Genesco Reports Fourth Quarter And Fiscal 2015 Results
March 12, 2015 | By PRN NewsWire
NASHVILLE, Tenn., March 12, 2015 /PRNewswire/ — Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the fourth quarter ended January 31, 2015, of $51.8 million, or $2.18 per diluted share, compared to earnings from continuing operations of $42.2 million, or $1.79 per diluted share, for the fourth quarter ended February 1, 2014. Fiscal 2015 fourth quarter results reflect pretax items of $1.9 million, or $0.12 per share after tax, including $1.0 million of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited, which are required to be expensed as compensation because the payment is contingent upon the payees’ continued employment; and $0.9 million for network intrusion expenses and asset impairment charges. Fiscal 2014 fourth quarter results reflect pretax items of $7.2 million, or $0.37 per share after tax, including $3.0 million of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited, and $5.7 million for network intrusion expenses, other legal matters, a lease termination, and asset impairment charges, partially offset by a $1.5 million gain related to the change in accounting for deferred bonuses under the Company’s EVA incentive plan announced by the Company in September 2013.
Adjusted for the items described above in both periods, earnings from continuing operations were $54.7 million, or $2.30 per diluted share, for the fourth quarter of Fiscal 2015, compared to earnings from continuing operations of $51.0 million, or $2.16 per diluted share, for the fourth quarter of Fiscal 2014. For consistency with Fiscal 2015’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 2015 increased 12.6% to $893 million from $793 million in the fourth quarter of Fiscal 2014. Comparable sales in the fourth quarter 2015 increased 10% for the Company with a 16% increase in the Journeys Group, a 7% increase in the Lids Sports Group, a 3% increase in the Schuh Group, and a 2% increase in the Johnston & Murphy Group.
The Company also reported net sales for the year ended January 31, 2015, of $2.86 billion, an increase of 8.9% from net sales of $2.62 billion for the year ended February 1, 2014. Earnings from continuing operations for Fiscal 2015 were $99.4 million, or $4.19 per diluted share, compared to earnings from continuing operations of $93.0 million, or $3.94 per diluted share, for Fiscal 2014. Fiscal 2015 earnings reflect after-tax charges of $0.55 per diluted share, including, an indemnification asset write-off, network intrusion-related expenses, compensation expense associated with the Schuh deferred purchase price, effects of the change in accounting for deferred bonuses under the EVA incentive plan, asset impairments, other legal matters, partially offset by a gain on a lease termination. Fiscal 2014 earnings reflect after-tax charges of $1.15 per diluted share, including the effects of the change in accounting for deferred bonuses under the EVA incentive plan, network intrusion-related expenses, compensation expense associated with the Schuh deferred purchase price, asset impairments, other legal matters, and a lease termination, partially offset by a gain on another lease termination.
Adjusted for the listed items in both years, earnings from continuing operations were $112.3 million, or $4.74 per diluted share, for Fiscal 2015, compared to earnings from continuing operations of $120.3 million, or $5.09 per diluted share, for Fiscal 2014. 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.
Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, “Fourth quarter sales were strong, exceeding our expectations. However, gross margin pressure, lower than planned contribution from new stores and acquisitions in the Lids Sports Group and unfavorable trends in foreign exchange rates resulted in disappointing earnings.
“Comparable sales for the first quarter through Saturday, March 7, 2015, were up a solid 5% from the same period last year, despite the effects of severe winter storms in several of our key markets in February and early March.
“Based on the continued challenges in the Lids Sports Group combined with foreign exchange headwinds and supply chain uncertainties from the backlog related to recent West Coast port delays, we believe it is prudent to adopt a more conservative outlook for Fiscal 2016. We now expect adjusted Fiscal 2016 diluted earnings per share to be in the range of $5.10 to $5.20, which represents a 8% to 10% increase over Fiscal 2015’s adjusted earnings per share of $4.74. Consistent with previous guidance, these expectations do not include expected non-cash asset impairments and other charges, which are estimated in the range of $5.8 million to $6.3 million pretax, or $0.16 to $0.17 per share, after tax, in Fiscal 2016. This guidance assumes comparable sales increases in the 3% to 4% range for the full fiscal 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 our bottom line results for Fiscal 2015 were lower than we planned, we are pleased with the health of our footwear businesses, and especially with Journeys’ continuing strength. At the same time, we are confident that the Lids Sports Group’s strategic potential remains considerable despite current competitive and operational issues and are focused on improving the Group’s long-term profitability.”
