Estimates Creeping Up
Since the January feature on Genesco, we have seen a few upward estimate revisions for full-year 2011. The average forecast is now $2.07, which marks a growth rate of 8%.
Next year's estimates are averaging $2.35, which is a 14% growth rate. These estimates could climb after the latest quarterly report.
Beat the Street
On March 3rd Genesco reported a 6% increase in sales, to $479 million for the fourth quarter of fiscal 2009. Net income came in just shy of $28 million, or $1.15 per share.
This beat Wall Street's expectations, as the Zacks Consensus was $1.11. This was the Genesco's fourth consecutive earnings surprise.
The Chart
Shares have surged on the earnings news but remain a good value at just over 13 times forward earnings.
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