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Genesco Reports Third Quarter Fiscal 2013 Results

--Third Quarter Comparable Store Sales Increase 4%--

NASHVILLE, Tenn., Nov. 30, 2012 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the third quarter ended October 27, 2012, of $41.0 million, or $1.71 per diluted share, compared to earnings from continuing operations of $26.2  million, or $1.09 per diluted share, for the third quarter ended October 29, 2011.  Fiscal 2013 third quarter results reflect pretax items of $3.4 million, or $0.13 per diluted share after tax, including compensation expense related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited in June 2011, asset impairments and other legal matters, decreased by tax rate adjustments of $0.40 per diluted share.  As previously announced, because the obligation to pay the deferred purchase price for Schuh is contingent upon the continued employment of the payees, U.S. Generally Accepted Accounting Principles require that it be treated as compensation expense. Fiscal 2012 third quarter results reflect pretax items of $3.4 million, or $0.12 per diluted share after tax, including compensation expense related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited in June 2011, acquisition expenses and other legal matters.

Adjusted for the items described above in both periods, earnings from continuing operations were $34.5 million, or $1.44 per diluted share, for the third quarter of Fiscal 2013, compared to earnings from continuing operations of $29.1 million, or $1.21 per diluted share, for the third quarter of Fiscal 2012.  For consistency with Fiscal 2013'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. Additionally, the Company believes that the presentation of earnings from continuing operations before the compensation expense associated with the Schuh deferred purchase price will enable investors to understand the effect attributable to incorporating a continuing employment condition into the obligation to pay deferred purchase price.  Since the compensation expense is a non-cash charge until the deferred purchase price is actually paid, the Company believes that earnings including such expense may not be fully reflective of the Company's ongoing results or indicative of its prospects. 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 third quarter of Fiscal 2013 increased 7.8% to $664.5 million from $616.5 million in the third quarter of Fiscal 2012.  Comparable store sales in the third quarter of Fiscal 2013 increased by 4% for the Company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Our third quarter results were highlighted by strong earnings growth as we were able to meaningfully leverage expenses on a mid single digit comparable store sales gain.

"The fourth quarter got off to a slow start with November comparable store sales down 4% compared with a 12% increase in November last year.  We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.  For the long Thanksgiving weekend, U.S. comparable store sales increased by low single digits."

Dennis also discussed the Company's updated outlook. "Based on our third quarter performance and our view of current trends in the marketplace, we are raising our Fiscal 2013 guidance. We now expect full year adjusted diluted earnings per share to be in the range of $5.00 to $5.08, an increase from our previous guidance range of $4.88 to $5.00. This new outlook represents an increase of 22% to 24% over last year's adjusted earnings per share of $4.09. Consistent with previous guidance, these expectations do not include expected non-cash asset impairments and other charges, which are projected to total approximately $1.5 million to $2.5 million pretax, or $0.04 to $0.07 per share, after tax, in Fiscal 2013. In addition, this guidance does not reflect compensation expense associated with the Schuh deferred purchase price as described above, totaling approximately $12.0 million, or $0.50 per diluted share, for the full year. This guidance assumes comparable store sales in the 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, "Our teams have done a good job managing their businesses through the first nine months of Fiscal 2013. Collectively they have the Company on pace to deliver another year of solid sales and earnings per share growth.  We look to continue the progress we have made profitably expanding our top-line, and have recently adopted updated 5-year targets for annual sales of $3.5 billion and operating margins of 9.5% by Fiscal 2017."

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 November 30, 2012 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, earnings and operating margins), 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 contingent bonus potentially payable to Schuh management in three years based on the achievement of certain performance objectives; the costs of responding to and liability in connection with the network intrusion announced in December 2010; the timing and amount of non-cash asset impairments, potentially including fixed assets in retail stores and intangible assets of acquired businesses; 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 maintain reductions in occupancy costs achieved in recent lease negotiations, 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 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 2,440 retail stores 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, Lids, Lids Locker Room, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.undergroundbyjourneys.com, www.schuh.co.uk, www.johnstonmurphy.comwww.lids.com,  www.lids.ca, www.lidslockerroom.com, www.lidsteamsports.com, www.lidsclubhouse.com, www.suregripfootwear.com and www.dockersshoes.com.  The Company's Lids Sports Group division operates the Lids headwear stores and the lids.com website, the Lids Locker Room 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 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 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands


