Home / Knowledge / News / Fashion / Genesco announces up to $100 mn share repurchase program
Genesco announces up to $100 mn share repurchase program
13
Mar '08
Genesco Inc reported operating results for the fourth quarter and fiscal year ended February 2, 2008, and announced that its board has authorized the use of up to $100 million of cash from a recent litigation settlement to repurchase Genesco common stock.

Fourth Quarter Results - The Company reported earnings from continuing operations of $4.5 million, or $0.19 per diluted share, for the fourth quarter. Earnings for the quarter included pretax expenses of $18.8 million in connection with the Company's merger-related litigation with The Finish Line Inc, UBS Securities LLC and UBS Investments LLC, retail store asset impairments and costs related to the previously announced plan to close underperforming stores.

Earnings were reduced by approximately $0.81 per diluted share in the aggregate of merger- related and store-closing costs, asset impairments and the non tax deductibility of merger-related expenses during the quarter.

For the fourth quarter ended February 3, 2007, earnings from continuing operations were $35.7 million, or $1.36 per diluted share, including a $0.6 million pretax gain, or approximately $0.01 per diluted share, primarily for recognition of gift card income and a favorable litigation settlement offset by the early termination of a licensing agreement and impairment charges. Net sales for the thirteen- week fourth quarter of fiscal 2008 were $467 million, compared to $477 million for the fourteen-week fourth quarter of fiscal 2007.

Full Year Results - For the fiscal year ended February 2, 2008, Genesco reported earnings from continuing operations of $9.4 million or $0.40 per diluted share. Earnings for the year included pretax expenses of $37.3 million in connection with the proposed Finish Line merger and related litigation, store closing costs and asset impairments, and were reduced by approximately $1.26 per diluted share by such costs and due to the non tax deductibility of merger-related expenses during the year.

For the previous fiscal year, earnings from continuing operations were $68.2 million, or $2.61 per diluted share, including a $1.1 million pretax charge, or approximately $0.03 per diluted share, primarily for asset impairments offset by gift card income, a favorable litigation settlement and the early termination of a licensing agreement. Net sales for fiscal 2008 increased 2.9% to $1.50 billion, compared to $1.46 billion for fiscal 2007.


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Tim Savage from Pexels

Textiles | On 19th Jun 2018

Da Lat begins construction of $50mn wool yarn factory

Da Lat Worsted Spinning Limited Company has begun construction of a...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Urmil Arya

Sushila International, a well established textile organisation established ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search