Regarding GCO
I was reading last week how uptrending stocks like TEVA are having shares converted and that the converted shares are diluting their earnings. That looks to also be the case with CGO as perhaps the analysts estimates would have been met without the share conversion?
Enjoy the Day Jenna! :^)
Genesco swings to quarterly loss
THURSDAY, AUGUST 21, 2003 8:34 AM
- Reuters U.S. Company News
CHICAGO, Aug 21 (Reuters) - Genesco Inc. (GCO) , a footwear and accessories retailer, on Thursday reported a quarterly loss after costs of redeeming convertible notes.
The Nashville, Tennessee-based company, whose stores include Johnston & Murphy and Jarman, said it lost $891,000, or 4 cents per share, in the second quarter ended Aug. 2, compared with a profit of $4.0 million, or 17 cents per share, a year earlier.
Excluding costs for redeeming $103 million of convertible notes, the company would have earned 3 cents per share in the latest quarter.
Analysts on average were expecting a loss of 3 cents per share, according to Reuters Research, a unit of Reuters Group Plc.
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