Genesco Inc. (GCO) Expected to Post Quarterly Sales of $633.27 Million

Wall Street brokerages predict that Genesco Inc. (NYSE:GCO) will post sales of $633.27 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Genesco’s earnings, with the highest sales estimate coming in at $649.30 million and the lowest estimate coming in at $619.50 million. Genesco posted sales of $625.56 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.2%. The business is scheduled to announce its next quarterly earnings report before the market opens on Thursday, August 31st.

According to Zacks, analysts expect that Genesco will report full-year sales of $633.27 million for the current year, with estimates ranging from $2.90 billion to $2.92 billion. For the next year, analysts expect that the firm will report sales of $2.96 billion per share, with estimates ranging from $2.95 billion to $2.97 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Genesco.

Genesco (NYSE:GCO) last announced its quarterly earnings data on Thursday, May 25th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.28 by $0.22. The firm had revenue of $643.40 million for the quarter, compared to the consensus estimate of $644.15 million. Genesco had a net margin of 3.07% and a return on equity of 8.41%. Genesco’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the company posted $0.62 earnings per share.

A number of equities research analysts recently commented on GCO shares. Zacks Investment Research downgraded Genesco from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 1st. BidaskClub downgraded Genesco from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. UBS AG upgraded Genesco from a “neutral” rating to a “positive” rating in a research report on Wednesday, April 26th. Piper Jaffray Companies upgraded Genesco from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $63.00 to $62.00 in a research report on Thursday, April 20th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $43.00 target price (down from $66.00) on shares of Genesco in a research report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $48.29.

In related news, Director Kevin Patrick Mcdermott acquired 1,000 shares of Genesco stock in a transaction on Thursday, July 6th. The shares were bought at an average cost of $32.32 per share, with a total value of $32,320.00. Following the completion of the purchase, the director now directly owns 8,657 shares of the company’s stock, valued at approximately $279,794.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.30% of the company’s stock.

A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Genesco during the first quarter valued at $105,000. Envestnet Asset Management Inc. boosted its stake in shares of Genesco by 26.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,347 shares of the company’s stock valued at $130,000 after buying an additional 487 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Genesco by 77.8% in the second quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock valued at $131,000 after buying an additional 1,703 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Genesco by 44.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock valued at $142,000 after buying an additional 775 shares during the last quarter. Finally, First Quadrant L P CA bought a new stake in shares of Genesco during the second quarter valued at $153,000.

Genesco (NYSE GCO) opened at 31.25 on Thursday. The company has a market capitalization of $612.28 million, a price-to-earnings ratio of 7.02 and a beta of 1.24. Genesco has a 12 month low of $28.88 and a 12 month high of $74.21. The stock’s 50 day moving average price is $32.81 and its 200 day moving average price is $48.37.

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About Genesco

Genesco Inc is a retailer and wholesaler of footwear, apparel and accessories. The Company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group and Licensed Brands. It relies on independent third-party manufacturers for production of its footwear products sold at wholesale.

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Earnings History and Estimates for Genesco (NYSE:GCO)

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