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Genesco Reports Second Quarter Fiscal 2015 Results

NASHVILLE, Tenn., Aug. 28, 2014 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the second quarter ended August 2, 2014, of $4.8 million, or $0.20 per diluted share, compared to earnings from continuing operations of $8.5 million, or $0.36 per diluted share, for the second quarter ended August 3, 2013. Fiscal 2015 second quarter results reflect expenses of $3.6 million, or $0.14 per diluted share after tax, including $2.2 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited; and $1.4 million in network intrusion expenses, asset impairment charges and other legal matters.  Fiscal 2014 second quarter results reflected expenses of $6.6 million, or $0.20 per diluted share after tax, including $5.9 million associated with a change in accounting for bonus awards, $2.8 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited, and $1.2 million for other legal matters, network intrusion expenses and impairment charges, partially offset by a net gain of $3.3 million on the termination of the lease of a New York City Journeys store location.

Adjusted for the items described above in both periods, earnings from continuing operations were $8.0 million, or $0.34 per diluted share, for the second quarter of Fiscal 2015, compared to earnings from continuing operations of $13.2 million, or $0.56 per diluted share, for the second 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 second quarter of Fiscal 2015 increased 7.1% to $615 million from $575 million in the second quarter of Fiscal 2014. Consolidated second quarter 2015 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased 2%, with a 5% increase in the Journeys Group, a 2% decrease in the Lids Sports Group, a 1% increase in the Schuh Group, and a 2% increase in the Johnston & Murphy Group.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "We are disappointed with our second quarter earnings performance. Solid comparable sales gains and a strong topline performance in our direct businesses were not enough to offset a sales and gross margin shortfall versus plan at the Lids Sports Group. The third quarter is off to a solid start, with consolidated comparable sales for the Company up 4% through August 23, 2014."

Dennis also discussed the Company's updated outlook. "Based on our second quarter performance and slightly lower expectations for the balance of the year at Lids, we now expect adjusted Fiscal 2015 diluted earnings per share in the range of $5.10 to $5.20, or from flat to a 2% increase over Fiscal 2014's adjusted earnings per share of $5.09, down from our previously issued guidance of $5.40 to $5.55. Consistent with our previous guidance, these expectations do not include non-cash asset impairments and other charges, partially offset by a gain on a lease termination in the first quarter this year, which we estimate will be in the range of $3.2 million to $3.7 million pretax, or $0.08 to $0.10 per share, after tax, in Fiscal 2015. These expectations also do not reflect a $5.7 million, or $0.15 per diluted share, change in the first quarter related to the change in accounting for bonus awards.  Finally, the expected earnings per share do not reflect compensation expense associated with the Schuh deferred purchase price as described above, which is currently estimated at approximately $7.4 million, or $0.31 per diluted share, for the full year. This guidance assumes a comparable sales increase in the low single digit 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, "We continue to believe our longer-term future is compelling based on the strength of our brands and the numerous omnichannel initiatives that are helping fortify their strategic positions."

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 August 28, 2014 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 amount of required accruals related to the earn-out bonus potentially payable to Schuh management based on the achievement of certain performance objectives; 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, 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; and changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons. 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 2,670 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, Underground 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













Three Months Ended 


Six Months Ended 






Aug. 2,


Aug. 3,


Aug. 2,


Aug. 3,




In Thousands


2014


2013


2014


2013




Net sales


$  615,474


$  574,746


$ 1,244,299


$  1,166,134




Cost of sales


313,729


291,938


626,610


584,889




Selling and administrative expenses*

290,239


274,420


583,576


545,804




Asset impairments and other, net

1,422


(7,140)


311


(5,811)




Earnings from operations

10,084


15,528


33,802


41,252




Interest expense, net

782


1,140


1,483


2,179




Earnings from continuing operations











    before income taxes

9,302


14,388


32,319


39,073
















Income tax expense

4,534


5,923


13,453


16,099




Earnings from continuing operations

4,768


8,465


18,866


22,974
















Provision for discontinued operations

(74)


(125)


(199)


(224)




Net Earnings 


$      4,694


$      8,340


$       18,667


$        22,750















*

Includes $2.2 million and $5.3 million in deferred payments related to the Schuh acquisition in the second quarter and first


six months ended August 2, 2014, respectively, and $2.8 million and $5.7 million for the second quarter and first six months 


ended August 3, 2013, respectively.



