Genesco Reports Fourth Quarter And Fiscal 2015 Results

March 12, 2015 at 7:29 AM EDT
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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 Commentary
The 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 Statements
This 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.  










 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genesco-reports-fourth-quarter-and-fiscal-2015-results-300049599.html

SOURCE Genesco Inc.

Financial Contact: Mimi Vaughn (615) 367-7386, or Media Contact: Claire S. McCall (615) 367-8283

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