Summary: Genesco Inc.

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings on Genesco Inc. reflect Standard & Poor's Ratings Services' expectation of modest performance growth over the near term through positive same-store sales at its largest divisions, as well as meaningful contribution from acquisitions. We anticipate margins likely remaining relatively in line with current levels over the near term as gains from positive operating leverage offset increases in sourcing costs. As a result, we believe credit protection measures are likely to improve modestly over the near term. The company's weak business profile reflects its participation in the intensely competitive footwear and headwear retailing industry and substantial fashion risk. In our view, its diversified portfolio of concepts and recent stable operations partially offset those factors. Genesco performed well over the...

Companies mentioned in this report are: Genesco Inc.
Action: Review

Genesco Inc.

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