 

 


Earnings Per Share Information











Three Months Ended 


Six Months Ended 





Aug. 2,


Aug. 3,


Aug. 2,


Aug. 3,



In Thousands (except per share amounts)

2014


2013


2014


2013



Preferred dividend requirements

$               -


$               -


$                  -


$                33














Average common shares - Basic EPS

23,496


23,274


23,432


23,284














Basic earnings per share:










     Before discontinued operations

$0.20


$0.36


$0.81


$0.99



     Net earnings 

$0.20


$0.36


$0.80


$0.98














Average common and common










    equivalent shares - Diluted EPS

23,622


23,523


23,657


23,627














Diluted earnings per share:










     Before discontinued operations

$0.20


$0.36


$0.80


$0.97



     Net earnings 

$0.20


$0.35


$0.79


$0.96













 

 

GENESCO INC.















Consolidated Earnings Summary












Three Months Ended 


Six Months Ended 






Aug. 2,


Aug. 3,


Aug. 2,


Aug. 3,




In Thousands


2014


2013


2014


2013




Sales:












    Journeys Group

$  236,838


$  222,471


$    498,961


$      479,614




    Schuh Group


99,770


82,109


181,046


150,432




    Lids Sports Group

199,317


192,456


388,583


370,361




    Johnston & Murphy Group

54,995


53,258


118,392


111,683




    Licensed Brands

24,292


23,869


56,754


53,224




    Corporate and Other

262


583


563


820




    Net Sales


$  615,474


$  574,746


$ 1,244,299


$  1,166,134




Operating Income (Loss):











    Journeys Group

$      6,820


$      1,717


$       26,497


$        23,930




    Schuh Group (1)

(197)


(1,433)


(5,338)


(6,076)




    Lids Sports Group

8,474


12,725


16,611


23,521




    Johnston & Murphy Group

(424)


1,751


4,072


5,599




    Licensed Brands

1,873


1,471


5,394


4,392




    Corporate and Other (2)

(6,462)


(703)


(13,434)


(10,114)




   Earnings from operations

10,084


15,528


33,802


41,252




   Interest, net


782


1,140


1,483


2,179




Earnings from continuing operations











    before income taxes

9,302


14,388


32,319


39,073




Income tax expense

4,534


5,923


13,453


16,099




Earnings from continuing operations

4,768


8,465


18,866


22,974
















Provision for discontinued operations

(74)


(125)


(199)


(224)




Net Earnings 


$      4,694


$      8,340


$       18,667


$        22,750
















(1) Includes $2.2 million and $5.3 million in deferred payments related to the Schuh acquisition in the second quarter and first


six months ended August 2, 2014, respectively, and $2.8 million and $5.7 million for the second quarter and first six months 


ended August 3, 2013, respectively.























(2) Includes a $1.4 million charge in the second quarter of Fiscal 2015 which includes $0.6 million for network intrusion


expenses, $0.4 million for asset impairments and $0.6 million for other legal matters, partially offset by a $0.2 million gain 


for a lease termination.  Includes a $0.3 million charge for the first six months of Fiscal 2015 which includes a $3.3 million 


gain on a lease termination, partially offset by $1.8 million for network intrusion expenses, $1.2 million for asset impairments


and $0.6 million for other legal matters.  Includes $7.1 million income in the second quarter of Fiscal 2014 which includes an 


$8.3 million gain on a lease termination, partially offset by a $0.5 million charge for other legal matters, a $0.5 million charge


for network intrusion expenses and a $0.2 million charge for asset impairments.  Includes $5.8 million income for the first 


six months of Fiscal 2014 which includes an $8.3 million gain on a lease termination, partially offset by $1.4 million for asset


impairments, $0.6 million for network intrusion expenses and $0.5 million for other legal matters.





 

 

GENESCO INC.
























Consolidated Balance Sheet



























Aug. 2,


Aug. 3,



In Thousands






2014


2013



Assets











Cash and cash equivalents





$       59,303


$        46,027



Accounts receivable





54,142


50,188



Inventories






669,388


628,074



Other current assets





96,414


84,943



Total current assets





879,247


809,232



Property and equipment





296,407


244,589



Other non-current assets





405,183


403,528



Total Assets






$ 1,580,837


$  1,457,349



Liabilities and  Equity










Accounts payable





$    237,777


$      244,752



Current portion long-term debt





29,284


5,313



Other current liabilities





172,991


134,717



Total current liabilities





440,052


384,782



Long-term debt






47,083


67,813



Other long-term liabilities





148,411


171,562



Equity






945,291


833,192



Total Liabilities and Equity





$ 1,580,837


$  1,457,349













GENESCO INC.





















































