Genesco Inc. announced that the company is initiating a formal process to explore the sale of its Lids Sports Group business. The company believes the “best long-term interests of the company and its shareholders to focus on building upon our core footwear platform” while the Lids business is undervalued as part of Genesco.
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Activist Investors Urge Changes At Genesco
In a filing with the U.S. Securities and Exchange Commission, Legion Partners Asset Management LLC and 4010 Capital LLC said they now own a combined 5.3 percent stake in Genesco and stated they made the acquisition because they Genesco’s shares are ““undervalued and represented an attractive investment opportunity.”
Genesco Promotes Mimi Eckel Vaughn To COO
Genesco Inc. announced that Mimi Eckel Vaughn, currently the company’s senior vice president and chief financial officer, is to be named chief operating officer of the company once her successor as chief financial officer is appointed.
Genesco Sees Q4 EPS At Low End Of Guidance
Genesco Inc. reported same store sales decreased 2 percent and earnings are now expected to come in at the lower end of its recent guidance.
Jefferies Downgrades Deckers, Upgrades Genesco, Bullish On Under Armour/Foot Locker
Jefferies lowered its rating on Deckers Outdoor to “Hold” in part due to the stock’s recent run-up in price, upgraded Genesco to “Buy,” and listed Under Armour and Foot Locker among its long-term buys.
Genesco’s James Estepa To Retire
Genesco Inc. said that James C. Estepa, chief executive officer of The Journeys Group and a senior vice president of Genesco, has announced his intention to retire from his current position effective February 1, 2018.
Genesco Sees NFL’s Challenges Challenging Lids
Bob Dennis, Genesco’s CEO, said “the well-publicized challenges facing the NFL have meaningfully dampened demand for NFL licensed merchandise during the heart of football season” to impact Lids’ sales during the third quarter. Also impacting lids has been a less-favorable MLB playoff lineup, a disappointing performance this year by some key college teams, and a lack of a strong headwear trend.
Genesco Posts Steep Q3 Loss On Impairment Charge
The charge reflects the sustained decline of the company’s market value to a level below book value and underperformance relative to projected operating results, particularly in the Lids Sports Group The outlook for the year was also reduced due to a “more conservative outlook for Lids.”
Genesco Appoints Journeys President
Mario Gallione, who has most recently served as chief merchandising officer of The Journeys Group, will report to James Estepa, who will continue to serve as chief executive officer of The Journeys Group.
Genesco’s Shares Hit By Profit Warning
Shares of Genesco Inc. lost $4.35, or 17.1 percent, to close at $21.15 on Thursday after the retailer axed its earnings guidance for the year due to sluggish overall mall traffic and weak sales trends at its Lids chain.
Genesco Lowers Full-Year Guidance On Lids Weakness
Genesco Inc. reported a second-quarter loss that came in slightly below internal expectations while sharply reducing its guidance for the year due to soft sales at Lids and overall weak traffic at malls.
Genesco Sees Major Store Closings In Coming Years
Speaking at the Baird Global Consumer, Technology & Services Conference, Bob Dennis, chairman, president and CEO of Genesco, the parent of Journeys and Lids, said he expects the company will be operating “significantly fewer” stores over the next five years due to continuing declines in mall traffic.
Genesco’s Shares Plunge 23 Percent On Reduced Outlook
Shares of Genesco Inc. tumbled $10.15, or 22.8 percent, to $34.40 on Thursday after the company slashed its guidance for the year due to weak store traffic in its U.S. businesses and expectations that the turnaround at Journeys would take longer than originally estimated.
Genesco Inc. Slashes Guidance On Weak Q1
Said Robert Dennis, chairman, president and CEO, “We have adopted a more conservative outlook for store-based sales given the anemic level of mall traffic year-to-date and the more pronounced shift in consumer spending away from stores to online. Therefore, we now expect adjusted diluted earnings per share for the year in the range of $3.90 to $4.05, compared to our previously issued guidance range of $4.40 to $4.55.”
Genesco’s Q4 Boosted By Lids Profit Rebound
Lids Sports Group doubled its operating profit in the fourth quarter on an 8 percent same-store gain, offsetting weakness at Journeys due to a fashion shift.
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