Genesco backs FY19 adj. EPS view of $3.10-$3.40, consensus $3.25
Genesco announced that it continues to expect adjusted earnings per diluted share for the fiscal year ending February 2, 2019, in the range of $3.10 to $3.40, viewing results near the middle of the range as most likely. Robert Dennis, Chairman, President and CEO of Genesco, said, "Overall, we enjoyed a very solid Holiday selling season, with stronger than expected results. Journeys once again delivered stellar results, and the highly promotional U.K. market continued to negatively impact Schuh's performance. January is off to a good start, helped in part by favorable comparisons against periods of bad weather and earlier school re-openings in some markets last year. We remain comfortable with our previously announced adjusted earnings per share range for the full fiscal year and reiterate expectations that earnings will be near the midpoint. " The company's adjusted earnings per share expectations for Fiscal 2019 do not reflect the anticipated sale of the Lids Sport Group and do not include fixed asset impairments and other charges, estimated in the range of $10.7 million to $11.7 million pretax, or 40c to 44c per share after tax, for the full fiscal year. They also do not include certain tax effects related to equity grants pursuant to ASU 2016-09, estimated at 2c per share after tax. 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 A to this press release.