Genesco (NYSE:GCO) Releases FY24 Earnings Guidance

Genesco (NYSE:GCO – Get Rating) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.00-2.50 for the period, compared to the consensus estimate of $5.39. The company issued revenue guidance of down 4-5% yr/yr to $2.26-2.29 billion, compared to the consensus revenue estimate of $2.41 billion.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GCO. StockNews.com began coverage on Genesco in a research report on Thursday, May 18th. They set a hold rating for the company. Seaport Res Ptn raised Genesco from a neutral rating to a buy rating in a research report on Tuesday, March 28th.

Genesco Trading Down 2.8 %

GCO stock traded down $0.57 during trading on Friday, reaching $19.62. 169,129 shares of the stock traded hands, compared to its average volume of 183,235. The business’s 50 day moving average price is $33.93 and its 200-day moving average price is $41.88. Genesco has a 52-week low of $19.11 and a 52-week high of $66.42. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.59 and a quick ratio of 0.32. The firm has a market capitalization of $246.43 million, a PE ratio of 3.47 and a beta of 1.93.

Genesco (NYSE:GCO – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.49). The firm had revenue of $483.60 million for the quarter, compared to analysts’ expectations of $478.01 million. Genesco had a net margin of 3.02% and a return on equity of 12.23%. Genesco’s revenue was down 7.1% on a year-over-year basis. During the same period last year, the firm posted $0.44 EPS. As a group, sell-side analysts forecast that Genesco will post 5.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GCO. MetLife Investment Management LLC lifted its stake in shares of Genesco by 56.5% in the first quarter. MetLife Investment Management LLC now owns 7,807 shares of the company’s stock worth $497,000 after acquiring an additional 2,818 shares in the last quarter. Panagora Asset Management Inc. increased its position in Genesco by 134.2% in the 1st quarter. Panagora Asset Management Inc. now owns 13,673 shares of the company’s stock valued at $870,000 after acquiring an additional 7,836 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Genesco by 10.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,837 shares of the company’s stock valued at $753,000 after acquiring an additional 1,103 shares during the period. Dimensional Fund Advisors LP increased its position in Genesco by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 946,549 shares of the company’s stock valued at $60,213,000 after acquiring an additional 15,179 shares during the period. Finally, Allianz Asset Management GmbH increased its position in shares of Genesco by 5.7% during the 1st quarter. Allianz Asset Management GmbH now owns 32,221 shares of the company’s stock valued at $2,050,000 after purchasing an additional 1,731 shares during the period. Institutional investors and hedge funds own 94.27% of the company’s stock.

Genesco Company Profile

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Genesco, Inc engages in sourcing and design, marketing, and distribution of footwear, apparel, and accessories. It operates through the following business segments: Journeys Group, Schuh Group, Johnston and Murphy Group, and Genesco Brands Group. The Journeys Group segment operates the Journeys, Journeys Kidz, and Little Burgundy retail stores retail footwear chain.