Genesco Reiterates FY Adj. EPS View - Quick Facts

(RTTNews) - Genesco Inc. (GCO) said that it reiterated its full year outlook taking into account some external headwinds pressuring sales and expenses. It still expects adjusted earnings per share for the fiscal year ending January 28, 2017, in the range of $4.80 to $4.90, which represents a 12% to 14% increase over Fiscal 2016's adjusted earnings per share of $4.29. Analysts polled by Thomson Reuters expect the company to report earnings of $4.84 per share. Analysts' estimates typically exclude special items.

These expectations do not include expected non-cash asset impairments and other charges, estimated in the range of $9.8 million to $10.3 million pretax, or $0.30 to $0.31 per share after tax, for the full fiscal year. This guidance assumes comparable sales increases in the 1% to 2% range for the full year.

The company also announced that its board of directors has replaced the remaining $11 million balance of a previous $100 million repurchase program authorized in January 2016 with a new authorization to repurchase up to $100 million of common stock. The company repurchased a total of 1.1 million shares of common stock in the first quarter of Fiscal 2017 at a total cost of approximately $73 million and an average price of $66.75 per share.