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Genesco Reports Fourth Quarter Fiscal 2017 Results

Freitag, 10.03.2017 12:55 von PR Newswire

PR Newswire

NASHVILLE, Tenn., March 10, 2017 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the fourth quarter ended January 28, 2017, of $46.8 million, or $2.40 per diluted share, compared to earnings from continuing operations of $45.0 million, or $2.07 per diluted share, for the fourth quarter ended January 30, 2016.  Fiscal 2017 fourth quarter results reflect a pretax gain of $9.2 million, or $0.25 per diluted share after tax, including a gain on the sale of SureGrip Footwear of $12.3 million and a gain of $0.8 million on other legal matters, partially offset by $3.9 million of asset impairment charges, pension settlement expenses and other items. Fiscal 2016 fourth quarter results reflect a pretax gain of $0.8 million, or a $0.04 loss per diluted share after tax, including a gain on the sale of Lids Team Sports of $4.7 million, partially offset by $3.9 million of asset impairment charges, asset write-downs and network intrusion expenses.

Adjusted for the items described above in both periods, earnings from continuing operations were $41.8 million, or $2.15 per diluted share, for the fourth quarter of Fiscal 2017, compared to earnings from continuing operations of $45.8 million, or $2.11 per diluted share, for the fourth quarter of Fiscal 2016.  For consistency with Fiscal 2017'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 2017 decreased 5% to $883 million from $932 million in the fourth quarter of Fiscal 2016, reflecting the sale of the Lids Team Sports business in the fourth quarter of last year and a decrease of approximately 2% in sales from the remaining businesses.  Consolidated fourth quarter 2017 comparable sales, including same store sales and comparable e-commerce and catalog sales were flat  with an 8% increase in the Lids Sports Group, a 6% decrease in the Journeys Group, a 2% increase in the Schuh Group, and a 1% decrease in the Johnston & Murphy Group. Comparable sales for the Company reflected a 2% decrease in same store sales and a 12% increase in e-commerce sales.

The Company also reported net sales for the year ended January 28, 2017, of $2.9 billion, a decrease of 5% from net sales of $3.0 billion for the year ended January 30, 2016 reflecting the sale of the Lids Team Sports business in the fourth quarter of last year and a decrease of less than 1% in sales from the remaining businesses.  Earnings from continuing operations for Fiscal 2017 were $97.9 million, or $4.85 per diluted share, compared to earnings from continuing operations of $95.4 million, or $4.15 per diluted share, for Fiscal 2016. Fiscal 2017 earnings reflect an after-tax gain of $0.52 per diluted share, including a $14.7 million gain on the sale of SureGrip Footwear and Lids Team Sports, an $8.9 million gain on network intrusion expenses as a result of a litigation settlement, and a $0.8 million gain on other legal matters, partially offset by $8.9 million in asset impairments and pension settlement expenses. Fiscal 2016 earnings reflect after-tax charges of $0.14 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 $4.7 million gain on the sale of Lids Team Sports.

Adjusted for the listed items in both years, earnings from continuing operations were $87.2 million, or $4.33 per diluted share, for Fiscal 2017, compared to earnings from continuing operations of $98.6 million, or $4.29 per diluted share, for Fiscal 2016. 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 2.2 million shares of common stock in Fiscal 2017 at a total cost of $133 million and an average price of $61.81 per share.  The Company did not repurchase any shares in the fourth quarter of Fiscal 2017.  Through the end of fiscal February 2018, the Company had repurchased 138,900 shares at a total cost of $8 million and an average price of $59.49.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Fourth quarter EPS came in above last year's levels and above expectations fueled in large part by better holiday selling than anticipated for most of our businesses.  The strong gross margin and operating income recovery experienced at Lids and Schuh offset some impact of the significant fashion rotation at Journeys.  January markdown and other assumptions proved to be conservative and we benefitted from a number of year-end items that contributed to the EPS beat as well.  Year-over-year operating income was down, but EPS improved due to share buybacks and a lower tax rate.

"While Journeys has made good progress adjusting its assortment to better reflect current consumer demand, until it anniversaries the negative comps from last summer, we will continue to face headwinds.  In addition, Fiscal 2018 is off to a sluggish start, as expected, with the delayed income tax refunds clouding visibility into our sales trends early in the year.  This plus some uncertainty with the direction of the overall retail economy causes us to be cautious about the current year.  We expect adjusted diluted earnings per share for the year in the range of $4.40 to $4.55."  These expectations do not include expected non-cash asset impairments and other charges, estimated in the range of $5.8 million to $6.8 million pretax, or $0.22 to $0.26 per share after tax, for the full fiscal year.  This guidance assumes comparable sales increases in the 2% to 3% 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, "While the current retail operating environment remains challenging, we continue to be optimistic about our long-term prospects for growth and margin recovery due to the solid strategic positioning of our businesses and the strength of our disciplined operating teams."

