock in a transaction that occurred on Wednesday, January 23rd. The stock was sold at an average price of $47.14, for a total value of $536,453.20. Following the sale, the chief executive officer now directly owns 261,361 shares in the company, valued at approximately $12,320,557.54. The disclosure for this sale can be found here. Insiders have sold 16,880 shares of company stock worth $807,953 in the last three months. 4.30% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its holdings in shares of Genesco by 112.3% in the 4th quarter. Meeder Asset Management Inc. now owns 603 shares of the company’s stock valued at $27,000 after purchasing an additional 319 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Genesco in the 4th quarter valued at $48,000. PNC Financial Services Group Inc. boosted its holdings in shares of Genesco by 24.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock valued at $60,000 after purchasing an additional 265 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Genesco in the 3rd quarter valued at $222,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Genesco in the 3rd quarter valued at $224,000.

About Genesco

Genesco Inc retails and wholesales footwear, apparel, and accessories. The company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, Shi by Journeys, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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