Conference Call and Management CommentaryThe 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 12, 2015 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 StatementsThis 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 reflected in forward-looking statements, including the timing and amount of non-cash asset impairments related to retail store fixed assets or to intangible assets of acquired businesses; the effectiveness of our omnichannel initiatives; the timing and effectiveness of plans to improve the performance of Lids Sports Group; weakness in the consumer economy; competition in the Company’s markets; inability of customers to obtain credit; fashion trends that affect the sales or product margins of the Company’s retail product offerings; changes in buying patterns by significant wholesale customers; bankruptcies or deterioration in financial condition of significant wholesale customers; 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 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; the effects of storms and other weather-related disruptions; 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 business. 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; 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 2,820 retail stores and leased departments throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Lids Clubhouse, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.schuh.co.uk, www.johnstonmurphy.com, www.lids.com, www.lids.ca, www.lidslockerroom.com, www.lidsteamsports.com, www.lidsclubhouse.com, www.trask.com, www.suregripfootwear.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, and the Lids Team Sports team dealer business. In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, SureGrip, 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. 31, Feb. 1, Jan. 31, Feb. 1, In Thousands 2015 2014 2015 2014 ———— —- —- —- —- Net sales $892,630 $792,506 $2,859,844 $2,624,972 Cost of sales 468,397 406,862 1,459,433 1,325,922 Selling and administrative expenses* 336,395 304,768 1,230,864 1,134,274 Asset impairments and other, net 934 5,672 2,281 1,341 ——————————– — —– —– —– Earnings from operations 86,904 75,204 167,266 163,435 Indemnification asset write-off – – 7,050 – Interest expense, net 853 1,206 3,227 4,575 ——————— — —– —– —– Earnings from continuing operations before income taxes 86,051 73,998 156,989 158,860 Income tax expense 34,294 31,786 57,616 65,878 —————— —— —— —— —— Earnings from continuing operations 51,757 42,212 99,373 92,982 Provision for discontinued operations (1,361) (59) (1,648) (329) ————————— —— — —— —- Net Earnings $50,396 $42,153 $97,725 $92,653 ============ ======= ======= ======= ======= * Includes $1.0 million and $7.3 million in deferred payments related to the Schuh acquisition in the fourth quarter and fiscal year ended January 31, 2015, respectively, and $3.0 million and $11.7 million for the fourth quarter and fiscal year ended February 1, 2014, respectively. Earnings Per Share Information ============================== Fourth Quarter Fiscal Year Ended ————– —————– Jan. 31, Feb. 1, Jan. 31, Feb. 1, In Thousands (except per share amounts) 2015 2014 2015 2014 ——————————- —- —- —- —- Preferred dividend requirements $ – $ – $ – $33 Average common shares – Basic EPS 23,563 23,291 23,507 23,297 Basic earnings per share: Before discontinued operations $2.20 $1.81 $4.23 $3.99 Net earnings $2.14 $1.81 $4.16 $3.98 Average common and common equivalent shares – Diluted EPS 23,759 23,600 23,708 23,615 Diluted earnings per share: Before discontinued operations $2.18 $1.79 $4.19 $3.94 Net earnings $2.12 $1.79 $4.12 $3.92 GENESCO INC. Consolidated Earnings Summary ============================= Fourth Quarter Fiscal Year Ended ————– —————– Jan. 31, Feb. 1, Jan. 31, Feb. 1, In Thousands 2015 2014 2015 2014 ———— —- —- —- —- Sales: Journeys Group $376,734 $321,534 $1,179,476 $1,082,241 Schuh Group 123,942 121,744 406,947 364,732 Lids