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 10, 2017 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 and projections 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; costs associated with changes in minimum wage and overtime requirements; the level of chargebacks from credit card users for fraudulent purchases or other reasons; 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; weakness in shopping mall traffic and challenges to the viability of malls where the Company operates stores, related to planned closings of department stores or other factors; the imposition of tariffs on imported products or the disallowance of tax deductions on imported products; 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 effects of the British decision to exit the European Union, including potential effects on consumer demand, currency exchange rates, and the supply chain; 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 businesses. 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; disruptions in the Company's information technology systems either by security breaches and incidents or by potential problems associated with the implementation of new or upgraded systems;  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 2,775 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.journeys.ca, 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, www.neweracap.com, www.trask.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 & Co., 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. 28,


Jan. 30


Jan. 28,


Jan. 30



In Thousands

2017


2016


2017


2016



Net sales

$  883,169


$  932,214


$ 2,868,341


$  3,022,234



Cost of sales

465,712


509,058


1,450,815


1,578,768



Selling and administrative expenses*

350,765


348,782


1,276,368


1,284,322



Asset impairments and other, net

2,997


3,923


(802)


7,893



Earnings from operations

63,695


70,451


141,960


151,251



Gain on sale of SureGrip Footwear

(12,297)


-


(12,297)


-



Gain on sale of Lids Team Sports

81


(4,685)


(2,404)


(4,685)



Interest expense, net

1,316


1,500


5,247


4,403



Earnings from continuing operations










    before income taxes

74,595


73,636


151,414


151,533













Income tax expense

27,752


28,648


53,555


56,152



Earnings from continuing operations

46,843


44,988


97,859


95,381













Provision for discontinued operations

(295)


(324)


(428)


(812)



Net Earnings 

$    46,548


$    44,664


$     97,431


$      94,569












*

Includes $1.5 million in deferred payments related to the Schuh acquisition for the fiscal year ended January 30, 2016.












Earnings Per Share Information











Fourth Quarter


Fiscal Year Ended




Jan. 28,


Jan. 30


Jan. 28,


Jan. 30



In Thousands (except per share amounts)

2017


2016


2017


2016













Average common shares - Basic EPS

19,383


21,595


20,076


22,880













Basic earnings per share:










     Before discontinued operations

$2.42


$2.08


$4.87


$4.17



     Net earnings 

$2.40


$2.07


$4.85


$4.13













Average common and common










    equivalent shares - Diluted EPS

19,493


21,693


20,172


23,000













Diluted earnings per share:










     Before discontinued operations

$2.40


$2.07


$4.85


$4.15



     Net earnings 

$2.39


$2.06


$4.83


$4.11
































GENESCO INC.












Consolidated Earnings Summary











Fourth Quarter


Fiscal Year Ended




Jan. 28,


Jan. 30


Jan. 28,


Jan. 30



In Thousands

2017


2016


2017


2016



Sales:










    Journeys Group

$  391,132


$  403,832


$ 1,251,646


$  1,251,637



    Schuh Group

110,155


122,264


372,872


405,674



    Lids Sports Group

278,943


299,990


847,510


975,504



    Johnston & Murphy Group

82,083


81,081


289,324


278,681



    Licensed Brands

20,748


24,708


106,372


109,826



    Corporate and Other

108


339


617


912



    Net Sales

$  883,169


$  932,214


$ 2,868,341


$  3,022,234



Operating Income (Loss):










    Journeys Group

$    36,118


$    53,654


$      85,875


$     126,248



    Schuh Group (1)

10,883


8,244


20,530


19,124



    Lids Sports Group

20,221


10,140


41,563


17,040



    Johnston & Murphy Group

7,663


8,301


19,682


17,761



    Licensed Brands

(210)


1,710


4,566


9,236



    Corporate and Other (2)

(10,980)


(11,598)


(30,256)


(38,158)



   Earnings from operations

63,695


70,451


141,960


151,251



  Gain on sale of SureGrip Footwear

(12,297)


-


(12,297)


-



  Gain on sale of Lids Team Sports

81


(4,685)


(2,404)


(4,685)



   Interest, net

1,316


1,500


5,247


4,403



Earnings from continuing operations










    before income taxes

74,595


73,636


151,414


151,533



Income tax expense

27,752


28,648


53,555


56,152



Earnings from continuing operations

46,843


44,988


97,859


95,381













Provision for discontinued operations

(295)


(324)


(428)


(812)



Net Earnings 

$    46,548


$    44,664


$     97,431


$      94,569













(1) Includes $1.5 million in deferred payments related to the Schuh acquisition for the fiscal year ended January 30, 2016.












