Scott Stoddard at Investor's Business Daily says shares of Nashville-based shoe and hat retailer Genesco are working on a "third-stage base-on-base pattern" and could take off again once the overall market starts to rise. The stock (Ticker: GCO) is up more than 50 percent in 2011.
Given how Genesco has been hitting the cover off the ball for the past several quarters, it's not surprising to see several analysts covering the company suggesting the current quarter — which will account for more than 40 percent of annual profits — will be another home run. Sam Poser at Sterne Agee has hiked his price target to $70 and says Genesco's guidance "could prove quite conservative." Genesco shares (Ticker: GCO) closed Friday's shortened session at $54.32 and are up 45 percent this year.
Meanwhile, locally based Mark Montagna at Avondale Partners thinks same-store sales could rise as much as 9 percent from a year ago while the company is dampening expectations with a range of 3 percent to 4 percent. If sales do hit that 9 percent mark, Genesco's earnings per share will easily top $1.70. The Street consensus right now is $1.58.
Charlotte-based retail holding company Cato Corp. has picked Stones River Mall to be one of the first locations for its new Versona Accessories chain, which sells women's jewelry and accessories. Cato officials recently told South Charlotte Weekly they plan to open up to 50 stores targeting higher-income women in the next year and a half.
Country singer Gary Allan and stylist Renee Layher have teamed up to open The Label, a high-end men's boutique, on 12th Avenue South near the Rumours wine bar. The store offers designer clothing as well as jewelry and furniture, much of it on an exclusive basis.
Tony Sartino, designer for celebrities such as Prince, Kings Of Leon, Bon Jovi and Goo Goo Dolls, will create custom suits, pants and shirts. Sartino resides in Los Angeles, but he will be available regularly at The Label.
Franklin-based apparel manufacturer Tom James Co. has replaced the printed catalogues and brochures its sales people tote to sales calls with electronic versions pre-loaded onto iPads. The switch has reduced the weight its 450 salespeople carry around by 15 to 20 pounds and given them access to the company's intranet and back office systems.
Virginia-based military clothing maker Atlantic Diving Supply has this month been awarded two contracts to make gear suitable for extreme cold weather situations. A chunk of the work on those contracts, which are worth a combined $43 million, will be done in Nashville. Tullahoma workers also will chip in. Check the details here and here.