Sports Group 294,040 251,481 902,661 820,996 Johnston & Murphy Group 75,318 72,569 259,675 245,941 Licensed Brands 22,380 24,926 110,115 109,780 Corporate and Other 216 252 970 1,282 ——————- — — — —– Net Sales $892,630 $792,506 $2,859,844 $2,624,972 ========= ======== ======== ========== ========== Operating Income (Loss): Journeys Group $53,240 $41,179 $114,784 $97,377 Schuh Group (1) 11,499 7,194 10,110 3,063 Lids Sports Group 23,753 28,231 48,970 63,748 Johnston & Murphy Group 6,279 7,206 14,856 17,638 Licensed Brands 1,983 2,110 10,459 10,614 Corporate and Other (2) (9,850) (10,716) (31,913) (29,005) ———————- —— ——- ——- ——- Earnings from operations 86,904 75,204 167,266 163,435 Indemnification asset write-off – – 7,050 – Interest, net 853 1,206 3,227 4,575 ————- — —– —– —– Earnings from continuing operations before income taxes 86,051 73,998 156,989 158,860 Income tax expense 34,294 31,786 57,616 65,878 —————— —— —— —— —— Earnings from continuing operations 51,757 42,212 99,373 92,982 Provision for discontinued operations (1,361) (59) (1,648) (329) ————————— —— — —— —- Net Earnings $50,396 $42,153 $97,725 $92,653 ============ ======= ======= ======= ======= (1) Includes $1.0 million and $7.3 million in deferred payments related to the Schuh acquisition in the fourth quarter and fiscal year ended January 31, 2015, respectively, and $3.0 million and $11.7 million for the fourth quarter and fiscal year ended February 1, 2014, respectively. (2) Includes a $1.0 million charge in the fourth quarter of Fiscal 2015 which includes $0.7 million for network intrusion expenses and $0.3 million for asset impairments. Includes a $2.3 million charge for Fiscal 2015 which includes $3.1 million for network intrusion expenses, $1.9 million for asset impairments and $0.6 million for other legal matters, partially offset by a $3.3 million gain on a lease termination. Includes a $5.7 million charge in the fourth quarter of Fiscal 2014 which includes $1.9 million for network intrusion expenses, $1.6 million for a lease termination, $1.6 million for other legal matters and $0.6 million for asset impairments. Includes a $1.3 million charge in Fiscal 2014 which includes $3.3 million for network intrusion expenses, $2.3 million for asset impairments, $2.4 million for other legal matters and $1.6 million for a lease termination, partially offset by an $8.3 million gain on a lease termination. GENESCO INC. Consolidated Balance Sheet ========================== Jan. 31, Feb. 1, In Thousands 2015 2014 ———— —- —- Assets Cash and cash equivalents $112,867 $59,447 Accounts receivable 55,263 52,646 Inventories 598,145 567,261 Other current assets 82,305 77,521 ——————– —— —— Total current assets 848,580 756,875 ——————– ——- ——- Property and equipment 305,752 280,037 Other non-current assets 429,677 402,372 ———————— ——- ——- Total Assets $1,584,009 $1,439,284 ============ ========== ========== Liabilities and Equity Accounts payable $176,307 $145,483 Current portion long-term debt 13,152 6,793 Other current liabilities 217,702 153,302 ————————- ——- ——- Total current liabilities 407,161 305,578 ————————- ——- ——- Long-term debt 16,003 26,937 Other long-term liabilities 163,593 188,646 Equity 997,252 918,123 —— ——- ——- Total Liabilities and Equity $1,584,009 $1,439,284 ============================ ========== ==========
GENESCO INC. Retail Units Operated – Twelve Months Ended January 31, 2015 ============================================================ Balance Acquisi- Balance Acquisi- Balance 02/02/13 tions Open Close 02/01/14 tions Open Close 01/31/15 ——– —– —- —– ——– —– —- —– ——– Journeys Group 1,157 0 39 28 1,168 0 34 20 1,182 Journeys 820 0 20 13 827 0 16 9 834 Underground by Journeys 130 0 0 13 117 0 0 7 110 Journeys Kidz 156 0 19 1 174 0 18 3 189 Shi by Journeys 51 0 0 1 50 0 0 1 49 Schuh Group 92 0 29 22 99 0 13 4 108 Schuh UK* 70 0 29 9 90 0 12 4 98 Schuh ROI 9 0 0 0 9 0 1 0 10 Schuh Concessions* 13 0 0 13 0 0 0 0 0 Lids Sports Group** 1,053 15 102 37 1,133 56 218 43 1,364 Johnston & Murphy Group 157 0 13 2 168 0 8 6 170 Shops 102 0 6 2 106 0 3 4 105 Factory Outlets 55 0 7 0 62 0 5 2 65 Total Retail Units 2,459 15 183 89 2,568 56 273 73 2,824 ================== ===== === === === ===== === === === ===== Permanent Units* 2,446 15 173 69 2,565 56 273 70 2,824 =============== ===== === === === ===== === === === =====
