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Genesco reports hike in Q4 FY'14 earnings
13
Mar '14
Genesco Inc. reported earnings from continuing operations for the 13-week period ended February 1, 2014, of $42.2 million, or $1.79 per diluted share, compared to earnings from continuing operations of $38.9 million, or $1.64 per diluted share, for the 14-week period ended February 2, 2013.  
 
Fiscal 2014 fourth quarter results reflect pretax items of $7.2 million, or $0.37 per share after tax, including $3.0 million of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited, which are required to be expensed as compensation because the payment is contingent upon the payees' continued employment; and $5.7 million for network intrusion expenses, other legal matters, a lease termination, and asset impairment charges, partially offset by a $1.5 million gain related to the change in accounting for deferred bonuses under the Company's EVA Incentive Plan announced by the Company in September 2013. 
 
Fiscal 2013 fourth quarter results reflect pre-tax items of $19.2 million, or $0.52 per diluted share after tax, primarily including network intrusion expenses, deferred purchase price expenses and asset impairments, offset by a gain of $0.2 million from the change in accounting for deferred bonuses.
 
Adjusted for the items described above in both periods, earnings from continuing operations were $51.0 million, or $2.16 per diluted share, for the fourth quarter of Fiscal 2014, compared to earnings from continuing operations of $51.4 million, or $2.16 per diluted share, for the fourth quarter of Fiscal 2013.  
 
For consistency with Fiscal 2014's previously announced earnings expectations and with previously reported adjusted results for the prior year period, the Company believes that the disclosure of the results from continuing operations adjusted for these items will be useful to investors. 
 
Click here to view full results.
 

Genesco

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