Genesco Inc. (NYSE: GCO) spotted trading -22.33% off 52-week high price. On the other end, the stock has been noted 24.49% away from the low price over the last 52-weeks. The stock changed -2.69% to recent value of $39.4. The stock transacted 143830 shares during most recent day however it has an average volume of 332.81K shares. The company has 15M of outstanding shares and 14.15M shares were floated in the market.
Genesco Inc. (NYSE: GCO) recently stated GAAP earnings from continuing operations per diluted share of $0.05 for the three months ended August 3, 2019, contrast to $0.00 in the second quarter last year.
Net sales for the second quarter of Fiscal 2020 were flat at $487M contrast to the second quarter of Fiscal 2019.
Genesco’s GAAP operating income for the second quarter was $3.0M, or 0.6% of sales this year, contrast with $1.1M, or 0.2% of sales last year. Adjusted for the excluded items in both periods, operating income for the second quarter was $4.7M this year contrast with $1.0M last year. Adjusted operating margin was 1.0% of sales in the second quarter of Fiscal 2020 and 0.2% last year.
Income tax expense for the quarter was $1.9M in Fiscal 2020 contrast to essentially none last year. Adjusted income tax expense, reflecting excluded items, was $2.0M in Fiscal 2020 contrast to $0.2M last year. The higher adjusted tax amount for this year reflects the inability to recognize a tax benefit for certain foreign losses.
GAAP earnings from continuing operations were $0.8M in the second quarter of Fiscal 2020, contrast to $0.0M in the second quarter last year. Adjusted for the excluded items in both periods, second quarter earnings from continuing operations were $2.5M, or $0.15 earnings per share, in Fiscal 2020, contrast to a loss from continuing operations of ($0.2)M, or ($0.01) loss per share, last year.
Cash, Borrowings and Inventory
Cash and cash equivalents at August 3, 2019, were $58.0M, contrast with $49.8M at August 4, 2018. Total debt at the end of the second quarter of Fiscal 2020 was $75.1M contrast with $83.3M at the end of last year’s second quarter, a decrease of 10%. Inventories increased 2% in the second quarter of Fiscal 2020 on a year-over-year basis.
Capital Expenditures and Store Activity
For the second quarter, capital expenditures were $7M, which consisted of $6M related to store remodels and new stores and $1M related to direct-to-consumer, omnichannel, information technology, distribution center and other projects. Depreciation and amortization was $12M. During the quarter, the Company opened two new stores and closed 12 stores. The Company ended the quarter with 1,494 stores contrast with 1,532 stores at the end of the second quarter last year, or a decrease of 2%. Square footage was down 2% on a year-over-year basis.
For the second quarter of Fiscal 2020, the Company repurchased 1,610,705 shares for about $68.1M at an average price of $42.29 per share, as part of a $100M share repurchase program accepted by the Board of Directors in May 2019. For the third quarter of Fiscal 2020 through last Friday, August 30, 2019, the Company has repurchased 857,750 shares for about $30.0M at an average price of $34.98 per share, which almost exhausts the current $100M repurchase authorization.
Its earnings per share (EPS) expected to touch remained 26.60% for this year while earning per share for the next 5-years is expected to reach at 10.00%. GCO has a gross margin of 47.30% and an operating margin of 5.00% while its profit margin remained -2.30% for the last 12 months. According to the most recent quarter its current ratio was 1.4 that represents company’s ability to meet its current financial obligations. The price moved ahead of -1.10% from the mean of 20 days, 0.48% from mean of 50 days SMA and performed -6.02% from mean of 200 days price. Company’s performance for the week was 1.44%, 5.94% for month and YTD performance remained -11.06%.