FINANCE

Law firm investigates claims against Genesco

BY Dan Berthiaume

Nashville, Tenn. – Harwood Feffer LLP is investigating potential claims against the board of directors of Genesco Inc., concerning whether the board has breached its fiduciary duties to shareholders. On August 29, 2013, Genesco disclosed that it may be forced to restate certain financial statements due to potential violations of generally accepted accounting principles.

The investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the company, and/or committed abuses of control in connection with the foregoing. Shareholders can contact Harwood Feffer for more information.

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FINANCE

Stein Mart statements investigated

BY Dan Berthiaume

Jacksonville, Fla. – Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Stein Mart Inc. The investigation focuses on whether Stein Mart and/or certain of its officers complied with the federal securities laws when making statements to investors.

On August 22, 2013 shares of Stein Mart fell 4.3% after the company reported in a regulatory filing that the SEC is conducting an investigation. The investigation is related to the company’s restatement of prior years’ financial statements and its change in its auditors.

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Dollar General beats estimates with record results

BY Dan Berthiaume

Goodlettsville, Tenn. – Dollar General reported record net income and sales for the second quarter of this year. In addition, same-store sales growth beat analyst estimates by almost a full percentage point.

Net income increased by 15% to $245 million in the second quarter of fiscal 2013, compared to net income of $214 million in the second quarter of the prior fiscal year. Net sales increased 11.3% to $4.39 billion, compared to $3.95 billion in the second quarter of the previous year. Analysts had expected net sales of $4.36 billion.

Same-store sales increased 5.1%, compared to analyst predictions of 4.2%, with increases in both customer traffic and average transaction value. Consumables sales continued to increase at a higher rate than non-consumables in the 2013 quarter, with the most significant growth related to newly introduced tobacco products and strong sales of perishables and candy and snacks.

“We are very pleased with the increase in customer traffic in our stores,” said Rick Dreiling, Dollar General’s chairman and CEO. “We continue to grow our market share and believe that our second quarter results position us well to deliver our financial outlook for the year."

For the 2013 fiscal year, the company expects total sales to increase 10% to 11% and same-store sales to increase 4 to 5%.

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