Retail Units Operated - Six Months Ended August 2, 2014

















Balance


Acquisi-






Balance


Acquisi-






Balance







02/02/13


tions


Open


Close


02/01/14


tions


Open


Close


08/02/14





Journeys Group


1,157


0


39


28


1,168


0


12


8


1,172





    Journeys


820


0


20


13


827


0


5


3


829





    Underground by Journeys


130


0


0


13


117


0


0


2


115





    Journeys Kidz


156


0


19


1


174


0


7


2


179





    Shi by Journeys


51


0


0


1


50


0


0


1


49





Schuh Group


92


0


29


22


99


0


4


4


99





     Schuh UK*


70


0


29


9


90


0


4


4


90





     Schuh ROI


9


0


0


0


9


0


0


0


9





     Schuh Concessions*


13


0


0


13


0


0


0


0


0





Lids Sports Group**


1,053


15


102


37


1,133


19


101


20


1,233





Johnston & Murphy Group


157


0


13


2


168


0


6


4


170





    Shops


102


0


6


2


106


0


2


2


106





    Factory Outlets


55


0


7


0


62


0


4


2


64





Total Retail Units


2,459


15


183


89


2,568


19


123


36


2,674





Permanent Units*


2,446


15


173


69


2,565


19


123


33


2,674





Retail Units Operated - Three Months Ended August 2, 2014










Balance


Acquisi-






Balance







05/03/14


tions


Open


Close


08/02/14





Journeys Group


1,172


0


5


5


1,172





    Journeys


828


0


3


2


829





    Underground by Journeys


117


0


0


2


115





    Journeys Kidz


178


0


2


1


179





    Shi by Journeys


49


0


0


0


49





Schuh Group


100


0


2


3


99





     Schuh UK


91


0


2


3


90





     Schuh ROI


9


0


0


0


9





Lids Sports Group**


1,134


19


82


2


1,233





Johnston & Murphy Group


167


0


5


2


170





    Shops


105


0


2


1


106





    Factory Outlets


62


0


3


1


64





Total Retail Units


2,573


19


94


12


2,674





Permanent Units*


2,571


19


94


10


2,674




















* Excludes Schuh Concessions and temporary "pop-up" locations.









**Includes 95 Locker Room by Lids in Macy's stores as of August 2, 2014.







 



Comparable Sales (including same store and comparable direct sales)






          Three Months Ended


 Six Months Ended







Aug. 2,


Aug. 3,


Aug. 2,


Aug. 3,







2014


2013


2014


2013





Journeys Group


5%


-1%


3%


-1%





Schuh Group


1%


-7%


0%


-9%





Lids Sports Group


-2%


-3%


-1%


-4%





Johnston & Murphy Group


2%


7%


1%


7%





Total Comparable Sales


2%


-2%


1%


-3%



 


Schedule B



Genesco Inc.



Adjustments to Reported Earnings from Continuing Operations



Three Months Ended August 2, 2014 and August 3, 2013













 Three 

 Impact on 

 Three 

 Impact on 





 Months 

  Diluted 

 Months 

 Diluted 



In Thousands (except per share amounts)


 Jul 2014 

 EPS 

 Jul 2013 

 EPS 



Earnings from continuing operations, as reported


$      4,768

$        0.20

$       8,465

$   0.36











Adjustments:  (1)








Impairment charges


260

0.01

133

0.01



Deferred payment - Schuh acquisition


2,227

0.09

2,851

0.12



Gain on lease termination


(113)

-

(2,077)

(0.09)



Change in accounting for bonus awards


-

-

3,698

0.16



Other legal matters


386

0.02

315

0.01



Network intrusion expenses


360

0.02

271

0.01



Higher (lower) effective tax rate


129

-

(466)

(0.02)











Adjusted earnings from continuing operations (2)


$      8,017

$        0.34

$      13,190

$   0.56



















(1) All adjustments are net of tax where applicable.  The tax rate for the second quarter of Fiscal 2015 is 37.9% excluding a FIN 48 discrete item of less than $0.1 million. The tax rate for the second quarter of Fiscal 2014 is 36.9% excluding a FIN 48 discrete item of less than $0.1 million.










(2) EPS reflects 23.6 and 23.5 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 


Three Months Ended August 2, 2014 and August 3, 2013










 Three Months Ended August 2, 2014 




 Operating 

 Bonus Adj 

Adj Operating


In Thousands 


 Income 

 and Other 

Income


Journeys Group


$      6,820

$           -

$       6,820


Schuh Group*


(197)

2,227

2,030


Lids Sports Group


8,474

-

8,474


Johnston & Murphy Group


(424)

-

(424)


Licensed Brands


1,873

-

1,873


Corporate and Other


(6,462)

1,422

(5,040)


Total Operating Income


$     10,084

$      3,649

$      13,733








*Schuh Group adjustments include $2.2 million in deferred purchase price payments.











