Sterne Agee Reiterates Buy Rating On Genesco

According to Sterne Agee, Genesco GCO Buy rating is reiterated. Sterne Agee said that it is forecasting 1Q12 EPS of $0.46 versus $0.42 LY and FC of $0.48. “We expect consolidated SSS of +5.1% (versus 5.0% LY). GCO gave FY12 guidance of EPS +12-15% or $2.78-$2.85; SSS+3% and total sales +8-9%; GM - 20 bps and expense leverage of 70 bps. No specific quarterly guidance was given. We believe there may be some upside to our estimates given the strong start in February (SSS +10%, ~30% of quarter), the strong trends in footwear and hats, the closure of the Sports Avenue acquisition and the potential shift of tax refunds into 1Q12 which should all be additive to sales in the quarter and for the full year.” Genesco closed yesterday at $41.12.