2012


2011 *


2012


2011* 



Net sales


$     664,458


$     616,525


$ 1,808,124


$  1,568,618



Cost of sales


330,110


306,068


894,090


775,604



Selling and administrative expenses**

281,613


264,200


807,798


717,990



Asset impairments and other, net

357


345


896


1,936



Earnings from operations**

52,378


45,912


105,340


73,088



Interest expense, net

1,301


1,869


3,625


3,464



Earnings from continuing operations










    before income taxes

51,077


44,043


101,715


69,624














Income tax expense

10,108


17,882


29,394


28,138



Earnings from continuing operations

40,969


26,161


72,321


41,486














Provision for discontinued operations

(94)


(73)


(312)


(997)



Net Earnings 


$       40,875


$       26,088


$       72,009


$      40,489













*Certain shipping and warehouse expenses have been reclassed from selling and administrative expenses 



to cost of sales in Fiscal 2012 to conform to the current year presentation.


**Includes $3.0 million and $8.9 million, respectively, in deferred payments related to the Schuh acquisition for



the three and nine months ended October 27, 2012.  Includes $3.1 million and $10.9 million, respectively,



of deferred payments related to the Schuh acquisition and acquisition related expenses for the three and



nine months ended October 29, 2011.



Earnings Per Share Information












Three Months Ended 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands (except per share amounts)

2012


2011


2012


2011



Preferred dividend requirements

$               33


$               49


$            114


$             147














Average common shares - Basic EPS

23,584


23,407


23,653


23,158














Basic earnings per share:










     Before discontinued operations

$           1.74


$           1.12


$           3.05


$            1.79



     Net earnings 

$           1.73


$           1.11


$           3.04


$            1.74














Average common and common










    equivalent shares - Diluted EPS

23,996


23,976


24,121


23,728














Diluted earnings per share:










     Before discontinued operations

$           1.71


$           1.09


$           3.00


$            1.74



     Net earnings 

$           1.70


$           1.09


$           2.98


$            1.70













GENESCO INC.













Consolidated Earnings Summary












Three Months Ended 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands


2012


2011


2012


2011



Sales:











    Journeys Group

$     300,718


$     274,158


$     773,997


$      703,368



    Schuh Group


92,250


78,212


243,718


112,185



    Lids Sports Group

185,737


185,547


550,752


532,746



    Johnston & Murphy Group

53,079


48,146


152,771


141,768



    Licensed Brands

32,450


30,259


85,972


77,727



    Corporate and Other

224


203


914


824



    Net Sales


$     664,458


$     616,525


$ 1,808,124


$  1,568,618



Operating Income (Loss):










    Journeys Group

$       37,073


$       28,238


$       64,420


$        41,821



    Schuh Group (1)

2,709


4,417


(787)


4,340



    Lids Sports Group

18,573


18,892


58,312


51,002



    Johnston & Murphy Group

3,158


2,979


8,981


8,029



    Licensed Brands

3,724


3,700


8,516


7,998



    Corporate and Other (2)

(12,859)


(12,314)


(34,102)


(40,102)



   Earnings from operations

52,378


45,912


105,340


73,088



   Interest, net


1,301


1,869


3,625


3,464



Earnings from continuing operations










    before income taxes

51,077


44,043


101,715


69,624



Income tax expense

10,108


17,882


29,394


28,138



Earnings from continuing operations

40,969


26,161


72,321


41,486














Provision for discontinued operations

(94)


(73)


(312)


(997)



Net Earnings 


$       40,875


$       26,088


$       72,009


$        40,489













(1)Includes $3.0 million and $8.9 million in deferred payments related to the Schuh acquisition in the third quarter and nine



months ended October 27, 2012, respectively, and $2.9 million and $4.3 million for the third quarter and nine months



ended October 29, 2011, respectively.




















(2)Includes a $0.4 million charge in the third quarter of Fiscal 2013 which includes $0.3 million for asset impairments and



$0.1 million for other legal matters and includes a $0.9 million charge in the nine months of Fiscal 2013 which includes   


$0.7 million for asset impairments, $0.1 million for network intrusion expenses and $0.1 million for other legal matters.


