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GENESCO Inc. (GCO) filed Quarterly Report for the period ended 2011-10-29.
Genesco Inc. has a market cap of $1.43 billion; its shares were traded at around $59.22 with a P/E ratio of 17.3 and P/S ratio of 0.8. Genesco Inc. had an annual average earning growth of 4.1% over the past 10 years.
This is the annual revenues and earnings per share of GCO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of GCO.
Highlight of Business Operations:
The Company’s net sales in the third quarter ended October 29, 2011 increased 32.6% to $616.5 million from $464.8 million in the third quarter ended October 30, 2010. Fiscal 2012 third quarter sales included $91.9 million in sales of businesses acquired in the past 12 months. Gross margin increased 31.9% to $312.2 million in the third quarter this year from $236.7 million in the same period last year, but decreased as a percentage of net sales from 50.9% to 50.6%. Selling and administrative expenses in the third quarter this year increased 27.9% from the third quarter last year, but decreased as a percentage of net sales from 44.7% to 43.1%. The Company records buying and merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.Johnston & Murphy Group net sales increased 6.1% to $48.1 million for the third quarter ended October 29, 2011, from $45.4 million for the third quarter ended October 30, 2010. The increase reflected a 7% increase in comparable store sales and a 2% increase in Johnston & Murphy wholesale sales, offset by a 2% decrease in average stores operated. Unit sales for the Johnston & Murphy wholesale business decreased 2% in the third quarter of Fiscal 2012, while the average price per pair of shoes increased 4% for the same period. Retail operations accounted for 70.6% of Johnston & Murphy Group segment sales in the third quarter this year, up from 69.5% in the third quarter last year. The comparable store sales increase in the third quarter ended October 29, 2011 reflects a 4% increase in average price per pair of shoes, while footwear unit comparable sales decreased 1% for Johnston & Murphy retail operations. The comparable store sales increase also reflects increased sales of non-footwear categories. The store count for Johnston & Murphy retail operations at the end of the third quarter of Fiscal 2012 included 156 Johnston & Murphy shops and factory stores compared to 159 Johnston & Murphy shops and factory stores at the end of the third quarter of Fiscal 2011.
The Company’s net sales in the nine months ended October 29, 2011 increased 27.6% to $1.569 billion from $1.229 billion in the nine months ended October 30, 2010. Sales for the first nine months of Fiscal 2012 included $174.1 million in sales from businesses acquired in the past 12 months. Gross margin increased 26.7% to $797.0 million in the nine months this year from $628.9 million in the same period last year but decreased as a percentage of net sales from 51.2% to 50.8%. Selling and administrative expenses in the first nine months this year increased 23.5% from the first nine months last year, but decreased as a percentage of net sales from 47.5% to 46.0%. The Company records buying and merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.
Johnston & Murphy Group net sales increased 9.9% to $141.8 million for the nine months ended October 29, 2011, from $129.0 million for the nine months ended October 30, 2010. The increase reflected an 11% increase in comparable store sales and a 6% increase in Johnston & Murphy wholesale sales, offset by a 2% decrease in average stores operated. Unit sales for the Johnston & Murphy wholesale business increased 4% in the first nine months of Fiscal 2012 and the average price per pair of shoes increased 2% for the same period. Retail operations accounted for 72.3% of Johnston & Murphy Group segment sales in the first nine months this year, up from 71.3% in the first nine months last year. The comparable store sales increase in the first nine months ended October 29, 2011 reflects a 5% increase in footwear unit comparable sales and a 1% increase in average price per pair of shoes for Johnston & Murphy retail operations. The comparable store sales increase also reflects increased sales of non-footwear categories.
Cash provided by operating activities was $12.9 million in the first nine months of Fiscal 2012 compared to $24.2 million in the first nine months of Fiscal 2011. The $11.3 million decrease in cash flow from operating activities from last year reflects decreases in cash flow from changes in other accrued liabilities, inventory and other assets and liabilities of $21.5 million, $13.4 million and $9.3 million, respectively, offset by an increase in cash flow from operating activities due to improved earnings and a change in accounts payable of $15.9 million. The $21.5 million decrease in cash flow from other accrued liabilities was due to increased tax payments and increased payments related to environmental liabilities in the first nine months this year compared to the first nine months last year. The $13.4 million decrease in cash flow from inventory reflects seasonal increases in retail inventory to support holiday sales and increases in Lids Team Sports inventory to support growth and to increase customer fulfillment. The $9.3 million decrease in cash flow from other assets and liabilities reflects a $17.0 million increase in long-term receivables related to the network intrusion announced in December 2010 partially offset by an increase in pension liability for the first nine months this year compared to the first nine months last year. The $15.9 million increase in cash flow from accounts payable was due to changes in buying patterns and payment terms negotiated with individual vendors.
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