Retail Units Operated – Three Months Ended January 31, 2015 =========================================================== Balance Acquisi- Balance 11/01/14 tions Open Close 01/31/15 ——– —– —- —– ——– Journeys Group 1,183 0 8 9 1,182 Journeys 837 0 2 5 834 Underground by Journeys 113 0 0 3 110 Journeys Kidz 184 0 6 1 189 Shi by Journeys 49 0 0 0 49 Schuh Group 106 0 2 0 108 Schuh UK 96 0 2 0 98 Schuh ROI 10 0 0 0 10 Lids Sports Group** 1,377 0 3 16 1,364 Johnston & Murphy Group 171 0 0 1 170 Shops 106 0 0 1 105 Factory Outlets 65 0 0 0 65 Total Retail Units 2,837 0 13 26 2,824 ================== ===== === === === ===== Permanent Units* 2,837 0 13 26 2,824 =============== ===== === === === ===== * Excludes Schuh Concessions and temporary “pop-up” locations. **Includes 190 Locker Room by Lids in Macy’s stores as of January 31, 2015.
Comparable Sales (including same store and comparable direct sales) ============================================================ Fourth Quarter Ended Fiscal Year Ended ——————– —————– Jan. 31, Feb. 1, Jan. 31, Feb. 1, 2015 2014 2015 2014 —- —- —- —- Journeys Group 16% 0% 8% -1% Schuh Group 3% -7% 1% -8% Lids Sports Group 7% 4% 2% 0% Johnston & Murphy Group 2% 11% 1% 8% Total Comparable Sales 10% 1% 4% -1% ====================== === === === ===
Genesco Inc. Adjustments to Reported Earnings from Continuing Operations Fourth Quarter Ended January 31, 2015 and February 1, 2014 Fourth Impact on Fourth Impact on Quarter Diluted Quarter Diluted In Thousands (except per share amounts) Jan 2015 EPS Jan 2014 EPS ——– — ——– — Earnings from continuing operations, as reported $51,757 $2.18 $42,212 $1.79 Adjustments: (1) Impairment charges 162 – 365 0.02 Deferred payment – Schuh acquisition 965 0.04 3,042 0.13 Gain on lease termination (14) – – – Lease termination expense – – 986 0.04 Change in accounting for bonus awards – – (935) (0.04) Other legal matters – – 1,017 0.04 Network intrusion expenses 420 0.02 1,196 0.05 Higher (lower) effective tax rate 1,434 0.06 3,128 0.13 Adjusted earnings from continuing operations (2) $54,724 $2.30 $51,011 $2.16 ——- —– ——- —– (1) All adjustments are net of tax where applicable. The tax rate for the fourth quarter of Fiscal 2015 is 37.7% excluding a FIN 48 discrete item of less than $0.1 million. The tax rate for the fourth quarter of Fiscal 2014 is 37.1% excluding a FIN 48 discrete item of $0.1 million. (2) EPS reflects 23.8 and 23.6 million share count for Fiscal 2015 and 2014, respectively, 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 Fourth Quarter Ended January 31, 2015 and February 1, 2014 Three Months Ended January 31, 2015 ———————————– Operating Bonus Adj Adj Operating In Thousands Income and Other Income —— ——— —— Journeys Group $53,240 $ – $53,240 Schuh Group* 11,499 965 12,464 Lids Sports Group 23,753 – 23,753 Johnston & Murphy Group 6,279 – 6,279 Licensed Brands 1,983 – 1,983 Corporate and Other (9,850) 934 (8,916) —— — —— Total Operating Income $86,904 $1,899 $88,803 ——- —— ——- *Schuh Group adjustments include $1.0 million in deferred purchase price payments. Three Months Ended February 1, 2014 ———————————– Operating Bonus Adj Adj Operating In Thousands Income and Other Income —— ——— —— Journeys Group $41,179 $1,068 $42,247 Schuh Group* 7,194 2,433 9,627 Lids Sports Group 28,231 – 28,231 Johnston & Murphy Group 7,206 11 7,217 Licensed Brands 2,110 13 2,123 Corporate and Other (10,716) 3,676 (7,040) ——- —– —— Total Operating Income $75,204 $7,201 $82,405 ——- —— ——- *Schuh Group adjustments include $3.0 million in deferred purchase price payments.
