Genesco upgraded to Buy from Neutral at CL King » 08:5601/2101/21/20
CL King analyst Steven…
CL King analyst Steven Marotta upgraded Genesco to Buy from Neutral with a $53 price target. Genesco pre-announced slightly better than expected sales results and guided above the midpoint of the previous non-GAAP EPS guidance range, noted Marotta, who sees the risk of another "seismic shift in fashion, such as occurred in early 2016, as exceedingly low."
|Over a week ago|
Genesco sees FY20 adj. EPS above midpoint of $4.10-$4.40 range, consensus $4.30 » 07:0001/1301/13/20
Robert Dennis, Chairman,…
Robert Dennis, Chairman, President and CEO of Genesco, said, "Overall, we enjoyed a solid Holiday selling season, with sales results at the higher end of our expectations. Journeys once again led the way, and we were pleased that Schuh delivered better than expected results. January is off to a good start as we look to deliver our 11th consecutive quarter of positive comparable sales for our footwear businesses. Although, the start of the month was strong, we expect that to moderate through the course of the month. We now expect that adjusted earnings per share will be above the midpoint of our guidance range."
Genesco reports comparable sales for quarter-to-date period ended Jan. 9 up 2% » 06:5601/1301/13/20
Genesco announced that…
Genesco announced that comparable sales, including both stores and direct sales, increased 2% for the quarter-to-date period ended January 9. Same store sales decreased 1% and sales for the company's e-commerce businesses increased 21% on a comparable basis for that period.
Genesco closes Togast acquisition, sees accretion in FY21 earnings » 17:0501/0201/02/20
Genesco (GCO) announced…
Genesco (GCO) announced that it has closed the acquisition of the U.S. assets of New York-based Togast, previously announced on December 18. Togast is a company that specializes in the design, sourcing and sale of licensed footwear. The acquisition is expected to be accretive to Genesco's fiscal 2021 earnings. As planned, at closing, Genesco also entered into a new U.S. footwear license agreement for men, women and children for Levi's (LEVI), as well as renewed and extended its men's Dockers footwear license. The Togast purchase expands Genesco's portfolio to include footwear licenses for G.H. Bass & Co., ADIO and FUBU, among others.
|Over a month ago|
Genesco to buy footwear licensee Togast enters into Levi's footwear license pact » 17:2112/1812/18/19
Genesco (GCO) announced…
Genesco (GCO) announced it has entered into a definitive asset purchase agreement to acquire New York-based Togast, which specializes in the design, sourcing and sale of licensed footwear. The purchase price for the acquisition is $33.7M in cash at closing, plus up to an additional $34M in cash contingent on the achievement of financial targets over the next four years. The purchase price paid at closing is expected to be funded from cash on hand. The transaction, which is subject to customary closing conditions, is expected to be completed in January 2020, and is expected to be accretive to next year's earnings. Prior to the acquisition, Togast served as distributor for Levi's footwear in the United States. Commensurate with the closing of this transaction, Genesco will enter into a new U.S. footwear license agreement for men, women and children for Levi's(R), as well as renew and extend its men's Dockers(R) footwear license. The addition of privately owned Togast brings to Genesco new sources of revenue and synergistic product development and offshore sourcing capabilities, which complement and enhance Genesco's Licensed Brands division. In addition, the Togast purchase expands Genesco's portfolio to include footwear licenses for G.H. Bass & Co., ADIO and FUBU, among others. Genesco Chairman, President and Chief Executive Officer Robert J. Dennis said, "The acquisition of Togast adds scale to our successful licensed brands platform. The combination of our licensed business with Togast's strengths furthers our footwear focused strategy by creating an even more robust platform within Genesco that can serve multiple tiers of distribution. We are also excited to add the Levi's(R) footwear license to our portfolio and expand upon our long-standing business relationship with Levi Strauss (LEVI) , which dates back to 1991." Genesco Licensed Brands President Andy Gilbert said, "We are pleased to broaden our portfolio of licensed footwear brands. We immediately recognized the sourcing capabilities and corresponding synergies with Licensed Brands that we would achieve through the acquisition of Togast, and I am personally excited to welcome Tony LoConte and his team to the Genesco family."
Genesco price target raised to $57 from $51 at Pivotal Research » 04:5212/0912/09/19
Pivotal Research analyst…
Pivotal Research analyst Mitch Kummetz raised his price target for Genesco to $57 from $51 saying the company reported a "solid" earnings and same-store-sales beat in Q3. The company also reiterated its fiscal 2020 same-store-sales guidance and raised its earnings outlook by a substantial amount, Kummetz tells investors in a research note. He believes better weather this year could drive some upside at Journeys in Q4 and that Genesco is being overly conservative with its same-store-sales guidance for Schuh. The analyst reiterates a Buy rating on the shares.
Genesco rises 34.1% » 12:0012/0612/06/19
Genesco is up 34.1%, or…
Genesco is up 34.1%, or $12.60 to $49.51.
Genesco rises 19.8% » 10:0012/0612/06/19
Genesco is up 19.8%, or…
Genesco is up 19.8%, or $7.32 to $44.23.
Genesco rises 14.8% » 09:4712/0612/06/19
Genesco is up 14.8%, or…
Genesco is up 14.8%, or $5.47 to $42.38.
Fly Intel: Pre-market Movers » 09:0912/0612/06/19
ALXN, UBER, TTD, BIG, GCO, ULTA, DOCU, DOMO, ZM, PD, YEXT, CIEN
HIGHER: Alexion Pharmaceuticals (ALXN), up 6% after the company earlier disclosed that it had "recently engaged in good faith with Elliott Advisors Limited, an affiliate of Elliott Management." The activist investing firm recommended that the drugmaker "immediately launch a proactive sale process," but Alexion said its board of directors had "unanimously decided that conducting a proactive sale process would not be in the best interest of shareholders and the patients we serve at this time"... Trade Desk (TTD), up 6% after Needham analyst Laura Martin upgraded the stock to Buy from Hold with a $325 price target. UP AFTER EARNINGS: Big Lots (BIG), up 6%... Genesco (GCO), up 15%... Ulta Beauty (ULTA), up 8%... DocuSign (DOCU), up 8%... Domo (DOMO), up 2%. DOWN AFTER EARNINGS: Zoom Video (ZM), down 7%... PagerDuty (PD), down 17%...Yext (YEXT), down 22%. ALSO LOWER: Ciena (CIEN), down 4% after UBS analyst Tejas Venkatesh downgraded shares to Sell from Neutral with a price target of $31, down from $43... Uber (UBER), down 1% after releasing its safety report that shares details on Uber's safety progress, processes and data related to reports of the "most critical safety incidents" on its platform. As part of the report, Uber said that fatal physical assault was reported to occur in about 1 in every 122M U.S. trips.