Zacks: Analysts Anticipate Genesco Inc. (NYSE:GCO) Will Post Quarterly Sales of $491.65 Million

Analysts predict that Genesco Inc. (NYSE:GCO) will announce $491.65 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Genesco’s earnings. The lowest sales estimate is $482.30 million and the highest is $501.00 million. Genesco reported sales of $653.89 million during the same quarter last year, which indicates a negative year-over-year growth rate of 24.8%. The firm is scheduled to announce its next quarterly earnings results on Friday, September 6th.

On average, analysts expect that Genesco will report full-year sales of $2.21 billion for the current financial year, with estimates ranging from $2.20 billion to $2.21 billion. For the next year, analysts forecast that the firm will report sales of $2.24 billion, with estimates ranging from $2.23 billion to $2.26 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Genesco.

Genesco (NYSE:GCO) last issued its quarterly earnings results on Friday, May 31st. The company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.29. Genesco had a negative net margin of 1.70% and a positive return on equity of 8.85%. The company had revenue of $495.70 million during the quarter, compared to the consensus estimate of $479.36 million. During the same quarter in the prior year, the firm posted ($0.06) EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis.

Several equities analysts have recently issued reports on GCO shares. TheStreet downgraded shares of Genesco from a “b” rating to a “c+” rating in a research note on Wednesday, June 5th. Zacks Investment Research downgraded shares of Genesco from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Pivotal Research reaffirmed a “hold” rating and set a $45.00 price target on shares of Genesco in a research note on Monday, June 3rd. Finally, ValuEngine downgraded shares of Genesco from a “hold” rating to a “sell” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $42.50.

Shares of Genesco stock traded down $0.16 on Friday, reaching $36.50. 338,655 shares of the stock were exchanged, compared to its average volume of 226,517. The firm’s 50 day simple moving average is $41.95. Genesco has a one year low of $35.71 and a one year high of $51.85. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.64 and a current ratio of 1.65. The stock has a market cap of $651.13 million, a price-to-earnings ratio of 11.13, a PEG ratio of 2.15 and a beta of 0.52.

Genesco announced that its board has authorized a stock buyback program on Friday, May 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

In other news, VP Mario Gallione sold 2,049 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $40.31, for a total transaction of $82,595.19. Following the completion of the sale, the vice president now directly owns 36,309 shares in the company, valued at $1,463,615.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thurgood Marshall, Jr. sold 1,690 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $44.57, for a total transaction of $75,323.30. Following the sale, the director now owns 9,724 shares of the company’s stock, valued at $433,398.68. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its holdings in Genesco by 24.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock worth $60,000 after purchasing an additional 265 shares during the period. Meeder Asset Management Inc. grew its holdings in Genesco by 303.8% in the first quarter. Meeder Asset Management Inc. now owns 2,435 shares of the company’s stock worth $112,000 after purchasing an additional 1,832 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Genesco in the second quarter worth $112,000. Investors Research Corp acquired a new stake in Genesco in the first quarter worth $146,000. Finally, NumerixS Investment Technologies Inc grew its holdings in Genesco by 500.0% in the first quarter. NumerixS Investment Technologies Inc now owns 3,600 shares of the company’s stock worth $164,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 94.82% of the company’s stock.

About Genesco

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

See Also: Return on Equity (ROE)

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Earnings History and Estimates for Genesco (NYSE:GCO)

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