29.08.2013 14:01:43

Genesco Expects Q2 Earnings From Cont. Opns. To Be $12.1 Mln Or $0.52/Shr

(RTTNews) - Specialty retailer Genesco, Inc. (GCO) announced estimated continuing operations results for the second quarter ended August 3, 2013, and a potential change in accounting for certain bonus awards payable under the Company's EVA Incentive Plan.

To provide an estimate on a comparable basis with earlier reported periods, and assuming for this purpose the continued application of the firm's historical method of accounting for such bonus awards, which is under review by the company and its independent auditors, the company anticipates that earnings from continuing operations for the second quarter would be $12.1 million, or $0.52 per share, the firm added.

Second-quarter results are likely to reflect expenses of $0.7 million, or $0.04 per share after tax, including $2.8 million of expenses on deferred purchase price payments in connection with the acquisition of Schuh Group Ltd., which are required to be expensed as compensation because the payment is contingent upon the payees' continued employment, and $1.2 million for other legal matters, network intrusion expenses and asset impairment charges, partially offset by a net gain of $3.3 million on the termination of the lease of a New York City Journeys store location.

Net sales for the second quarter of fiscal 2014 rose 5.7% year-on-year to $574.7 million, from $543.5 million, reflecting a comparable-store sales decline of 2%. The Lids Sports Group's comparable-store sales were down 3%, the Journeys Group down by 1%, Schuh Group decreased by 7%, while Johnston & Murphy Retail up by 7%.

Commenting on the outlook, the company said: "Based on second quarter performance and month to date results for August, we are lowering our outlook for Fiscal 2014. We now expect adjusted Fiscal 2014 diluted earnings per share, prior to any change in accounting for the Company's bonus accruals, to be in the range of $5.20 to $5.30, a 3% to 5% increase over Fiscal 2013's adjusted earnings per share of $5.06, down from our previously issued guidance of $5.57 to $5.67."

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Genesco Inc. 42,84 4,69% Genesco Inc.