 Three Months Ended August 3, 2013 




 Operating 

 Bonus Adj 

Adj Operating


In Thousands 


 Income 

 and Other 

Income


Journeys Group


$      1,717

$      4,642

$       6,359


Schuh Group*


(1,433)

4,224

2,791


Lids Sports Group


12,725

(37)

12,688


Johnston & Murphy Group


1,751

9

1,760


Licensed Brands


1,471

2

1,473


Corporate and Other


(703)

(2,284)

(2,987)


Total Operating Income


$     15,528

$      6,556

$      22,084








*Schuh Group adjustments include $2.8 million in deferred purchase price payments.









Schedule B




Genesco Inc.




Adjustments to Reported Earnings from Continuing Operations




Six Months Ended August 2, 2014 and August 3, 2013















 Six 

 Impact on 

 Six 

 Impact on 






 Months 

Diluted 

Months 

 Diluted 




In Thousands (except per share amounts)


 Jul 2014 

 EPS 

 Jul 2013 

 EPS 




Earnings from continuing operations, as reported


$     18,866

$        0.80

$      22,974

$   0.97













Adjustments:  (1)









Impairment charges


779

0.03

893

0.04




Deferred payment - Schuh acquisition


5,329

0.22

5,702

0.24




Gain on lease termination


(2,104)

(0.09)

(2,077)

(0.09)




Change in accounting for bonus awards


3,575

0.15

7,815

0.33




Other legal matters


399

0.02

302

0.01




Network intrusion expenses


1,121

0.05

360

0.02




Higher (lower) effective tax rate


(654)

(0.03)

(532)

(0.02)













Adjusted earnings from continuing operations (2)


$     27,311

$        1.15

$      35,437

$   1.50






















(1) All adjustments are net of tax where applicable.  The tax rate for the first six months of Fiscal 2015 is 37.3% excluding a 



    FIN 48 discrete item of less than $0.1 million.  The tax rate for the first six months of Fiscal 2014 is 37.0% excluding a 



    FIN 48 discrete item of less than $0.1 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 


Six Months Ended August 2, 2014 and August 3, 2013










 Six Months Ended August 2, 2014 




 Operating 

 Bonus Adj 

Adj Operating


In Thousands 


 Income 

 and Other 

Income


Journeys Group


$     26,497

$      4,919

$      31,416


Schuh Group*


(5,338)

5,329

(9)


Lids Sports Group


16,611

-

16,611


Johnston & Murphy Group


4,072

25

4,097


Licensed Brands


5,394

-

5,394


Corporate and Other


(13,434)

1,046

(12,388)


Total Operating Income


$     33,802

$    11,319

$      45,121








*Schuh Group adjustments include $5.3 million in deferred purchase price payments.











 Six Months Ended August 3, 2013 




 Operating 

 Bonus Adj 

Adj Operating


In Thousands 


 Income 

 and Other 

Income


Journeys Group


$     23,930

$      6,060

$      29,990


Schuh Group*


(6,076)

8,692

2,616


Lids Sports Group


23,521

1,676

25,197


Johnston & Murphy Group


5,599

13

5,612


Licensed Brands


4,392

(4)

4,388


Corporate and Other


(10,114)

843

(9,271)


Total Operating Income


$     41,252

$    17,280

$      58,532








*Schuh Group adjustments include $5.7 million in deferred purchase price payments.








 


Schedule B


Genesco Inc.


Adjustments to Forecasted Earnings from Continuing Operations


Fiscal Year Ending January 31, 2015









In Thousands (except per share amounts)


High Guidance

Low Guidance




Fiscal 2015

Fiscal 2015


Forecasted earnings from continuing operations 


$    110,174

$       4.66

$ 107,491

$       4.54









Adjustments:  (1)







Asset impairment and other charges


1,983

0.08

2,296

0.10


Change in accounting for bonus awards


3,575

0.15

3,575

0.15


Deferred payment - Schuh acquisition


7,380

0.31

7,380

0.31









Adjusted forecasted earnings from continuing operations (2)

$    123,112

$       5.20

$ 120,742

$       5.10









(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2015 is approximately 37.3% 


    excluding a FIN 48 discrete item of $0.1 million.














(2) EPS reflects 23.7 million share count for Fiscal 2015 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.  






SOURCE Genesco Inc.

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