(2) Includes a $3.0 million charge in the fourth quarter of Fiscal 2017 which includes $2.5 million pension settlement expense


and $1.4 million for asset impairments, partially offset by a $0.9 million gain for other legal matters.  Includes a $0.8 million gain 


for Fiscal 2017 which includes an $8.9 million gain for network intrusion expenses as a result of a litigation settlement and a


$0.8 million gain for other legal matters, partially offset by $6.4 million for asset impairments and a $2.5 million pension  


settlement expense.












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.





















GENESCO INC.






















Consolidated Balance Sheet

























Jan. 28,


Jan 30, 



In Thousands





2017


2016



Assets










Cash and cash equivalents





$       48,301


$      133,288



Accounts receivable





43,525


47,265



Inventories





563,677


529,758



Other current assets





82,664


89,775



Total current assets





738,167


800,086



Property and equipment





330,611


323,328



Goodwill and other intangibles





357,941


371,694



Other non-current assets





22,187


46,082



Total Assets





$ 1,448,906


$  1,541,190



Liabilities and  Equity










Accounts payable





$    170,751


$     154,241



Current portion long-term debt





9,175


14,182



Other current liabilities





129,460


155,194



Total current liabilities





309,386


323,617



Long-term debt





73,730


97,583



Pension liability





6,265


9,957



Deferred rent and other long-term liabilities





137,004


153,250



Equity





922,521


956,783



Total Liabilities and Equity





$ 1,448,906


$  1,541,190


 

 

GENESCO INC.








































Retail Units Operated - Twelve Months Ended January 28, 2017





Balance


Acquisi-






Balance






Balance





01/31/15


tions


Open


Close


01/30/16


Open


Close


01/28/17



Journeys Group


1,182


37


29


26


1,222


51


24


1,249



    Journeys


834


0


13


5


842


18


11


849



    Underground by Journeys


110


0


0


12


98


0


3


95



    Journeys Kidz


189


0


16


5


200


33


3


230



    Shi by Journeys


49


0


0


3


46


0


7


39



    Little Burgundy


0


37


0


1


36


0


0


36



Schuh Group


108


0


17


0


125


7


4


128



Lids Sports Group*


1,364


0


27


59


1,332


15


107


1,240



Johnston & Murphy Group


170


0


8


5


173


8


4


177



    Shops


105


0


3


5


103


5


2


106



    Factory Outlets


65


0


5


0


70


3


2


71



Total Retail Units


2,824


37


81


90


2,852


81


139


2,794









































Retail Units Operated - Three Months Ended January 28, 2017











Balance


Acquisi-






Balance











10/29/16


tions


Open


Close


01/28/17









Journeys Group


1,237


0


19


7


1,249









    Journeys


847


0


5


3


849









    Underground by Journeys


96


0


0


1


95









    Journeys Kidz


218


0


14


2


230









    Shi by Journeys


40


0


0


1


39









    Little Burgundy


36


0


0


0


36









Schuh Group


126


0


2


0


128









Lids Sports Group*


1,267


0


2


29


1,240









Johnston & Murphy Group


176


0


2


1


177









    Shops


105


0


1


0


106









    Factory Outlets


71


0


1


1


71









Total Retail Units


2,806


0


25


37


2,794




























* Includes 151 Locker Room by Lids in Macy's stores as of January 28, 2017.




























Comparable Sales (including same store and comparable direct sales)













Fourth Quarter Ended


Fiscal Year Ended













Jan. 28,


Jan. 30,


Jan. 28,


Jan. 30,













2017


2016


2017


2016











Journeys Group


-6%


5%


-4%


5%











Schuh Group


2%


-2%


-1%


3%











Lids Sports Group


8%


3%


3%


6%











Johnston & Murphy Group


-1%


6%


2%


6%











Total Comparable Sales


0%


4%


-1%


5%










 

 

Schedule B


Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Three Months Ended January 28, 2017 and January 30, 2016





















 Three Months Ended 



 January 28, 2017 


 January 30, 2016 




 Net of 

 Per Share 



 Net of 

 Per Share 

In Thousands (except per share amounts)


 Pretax 

 Tax 

 Amounts 


 Pretax 

 Tax 

 Amounts 

Earnings from continuing operations, as reported


$     46,843

$                 2.40



$      44,988

$               2.07










Pretax adjustments:









Impairment charges


$        1,377

871

0.05


$       1,346

846

0.04

Gain on sale of SureGrip Footwear


(12,297)

(7,912)

(0.40)


-

-

-

Gain on sale of Lids Team Sports


81

55

-


(4,685)

(2,961)

(0.13)

Pension settlement expense


2,456

1,580

0.08


-

-

-

Asset write-down


-

-

-


2,475

1,564

0.07

Other legal matters


(836)

(537)

(0.03)


-

-

-

Network intrusion expenses


-

-

-


102

59

-

Total adjustments


$      (9,219)

(5,943)

(0.30)


$         (762)

(492)

(0.02)










Resolution of income tax matters and other items


926

0.05



1,290

0.06

Adjusted earnings from continuing operations (1) and (2)


$     41,826

$                2.15



$      45,786

$               2.11







.












