Journeys Underperformance Hampered Genesco (GCO) in Q2; Piper Affirms at 'Neutral'
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Piper Jaffray reaffirms its Neutral rating and $62 price target on Genesco (NYSE: GCO) after the company posted Q2 results and lowered FY17 outlook.
Analyst Erinn Murphy commented today,
While EPS was in line with our estimate at $0.34 (albeit ahead of the Street), sales underwhelmed during the quarter. Q2 sales were $626M--below the Street's $642M and our $636M estimate. Q2 comps were down 1% vs. the 1+% QTD trend through May 21st. That said, Journeys underperformed at -4%. Comps at Lids were flat, down 1% at Schuh and up 3% at J&M. QTD trends have started off slow with comps down 5% tied to softness in the UK as well as a fashion shift impacting Journeys.
We hope to glean more about the latter driver and the company's ability to fuel key trends from vendors in the Holiday season. With trends starting off soft during BTS, mgmt. lowered its FY17 guidance from $4.80 - $4.90 to $3.80 - $4.00. This compares to our already below-the-Street estimate of $4.70.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- PacWest Bancorp (PACW) PT Raised to $60.50 at FIG Partners Following 4Q Report
- Polaris Industries (PII) PT Raised to $85 at Stifel Ahead of 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Erinn Murphy
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!