Genesco (NYSE:GCO) Releases Quarterly Earnings Results, Beats Estimates By $0.53 EPS

Genesco (NYSE:GCO – Get Rating) announced its earnings results on Thursday. The company reported $0.44 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.53, MarketWatch Earnings reports. Genesco had a return on equity of 18.74% and a net margin of 4.74%. The business had revenue of $520.80 million for the quarter, compared to the consensus estimate of $521.05 million. During the same period in the previous year, the business earned $0.79 EPS. Genesco’s revenue was down 3.3% compared to the same quarter last year. Genesco updated its FY 2023 guidance to $7.00-$7.75 EPS and its FY23 guidance to $7.00-7.75 EPS.

Shares of GCO traded down $0.24 during trading hours on Friday, reaching $59.09. The stock had a trading volume of 327,388 shares, compared to its average volume of 192,196. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.03. Genesco has a 52 week low of $50.01 and a 52 week high of $73.72. The firm has a 50-day moving average of $63.49 and a 200 day moving average of $64.32. The company has a market cap of $806.99 million, a P/E ratio of 7.38 and a beta of 1.91.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. bought a new position in Genesco during the 1st quarter worth about $5,910,000. Morgan Stanley grew its holdings in shares of Genesco by 145.3% in the 2nd quarter. Morgan Stanley now owns 126,099 shares of the company’s stock valued at $8,030,000 after acquiring an additional 74,687 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Genesco by 2.5% in the 4th quarter. BlackRock Inc. now owns 2,327,113 shares of the company’s stock valued at $149,330,000 after acquiring an additional 55,837 shares in the last quarter. Quantedge Capital Pte Ltd grew its holdings in shares of Genesco by 99.2% in the 1st quarter. Quantedge Capital Pte Ltd now owns 71,300 shares of the company’s stock valued at $4,536,000 after acquiring an additional 35,500 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Genesco by 357.1% in the 4th quarter. Wells Fargo & Company MN now owns 33,449 shares of the company’s stock valued at $2,145,000 after acquiring an additional 26,132 shares in the last quarter. Institutional investors and hedge funds own 93.60% of the company’s stock.

Several research analysts have issued reports on the company. StockNews.com assumed coverage on Genesco in a report on Thursday, March 31st. They set a “buy” rating on the stock. TheStreet downgraded Genesco from a “b” rating to a “c+” rating in a research note on Thursday. Finally, Zacks Investment Research downgraded Genesco from a “buy” rating to a “hold” rating in a research note on Tuesday, May 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Genesco currently has a consensus rating of “Buy” and a consensus target price of $71.33.

About Genesco (Get Rating)

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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