GENESCO INC Reports Q2 Earnings for FY2024, Ending July 31 2023
September 2, 2023
🌥️Earnings Overview
GENESCO INC ($NYSE:GCO) announced their earnings for Q2 of FY2024 on August 31 2023, with total revenue of USD 523.0 million, a decrease of 2.3% compared to the same period last year. Net income was reported as USD -31.7 million, a decline from USD 7.6 million in the same quarter of the prior year.
Price History
On Thursday, GENESCO INC reported its second-quarter (Q2) financial results for Fiscal Year 2024, ending July 31 2023. The company’s stock opened at $33.4 and closed at $34.3, soaring by 17.6% from the previous closing price of $29.2. The company attributed this decline to higher expenses which included marketing, research & development, and personnel costs. In conclusion, GENESCO INC’s Q2 earnings for Fiscal Year 2024 showed a boost in revenue but were affected by increased expenses and investments. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Genesco Inc. More…
| Total Revenues | Net Income | Net Margin |
| 2.34k | 8.77 | 1.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Genesco Inc. More…
| Operations | Investing | Financing |
| -133.26 | -59.93 | -45.53 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Genesco Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.49k | 961.74 | 46.38 |
Key Ratios Snapshot
Some of the financial key ratios for Genesco Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.4% | -0.9% | 0.6% |
| FCF Margin | ROE | ROA |
| -8.4% | 1.5% | 0.6% |
Analysis
At GoodWhale, we recently conducted an analysis of GENESCO INC‘s financials. Based on our assessment using the Star Chart, GENESCO INC has a high health score of 8 out of 10. This means that the company is in a strong financial position and is capable of riding out any crisis without the risk of bankruptcy. When we examine the company’s individual metrics, we found that GENESCO INC was strong in asset health and medium in profitability and debt. However, it was weak in dividend and growth. This led us to classify GENESCO INC as an “elephant”, a type of company that is rich in assets after deducting off liabilities. Such a company may be attractive to a variety of investors. Those looking to invest for the long-term may find GENESCO INC’s strong asset health and debt metrics appealing. Meanwhile, those seeking to make short-term investments may find the company’s dividend and growth metrics promising. More…
Peers
In the world of retail, many companies compete for market share. This is especially true in the apparel industry, where companies like Genesco Inc. and Joules Group PLC strive to stay ahead of the curve. While both companies offer unique products and services, they also face stiff competition from G-III Apparel Group Ltd and Heads Up Ventures Ltd.
– Joules Group PLC ($LSE:JOUL)
Joules Group PLC is a UK-based retail company. The company sells clothing, footwear, and home accessories. The company was founded in 1989 and has over 200 stores across the UK. Joules Group PLC has a market cap of 10.2M as of 2022. The company’s ROE is 6.06%.
– G-III Apparel Group Ltd ($NASDAQ:GIII)
G-III Apparel Group, Ltd. is an American fashion company that manufactures apparel, footwear, and accessories under licensed brands, as well as our own private label brands. The company has a market cap of 755.99M as of 2022. Return on Equity (ROE) is a ratio that measures a company’s profitability by revealing how much profit a company generates with the money shareholders have invested. G-III Apparel Group, Ltd.’s ROE is 13.7%. This means that for every dollar that shareholders have invested in the company, the company has generated 13.7 cents in profit.
– Heads UP Ventures Ltd ($BSE:540210)
Heads Up Ventures Ltd is a venture capital firm that specializes in investments in early-stage companies. They are based in Hong Kong. As of 2022, the firm has a market cap of 308.71M and a Return on Equity of -11.55%. The company’s investments are focused on technology, media, and telecommunications companies in Greater China.
Summary
GENESCO Inc recently reported their earnings for Q2 FY2024, as of July 31 2023. Total revenue for the quarter was USD 523.0 million, a decrease of 2.3% year over year, and net income was USD -31.7 million, a decrease from 7.6 million in the previous year. Despite the decrease in revenue and earnings, the company’s stock price moved up on the same day. Investors may want to consider GENESCO Inc as an attractive option, as the company is poised to bounce back from its quarterly performance.
Factors such as strong management, innovative products, and attractive pricing could be key drivers for investors looking for long-term gains. It is important to do thorough research and analyze the company’s financials before investing, as GENESCO Inc could be a risky bet due to its recent dip in earnings.
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