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Genesco Posts Flat Holiday Comps, Updates View; Stock Up
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Amid a challenging retail landscape, Genesco Inc. (GCO - Free Report) reported flat comparable sales (comps) – including both stores and direct sales – for the fourth quarter through Jan 5, 2017. Also, the company now expects its fiscal 2017 earnings to meet the upper end of the guidance range of $3.80–$4.00 per share. As a result, shares jumped 7.4% yesterday.
On a stand-alone basis, comps at this Nashville, TN-based company’s stores were down 2%, while its eCommerce and catalog direct sales businesses reported comps growth of 11%.
Going by divisions, Lids Sports Group and Schuh Group posted comps growth of 8% and 1%, respectively. On the flip side, comps at Journeys Group and Johnston & Murphy Group divisions recorded 6% and 1% drop, respectively.
Further, management remains pleased with its holiday sales trends that it earlier projected to be difficult for some of its businesses. Moreover, sales for quarter to date have surpassed its expectations. The company now anticipates fourth-quarter fiscal 2017 comps to be flat to down 1%, in comparison to its earlier projection of 2–3% decline.
Overall, the holiday period remained quite challenging.The retailers like Kohl's Corporation (KSS - Free Report) and Macy’s, Inc. (M - Free Report) continued to feel the pinch of declining customer traffic at the stores and malls, owing to which their holiday comps, declined 2.1% each. This also compelled these bellwethers to slash their earnings outlook for fiscal 2016. On the other side, American Eagle Outfitters, Inc. (AEO - Free Report) reported flat holiday comps, which bear the brunt of a volatile holiday season – largely marked by intense promotional activities.
We note that Genesco has been appearing bullish for quite some time now. This Zacks Rank #3 (Hold) stock has delivered a return of nearly 10% in the last three months against the Zacks categorized Retail – Apparel/Shoe industry’s decline of 9%.
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
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Genesco Posts Flat Holiday Comps, Updates View; Stock Up
Amid a challenging retail landscape, Genesco Inc. (GCO - Free Report) reported flat comparable sales (comps) – including both stores and direct sales – for the fourth quarter through Jan 5, 2017. Also, the company now expects its fiscal 2017 earnings to meet the upper end of the guidance range of $3.80–$4.00 per share. As a result, shares jumped 7.4% yesterday.
Genesco Inc. Price
Genesco Inc. Price | Genesco Inc. Quote
On a stand-alone basis, comps at this Nashville, TN-based company’s stores were down 2%, while its eCommerce and catalog direct sales businesses reported comps growth of 11%.
Going by divisions, Lids Sports Group and Schuh Group posted comps growth of 8% and 1%, respectively. On the flip side, comps at Journeys Group and Johnston & Murphy Group divisions recorded 6% and 1% drop, respectively.
Further, management remains pleased with its holiday sales trends that it earlier projected to be difficult for some of its businesses. Moreover, sales for quarter to date have surpassed its expectations. The company now anticipates fourth-quarter fiscal 2017 comps to be flat to down 1%, in comparison to its earlier projection of 2–3% decline.
Overall, the holiday period remained quite challenging.The retailers like Kohl's Corporation (KSS - Free Report) and Macy’s, Inc. (M - Free Report) continued to feel the pinch of declining customer traffic at the stores and malls, owing to which their holiday comps, declined 2.1% each. This also compelled these bellwethers to slash their earnings outlook for fiscal 2016. On the other side, American Eagle Outfitters, Inc. (AEO - Free Report) reported flat holiday comps, which bear the brunt of a volatile holiday season – largely marked by intense promotional activities.
We note that Genesco has been appearing bullish for quite some time now. This Zacks Rank #3 (Hold) stock has delivered a return of nearly 10% in the last three months against the Zacks categorized Retail – Apparel/Shoe industry’s decline of 9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>