Includes a $0.3 million charge in the third quarter of Fiscal 2012 which includes $0.2 million for other legal matters and


$0.1 million for network intrusion expenses and includes $1.9 million of other charges in the nine months of Fiscal 2012


which includes $1.1 million for asset impairments, $0.5 million for network intrusion expenses and $0.3 million for other 


legal matters. The third quarter and nine months of Fiscal 2012 also included $0.2 million and $6.6 million, respectively,


of acquisition related expenses.









 

GENESCO INC.
























Consolidated Balance Sheet


















Recast









October 27, 


October 29, 



In Thousands






2012


2011 (1)



Assets











Cash and cash equivalents





$       39,890


$        36,073



Accounts receivable





61,006


61,393



Inventories






600,251


544,099



Other current assets





65,629


76,124



Total current assets





766,776


717,689



Property and equipment





239,499


229,525



Other non-current assets





427,123


412,532



Total Assets






$  1,433,398


$   1,359,746



Liabilities and  Equity










Accounts payable





$     219,826


$      243,594



Other current liabilities





169,109


146,017



Total current liabilities





388,935


389,611



Long-term debt






86,296


142,648



Other long-term liabilities





182,277


147,190



Equity






775,890


680,297



Total Liabilities and Equity





$  1,433,398


$  1,359,746













(1)

 

Certain previously reported October 29, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Schuh purchase price.
























GENESCO INC.















































Retail Units Operated - Nine Months Ended October 27, 2012

















Balance


Acquisi-






Balance


Acquisi-






Balance





01/29/11


tions


Open


Close


01/28/12


tions


Open


Close


10/27/12



Journeys Group


1,168


0


18


32


1,154


0


23


20


1,157



    Journeys


813


0


14


15


812


0


16


10


818



    Underground by Journeys


151


0


0


14


137


0


0


4


133



    Journeys Kidz


149


0


4


1


152


0


6


3


155



    Shi by Journeys


55


0


0


2


53


0


1


3


51



Schuh Group


0


75


6


3


78


0


12


2


88



     Schuh UK


0


51


6


1


56


0


11


1


66



     Schuh ROI


0


8


0


0


8


0


1


0


9



     Schuh Concessions


0


16


0


2


14


0


0


1


13



Lids Sports Group


985


10


40


33


1,002


20


41


16


1,047



Johnston & Murphy Group


156


0


6


9


153


0


5


2


156



    Shops


111


0


1


9


103


0


3


2


104



    Factory Outlets


45


0


5


0


50


0


2


0


52



Total Retail Units


2,309


85


70


77


2,387


20


81


40


2,448


 


Retail Units Operated - Three Months Ended October 27, 2012









Balance


Acquisi-






Balance





07/28/12


tions


Open


Close


10/27/12



Journeys Group


1,147


0


11


1


1,157



    Journeys


810


0


8


0


818



    Underground by Journeys


133


0


0


0


133



    Journeys Kidz


152


0


3


0


155



    Shi by Journeys


52


0


0


1


51



Schuh Group


83


0


7


2


88



     Schuh UK


61


0


6


1


66



     Schuh ROI


8


0


1


0


9



     Schuh Concessions


14


0


0


1


13



Lids Sports Group


1,021


8


23


5


1,047



Johnston & Murphy Group


153


0


3


0


156



    Shops


103


0


1


0


104



    Factory Outlets


50


0


2


0


52



Total Retail Units


2,404


8


44


8


2,448


 


Constant Store Sales













          Three Months Ended


       Nine Months Ended





October 27,


October 29,


October 27,


October 29,





2012


2011


2012


2011



Journeys Group


8%


15%


9%


15%



Schuh Group


9%


-


9%


-



Lids Sports Group


-5%


8%


0%


12%



Johnston & Murphy Group


6%


7%


4%


11%



Total Constant Store Sales


4%


12%


6%


13%


Schedule B


Genesco Inc.