Genesco Inc. Adjustments to Reported Earnings from Continuing Operations Twelve Months Ended January 31, 2015 and February 1, 2014 Impact on Impact on 12 mos Diluted 12 mos Diluted In Thousands (except per share amounts) Jan 2015 EPS Jan 2014 EPS ——– — ——– — Earnings from continuing operations, as reported $99,373 $4.19 $92,982 $3.94 Adjustments: (1) Impairment charges 1,185 0.05 1,473 0.06 Deferred payment – Schuh acquisition 7,311 0.31 11,693 0.50 Gain on lease termination (2,118) (0.09) (2,077) (0.09) Lease termination expense – – 986 0.04 Indemnification asset write-off 7,050 0.30 – – Change in accounting for bonus awards 3,575 0.15 9,384 0.40 Other legal matters 437 0.02 1,488 0.06 Network intrusion expenses 1,929 0.08 2,092 0.09 Higher (lower) effective tax rate (6,404) (0.27) 2,251 0.09 Adjusted earnings from continuing operations (2) $112,338 $4.74 $120,272 $5.09 ——– —– ——– —– (1) All adjustments are net of tax where applicable. The tax rate for Fiscal 2015 is 37.3% excluding a FIN 48 discrete item of $0.1 million. The tax rate for Fiscal 2014 is 37.2% excluding a FIN 48 discrete item of $0.2 million. (2) EPS reflects 23.7 and 23.6 million share count for Fiscal 2015 and 2014, respectively, 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 31, 2015 and February 1, 2014 Twelve Months Ended January 31, 2015 ———————————— Operating Bonus Adj Adj Operating In Thousands Income and Other Income —— ——— —— Journeys Group $114,784 $4,919 $119,703 Schuh Group* 10,110 7,311 17,421 Lids Sports Group 48,970 – 48,970 Johnston & Murphy Group 14,856 25 14,881 Licensed Brands 10,459 – 10,459 Corporate and Other (31,913) 3,016 (28,897) ——- —– ——- Total Operating Income $167,266 $15,271 $182,537 ——– ——- ——– *Schuh Group adjustments include $7.3 million in deferred purchase price payments. Twelve Months Ended February 1, 2014 ———————————— Operating Bonus Adj Adj Operating In Thousands Income and Other Income —— ——— —— Journeys Group* $97,377 $8,096 $105,473 Schuh Group** 3,063 15,028 18,091 Lids Sports Group 63,748 1,676 65,424 Johnston & Murphy Group 17,638 34 17,672 Licensed Brands 10,614 13 10,627 Corporate and Other* (29,005) 8,117 (20,888) ——- —– ——- Total Operating Income $163,435 $32,964 $196,399 ——– ——- ——– *Journeys Group and Corporate adjustments include $3.5 million and $1.5 million, respectively, in bonus adjustments resulting from the gain on a lease termination for a Journeys store in the second quarter of Fiscal 2014. **Schuh Group adjustments include $11.7 million in deferred purchase price payments.
Genesco Inc. Adjustments to Forecasted Earnings from Continuing Operations Fiscal Year Ending January 31, 2016 In Thousands (except per share amounts) High Guidance Low Guidance Fiscal 2016 Fiscal 2016 ———– ———– Forecasted earnings from continuing operations $118,664 $4.98 $116,177 $4.87 Adjustments: (1) Asset impairment and other charges 3,710 0.16 4,028 0.17 Deferred payment – Schuh acquisition 1,526 0.06 1,526 0.06 —– —- —– —- Adjusted forecasted earnings from continuing operations (2) $123,900 $5.20 $121,731 $5.10 ——– —– ——– —– (1) All adjustments are net of tax where applicable. The forecasted tax rate for Fiscal 2016 is approximately 36.4% excluding a FIN 48 discrete item of $0.1 million. (2) EPS reflects 23.8 million share count for Fiscal 2016 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.
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Genesco Inc.
CONTACT: Financial Contact: Mimi Vaughn (615) 367-7386, or Media Contact:Claire S. McCall (615) 367-8283
Web site: http://www.genesco.com/