GENESCO Inc. (GCO, Financial) filed Quarterly Report for the period ended 2012-04-28.
Genesco Inc has a market cap of $1.56 billion; its shares were traded at around $64.39 with a P/E ratio of 14.6 and P/S ratio of 0.7. Genesco Inc had an annual average earning growth of 7.2% over the past 10 years.
Net earnings for the first quarter ended April 28, 2012 were $20.6 million ($0.85 diluted earnings per share) compared to $14.8 million ($0.63 diluted earnings per share) for the first quarter ended April 30, 2011. The Company recorded an effective income tax rate of 40.4% in the first quarter this year compared to 40.1% in the same period last year.
Net sales from Journeys Group increased 12.5% to $263.8 million for the first quarter ended April 28, 2012 compared to $234.5 million for the same period last year. The increase reflects primarily a 12% increase in comparable store sales. The comparable store sales increase reflected a 3% increase in footwear unit comparable sales and an 8% increase in average price per pair of shoes, reflecting changes in pricing, product mix and lower markdowns. Unit sales increased 3% during the same period. Journeys Group operated 1,154 stores at the end of the first quarter of Fiscal 2013, including 152 Journeys Kidz stores, 53 Shi by Journeys stores, 135 Underground by Journeys stores and 18 Journeys stores in Canada, compared to 1,156 stores at the end of the first quarter last year, including 149 Journeys Kidz stores, 54 Shi by Journeys stores, 145 Underground by Journeys stores and three Journeys stores in Canada.
Net sales from Lids Sports Group increased 7.9% to $183.1 million for the first quarter ended April 28, 2012 compared to $169.7 million for the same period last year, reflecting primarily a 4% increase in comparable store sales and a 2% increase in average Lids stores operated (i.e., the sum of the number of stores open on the first day of the fiscal quarter and the last day of each fiscal month during the quarter divided by four). The comparable store sales increase reflected a 3% increase in comparable store units sold, primarily reflecting demand which management believes is driven by style trends. The average price per hat was flat for the first quarter this year. Lids Sports Group operated 1,001 stores at the end of the first quarter of Fiscal 2013, including 84 Lids stores in Canada and 110 Lids Locker Room and Clubhouse stores, compared to 980 stores at the end of the first quarter last year, including 74 Lids stores in Canada and 102 Lids Locker Room and Clubhouse stores.
Cash provided by operating activities was $7.6 million in the first three months of Fiscal 2013 compared to $12.0 million in the first three months of Fiscal 2012. The $4.4 million decrease in cash flow from operating activities from last year reflects decreases in cash flow from changes in accounts receivable payable and accounts payable of $5.8 million and $5.3 million, respectively, offset by increased earnings. The $5.8 million decrease in cash flow from accounts receivable reflects increased sales in the footwear wholesale businesses. The $5.3 million decrease in cash flow from accounts payable reflected changes in buying patterns and payment terms negotiated with individual vendors.
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Genesco Inc has a market cap of $1.56 billion; its shares were traded at around $64.39 with a P/E ratio of 14.6 and P/S ratio of 0.7. Genesco Inc had an annual average earning growth of 7.2% over the past 10 years.
Highlight of Business Operations:
The Company's net sales increased 24.6% during the first quarter of Fiscal 2013 compared to same quarter of Fiscal 2012. The increase reflected (i) the acquisition of the Schuh Group in the second quarter last year, which contributed $70.3 million in sales during the three months ended April 28, 2012, (ii) a 13% increase in Journeys Group sales, (iii) an 8% increase in Lids Sports Group sales, (iv) a 7% increase in Johnston & Murphy Group sales, and (v) an 8% increase in Licensed Brands sales. Gross margin as a percentage of sales was up slightly at 51.5% during the first quarter of Fiscal 2013, compared to 51.4% for the same period last year. Selling and administrative expenses decreased as a percentage of net sales during the first quarter of Fiscal 2013, reflecting expense decreases as a percentage of net sales in all of the Company's business segments. Earnings from operations increased as a percentage of net sales during the first quarter of Fiscal 2013, reflecting improved earnings from operations as a percentage of net sales in all the Company's business segments operated, except Licensed Brands.Net earnings for the first quarter ended April 28, 2012 were $20.6 million ($0.85 diluted earnings per share) compared to $14.8 million ($0.63 diluted earnings per share) for the first quarter ended April 30, 2011. The Company recorded an effective income tax rate of 40.4% in the first quarter this year compared to 40.1% in the same period last year.
Net sales from Journeys Group increased 12.5% to $263.8 million for the first quarter ended April 28, 2012 compared to $234.5 million for the same period last year. The increase reflects primarily a 12% increase in comparable store sales. The comparable store sales increase reflected a 3% increase in footwear unit comparable sales and an 8% increase in average price per pair of shoes, reflecting changes in pricing, product mix and lower markdowns. Unit sales increased 3% during the same period. Journeys Group operated 1,154 stores at the end of the first quarter of Fiscal 2013, including 152 Journeys Kidz stores, 53 Shi by Journeys stores, 135 Underground by Journeys stores and 18 Journeys stores in Canada, compared to 1,156 stores at the end of the first quarter last year, including 149 Journeys Kidz stores, 54 Shi by Journeys stores, 145 Underground by Journeys stores and three Journeys stores in Canada.
Net sales from Lids Sports Group increased 7.9% to $183.1 million for the first quarter ended April 28, 2012 compared to $169.7 million for the same period last year, reflecting primarily a 4% increase in comparable store sales and a 2% increase in average Lids stores operated (i.e., the sum of the number of stores open on the first day of the fiscal quarter and the last day of each fiscal month during the quarter divided by four). The comparable store sales increase reflected a 3% increase in comparable store units sold, primarily reflecting demand which management believes is driven by style trends. The average price per hat was flat for the first quarter this year. Lids Sports Group operated 1,001 stores at the end of the first quarter of Fiscal 2013, including 84 Lids stores in Canada and 110 Lids Locker Room and Clubhouse stores, compared to 980 stores at the end of the first quarter last year, including 74 Lids stores in Canada and 102 Lids Locker Room and Clubhouse stores.
Cash provided by operating activities was $7.6 million in the first three months of Fiscal 2013 compared to $12.0 million in the first three months of Fiscal 2012. The $4.4 million decrease in cash flow from operating activities from last year reflects decreases in cash flow from changes in accounts receivable payable and accounts payable of $5.8 million and $5.3 million, respectively, offset by increased earnings. The $5.8 million decrease in cash flow from accounts receivable reflects increased sales in the footwear wholesale businesses. The $5.3 million decrease in cash flow from accounts payable reflected changes in buying patterns and payment terms negotiated with individual vendors.
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