Adjustments to Reported Earnings from Continuing Operations


Three Months Ended October 27, 2012 and October 29, 2011












 Impact on 


 Impact on 




 3 mos 

  Diluted 

 3 mos 

  Diluted 


In Thousands (except per share amounts)


 Oct 2012 

 EPS 

 Oct 2011 

 EPS 


Earnings from continuing operations, as reported


$     40,969

$   1.71

$      26,161

$   1.09









Adjustments:  (1)







Impairment charges


179

0.01

32

-


Acquisition expenses


-

-

206

0.01


Deferred payment - Schuh acquisition


2,971

0.12

2,882

0.12


Other legal matters


46

-

120

-


Network intrusion expenses


-

-

68

-


Lower effective tax rate (2)


(9,694)

(0.40)

(355)

(0.01)









Adjusted earnings from continuing operations (3)


$     34,471

$   1.44

$      29,114

$   1.21
















(1) All adjustments are net of tax where applicable.  The tax rate for the third quarter of Fiscal 2013 is 36.6%


    excluding a FIN 48 discrete item of less than $0.1 million.  The tax rate for the third quarter of Fiscal 2012 is  

    38.4% excluding a FIN 48 discrete item of $0.1 million.









(2) Includes a net benefit of $9.3 million recognized in connection with the resolution of various previously uncertain

     tax positions.














(3) Reflects 24.0 million share count for both Fiscal 2013 and Fiscal 2012 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.



































Schuh Group




Adjustments to Reported Operating Income 




Three Months Ended October 27, 2012 and October 29, 2011













 3 mos 

 3 mos 




In Thousands 


 Oct 2012 

 Oct 2011 




Operating income


$      2,709

$  4,417











Adjustments: 







Deferred payment - Schuh acquisition


2,971

2,882











Adjusted operating income 


$      5,680

$  7,299











 

Schedule B

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Nine Months Ended October 27, 2012 and October 29, 2011










 Impact on 


 Impact on 



 9 mos 

  Diluted 

 9 mos 

  Diluted 

In Thousands (except per share amounts)


 Oct 2012 

 EPS 

 Oct 2011 

 EPS 

Earnings from continuing operations, as reported


$     72,321

$   3.00

$      41,486

$        1.74







Adjustments:  (1)






Impairment charges


456

0.02

674

0.03

Acquisition expenses


-

-

5,628

0.24

Deferred payment - Schuh acquisition


8,854

0.37

4,301

0.18

Other legal matters


46

-

180

0.01

Network intrusion expenses


65

-

329

0.01

Lower effective tax rate


(11,347)

(0.47)

(2,551)

(0.11)







Adjusted earnings from continuing operations (2)


$     70,395

$   2.92

$      50,047

$        2.10













(1) All adjustments are net of tax where applicable.  The tax rate for the first nine months of Fiscal 2013 is 36.6%

    excluding a FIN 48 discrete item of $0.3 million.  The tax rate for the first nine months of Fiscal 2012 is 38.9% 

    excluding a FIN 48 discrete item of $0.3 million.












(2) Reflects 24.1 million share count for Fiscal 2013 and 23.7 million share count for Fiscal 2012 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.






























Schuh Group



Adjustments to Reported Operating Income (Loss)



Nine Months Ended October 27, 2012 and October 27, 2011











 9 mos 

 9 mos 



In Thousands 


 Oct 2012 

 Oct 2011 



Operating income (loss)


$        (787)

$  4,340









Adjustments: 






Deferred payment - Schuh acquisition


8,854

4,301









Adjusted operating income 


$      8,067

$  8,641









 

Schedule B

Genesco Inc.

Adjustments to Forecasted Earnings from Continuing Operations

Fiscal Year Ending February 2, 2013







In Thousands (except per share amounts)


High Guidance

Low Guidance



Fiscal 2013

Fiscal 2013

Forecasted earnings from continuing operations 


$    120,562

$       5.01

$ 118,849

$       4.93







Adjustments:  (1)






Impairment


1,000

0.04

1,000

0.04

Deferred payment - Schuh acquisition


11,965

0.50

11,965

0.50

Lower effective tax rate


(11,347)

(0.47)

(11,347)

(0.47)







Adjusted forecasted earnings from continuing operations (2)

$    122,180

$       5.08

$ 120,467

$       5.00







(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2013 is approximately 37% 

    excluding a FIN 48 discrete item of $0.4 million.












(2) Reflects 24.1 million share count for Fiscal 2013 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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SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.