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Bear Stearns Boots Genesco to 'Attractive'

Bear Stearns downgraded Genesco (GCO) to attractive from buy.

Analyst Dana Telsey says with Genesco facing difficult sales comparisons over the next two quarters, she feels more comfortable with the lower rating. She notes the consensus was at $0.29 for Q3, and says Journey's, which is Genesco's teen footwear chain and accounts for about 45% of total sales, is experiencing flat sales comparisons vs. +8% last year. Telsey says other units, like Johnston & Murphy and Jarman's Men's Chains, which account for 43% of total sales, are experiencing negative same-store sales declines. Telsey cut the $1.74 fiscal 2002 (January) EPS estimate to $1.58-$1.64.

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