Genesco Spent Lids Proceeds on its Own Shares
Strong cash flow in 2018 and the end of year windfall from the Lids Sports Group sale fueled a Q1 buying spree in which GCO repurchased 17% of its outstanding shares, management reported at the Baird investor conference. Genesco spent about $150 million buying back about 3 million shares, noting it still has about $70 million left on the repurchase authorization from its board. Despite the much lower denominator, the retailer declined to raise it’s per share guidance for 2019, but suggested that it was now likely to come in at the high end of its $3.35 to $3.75 range. ... Log in to view full article.