Genesco Q3 Profit Tops Estimates

Genesco Inc. (GCO) said its third quarter results exceeded its expectations and were well above pre-pandemic levels. The company noted that the results were fueled by an outstanding back-to-school season in the United States and United Kingdom.

Third quarter non-GAAP earnings per share from continuing operations increased to $2.36 from $0.85 last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.29, for the quarter. Analysts’ estimates typically exclude special items.

Earnings from continuing operations increased to $32.98 million from $7.48 million, prior year. Earnings per share from continuing operations increased to $2.26 from $0.52.

Net sales increased 25% to $601 million. Same store sales increased 25% over last year. Analysts on average had estimated $575.57 million in revenue.

For Fiscal 2022, the company expects: adjusted earnings per share from continuing operations in the range of $6.40 to $6.90. Analysts expect the company to report profit per share of $5.82.

Shares of Genesco were up 9% in pre-market trade on Friday.

Ian King Business Podcast: Bounce-back fraud, Turkish inflation and Glorify app funding

Today Sky’s Ian King is in conversation with the head of the National Audit Office, as the government comes under fire for failing to prevent billions of pounds worth of fraud in its bounce-back loan scheme.

He’s also discussing Turkey’s mounting economic woes, and chatting to the British entrepreneur whose Bible app Glorify has the backing of Hollywood and the Archbishop of Canterbury.

2021 Honda CB300R launch at India Bike Week confirmed

After being discontinued in the run up to the BS6 emission norms in April 2020, the Honda CB300R is set to make a comeback in the Indian market. India Bike Week (IBW) organisers have confirmed the reintroduction of the neo-retro style naked bike.

The CB300R uses a lightweight steel trellis frame. Earlier, it had a 30.45hp, 27.4Nm, 286cc, liquid cooled 4-valve single cylinder engine in BS4 spec. Interestingly, Honda has not launched a Euro 5 spec version of this motorcycle in international markets yet, which means India could be the first to get the higher BS6/Euro 5 emissions-compliant motorcycle. That also raises the question of whether Honda will now locally manufacture this motorcycle.

The BS4 model in India was a CKD import, which resulted in a rather high price of ₹ 2.41 lakh, ex-showroom, placing it just below the significantly more powerful KTM 390 Duke. However, motorcycle prices in India have risen since then, and the 390 Duke now costs close to ₹ 2.9 lakh, ex-showroom.

Honda’s premium Big Wing network has also been growing at a steady rate and dealers will be pleased to have another reasonably affordable motorcycle to sell alongside the popular H’ness CB 350 and CB 350 RS.

Maruti Suzuki Eeco gets an upgrade

Maruti Suzuki has added a front passenger airbag to the Eeco and hiked its price by ₹ 8,000. The Eeco is currently priced between ₹ 4.33 lakh and ₹ 5.68 lakh, ex-showroom, Delhi.

Except for the airbag, no other changes have been made to the Eeco. This is the second safety update for the model since 2019, when Maruti first added a driver airbag, rear parking sensors and ABS to the long-running model. The van was also upgraded to meet frontal offset crash regulations.

The introduction of the passenger airbag means Eeco will comply with more stringent safety norms introduced by the Indian government. The new regulation calls for all cars on sale to come with mandatory dual airbags from January. This rule had become applicable for all new cars being sold from April.

Powering the Eeco is Maruti’s aging 1.2-litre G12 engine which puts out 73hp and 98Nm when running on petrol, with 63hp and 85Nm when running on CNG. A 5-speed manual gearbox is standard.

The Eeco has no direct rivals as it is the only van on sale in that price range. Maruti is expected to make similar updates to the rest of its budget car range. Some of its cars currently offer a passenger airbag as an option, which could be made standard fit in the run up to 2022.

AppLovin Stock Down 8% After Pricing Secondary Offering At $83 A Share

Shares of AppLovin Corporation (APP) are slipping over 8% on Friday morning after the marketing software company priced a secondary offering at $83.00 per share.

APP is currently trading at $82.67, down $7.65 or 8.48%, on the Nasdaq. The stock has traded between $49.41 and $116.09 in the past 8 month period.

AppLovin Friday said it priced upsized offering of 7.5 million shares at $83.00 per share, with all shares offered by certain of AppLovin’s stockholders, including KKR Denali Holdings L.P.

The offering is expected to close on December 7, 2021, with all of the proceeds from the offering going to selling stockholders. AppLovin is not offering any shares of its common stock in the offering.

Herald morning quiz: December 4

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

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By Margaux Laskey