(1) The adjusted tax rate for the fourth quarter of Fiscal 2017 is 36.0% excluding a FIN 48 discrete item of less than $0.1 million.  The adjusted tax rate 

     for the fourth quarter of Fiscal 2016 is 37.1% excluding a FIN 48 discrete item of less than $0.1 million.










(2) EPS reflects 19.5 and 21.7 million share count for Fiscal 2017 and 2016, 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 28, 2017 and January 30, 2016
















 Three Months Ended January 28, 2017 







 Operating 


Adj Operating





In Thousands 


 Income 

 Other Adj 

Income





Journeys Group


$      36,118

$              -

$                 36,118





Schuh Group


10,883

-

10,883





Lids Sports Group


20,221

-

20,221





Johnston & Murphy Group


7,663

-

7,663





Licensed Brands


(210)

-

(210)





Corporate and Other


(10,980)

2,997

(7,983)





Total Operating Income


$      63,695

$      2,997

$                 66,692

























 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





 

 

 

Schedule B


Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Twelve Months Ended January 28, 2017 and January 30, 2016





















 Twelve Months Ended 



 January 28, 2017 


 January 30, 2016 




 Net of 

 Per Share 



 Net of 

 Per Share 

In Thousands (except per share amounts)


 Pretax 

 Tax 

 Amounts 


 Pretax 

 Tax 

 Amounts 

Earnings from continuing operations, as reported


$   97,859

$                4.85



$      95,381

$        4.15










Pretax adjustments:









Impairment charges


$         6,409

4,124

0.20


$       3,125

1,975

0.09

Gain on sale of SureGrip Footwear


(12,297)

(7,912)

(0.39)


-

-

-

Gain on sale of Lids Team Sports


(2,404)

(1,547)

(0.08)


(4,685)

(2,961)

(0.13)

Pension settlement expense


2,456

1,580

0.08


-

-

-

Deferred payment - Schuh acquisition


-

-

-


1,490

1,490

0.06

Asset write-down


-

-

-


2,475

1,564

0.07

Other legal matters


(746)

(480)

(0.02)


118

75

-

Network intrusion expenses


(8,921)

(5,740)

(0.28)


2,175

1,375

0.06

Total adjustments


$     (15,503)

(9,975)

(0.49)


$      4,698

3,518

0.15










Resolution of income tax matters and other items


(639)

(0.03)



(271)

(0.01)

Adjusted earnings from continuing operations (1) and (2)


$   87,245

$               4.33



$      98,628

$        4.29



















(1) The adjusted tax rate for Fiscal 2017 is 35.7% excluding a FIN 48 discrete item of $0.2 million.  The adjusted tax rate for Fiscal 2016 is

     36.8% excluding a FIN 48 discrete item of $0.1 million.










(2) EPS reflects 20.2 and 23.0 million share count for Fiscal 2017 and 2016, 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 





Twelve Months Ended January 28, 2017 and January 30, 2016
















 Twelve Months Ended January 28, 2017 







 Operating 


Adj Operating





In Thousands 


 Income 

 Other Adj 

Income





Journeys Group


$      85,875

$             -

$            85,875





Schuh Group


20,530

-

20,530





Lids Sports Group


41,563

-

41,563





Johnston & Murphy Group


19,682

-

19,682





Licensed Brands


4,566

-

4,566





Corporate and Other


(30,256)

(802)

(31,058)





Total Operating Income


$    141,960

$       (802)

$          141,158

























 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.





 

Schedule B


Genesco Inc.

Adjustments to Forecasted Earnings from Continuing Operations

Fiscal Year Ending February 3, 2018







In Thousands (except per share amounts)


High Guidance

Low Guidance



Fiscal 2018

Fiscal 2018

Forecasted earnings from continuing operations 


$     84,146

$       4.33

$   80,511

$       4.14







Adjustments:  (1)






Asset impairment and other charges


3,736

0.19

4,380

0.23

Tax impact for share-based awards


587

0.03

587

0.03







Adjusted forecasted earnings from continuing operations (2)

$     88,469

$       4.55

$   85,478

$       4.40













(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2018 is approximately 35.6%.







(2) EPS reflects 19.4 million share count for Fiscal 2018 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-2017-results-300421862.html

SOURCE Genesco Inc.