Genesco reported earnings from continuing operations for the fourth quarter ended January 30, 2016, of $46.7 million, or $2.15 per diluted share.
Article continues below
This compares to earnings from continuing operations of $51.8 million, or $2.18 per diluted share, for the fourth quarter ended January 31, 2015.
Fiscal 2016 fourth quarter results reflect a pretax gain of $3.4 million, or $0.04 per diluted share after tax, including a gain on the sale of Lids Team Sports of $7.3 million, partially offset by $3.9 million of asset impairment charges, asset write-downs and network intrusion expenses.
Fiscal 2015 fourth quarter results reflect pretax items of $1.9 million, or $0.12 per diluted share after tax, including $1.0 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited and $0.9 million in network intrusion expenses and asset impairment charges.
Adjusted for the items described above in both periods, earnings from continuing operations were $45.8 million, or $2.11 per diluted share, for the fourth quarter of Fiscal 2016, compared to earnings from continuing operations of $54.7 million, or $2.30 per diluted share, for the fourth quarter of Fiscal 2015.
Net sales for the fourth quarter of Fiscal 2016 increased 4.4% to $932 million from $893 million in the fourth quarter of Fiscal 2015.
Consolidated fourth quarter 2016 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased 4%, with a 5% increase in the Journeys Group, a 3% increase in the Lids Sports Group, a 2% decrease in the Schuh Group, and a 6% increase in the Johnston & Murphy Group.
Comparable sales for the company reflected a 2% increase in same store sales and a 21% increase in e-commerce sales.
The company also reported net sales for the year ended January 30, 2016, of $3.0 billion, an increase of 5.7% from net sales of $2.9 billion for the year ended January 31, 2015.
Earnings from continuing operations for Fiscal 2016 were $97.1 million, or $4.22 per diluted share, compared to earnings from continuing operations of $99.4 million, or $4.19 per diluted share, for Fiscal 2015.
Fiscal 2016 earnings reflect after-tax charges of $0.07 per diluted share, including $9.4 million in asset impairments, asset write-downs, network intrusion expenses, compensation expense associated with the Schuh deferred purchase price, and other legal matters, partially offset by a $7.3 million gain on the sale of Lids Team Sports.
Fiscal 2015 earnings reflect after-tax charges of $0.55 per diluted share, including, an indemnification asset write-off, network intrusion-related expenses, compensation expense associated with the Schuh deferred purchase price, effects of the change in accounting for deferred bonuses under the EVA incentive plan, asset impairments, and other legal matters, partially offset by a gain on a lease termination.
Adjusted for the listed items in both years, earnings from continuing operations were $98.6 million, or $4.29 per diluted share, for Fiscal 2016, compared to earnings from continuing operations of $112.3 million, or $4.74 per diluted share, for Fiscal 2015.
The company repurchased a total of 2.4 million shares of common stock in Fiscal 2016 at a total cost of $145 million and an average price of $60.79 per share. These purchases included 251,000 shares repurchased in the fourth quarter at a total cost of $16 million and an average price of $63.24.
Through March 4, 2016, the company had repurchased 480,500 shares at a total cost of $31 million and an average price of $64.40 in the first quarter of Fiscal 2017. ■