Genesco Inc. - GCO STOCK NEWS

Genesco Inc. (NYSE: GCO) has appointed Cassandra "Sandra" Harris as Senior Vice President, Finance and Chief Financial Officer, effective October 7, 2024. Harris succeeds Thomas A. George, who will retire on December 12, 2024. Harris brings extensive experience from her previous roles, including nearly 10 years at VF where she was responsible for global business and financial strategies across more than 50 lifestyle brands.

Mimi E. Vaughn, Genesco's Board Chair, President and CEO, expressed confidence in Harris's ability to drive sustainable growth, profitability, and long-term shareholder value. Harris will oversee Genesco's accounting, financial planning and analysis, investor relations, treasury, procurement and tax functions. During the transition period, George will continue as Genesco's Principal Accounting Officer.

Genesco (NYSE: GCO) announces Fiscal 2025 Q2 results with total net sales of $525 million, up slightly from $523 million year-over-year. Comparable sales fell by 2%, but e-commerce sales increased by 8%, accounting for 22% of retail sales. Despite a GAAP EPS of ($0.91) and a Non-GAAP EPS of ($0.83), inventory decreased by 8%, and $9.3 million worth of stock was repurchased. The fiscal 2025 sales outlook has improved, with expected total sales to decrease by 1-2% or remain flat excluding the fiscal week's impact. Adjusted diluted EPS from continuing operations remains in the range of $0.60 to $1.00.

The Journeys segment saw a 4% sales increase driven by diverse product offerings and strong back-to-school demand. However, Johnston & Murphy's sales decreased by 9%. Gross margin for Q2 FY2025 was 46.8%, slightly down from 47.7% last year. Operating loss improved to $10.3 million from $38.6 million last year, while cash reserves increased to $45.9 million. The company continued its cost-saving measures, closing 12 stores and targeting annual cost reductions of $45-50 million.

Genesco Inc. (NYSE: GCO) has announced that it will release its second quarter fiscal 2025 results on September 6, 2024, before the market opens. The company will also hold a quarterly earnings conference call at 7:30 a.m. Central time on the same day. Investors and interested parties can access a live audio webcast of the conference call through Genesco's investor relations website. An audio archive of the call will be available for up to one year after the event. Additionally, a summary of the second quarter results will be accessible on the company's website on the day of the announcement.

Journeys, a leader in teen fashion footwear retail, has appointed Stacy Doren as Executive Vice President and Chief Marketing Officer of the Journeys Group, effective August 1, 2024. Doren, an accomplished global brand executive, joins Journeys after a 24-year tenure at Levi's, where she most recently served as Vice President of Levi's Americas Marketing.

In her new role, Doren will lead all marketing functions, reporting directly to Journeys Group President Andy Gray. Her expertise in consumer-centric strategies, brand-building, and aligning brands with contemporary culture is expected to strengthen Journeys' relationship with consumers and drive the company's next phase of growth and innovation.

Johnston & Murphy, an American premium lifestyle brand, has revamped its retail stores at The Mall at Short Hills, NJ, and Twelve Oaks Mall, MI. The redesigned stores feature sleek walnut slats, clean white tiles, oak floors, updated lighting, and bright finishes to create a modern and inviting atmosphere. The stores, measuring 2,000 and 1,343 square feet respectively, showcase the brand's comprehensive line of footwear, apparel, and accessories. The renovation aligns with the company's strategic decision based on rising mall foot-traffic and an increasing younger customer base. Johnston & Murphy aims to foster a modern image, evident in their 'Not Your Dad's Shoe Company' campaign. They operate 152 stores nationwide and plan further updates and expansions throughout the year.

Genesco (GCO) reported its Fiscal 2025 Q1 results, with a net sales decrease of 5% to $458 million compared to the same period last year. Comparable sales also declined by 5%, with e-commerce sales up 3% but store sales down 7%. GAAP EPS was ($2.22) and Non-GAAP EPS was ($2.10). Inventory levels dropped 17% year-over-year. The company reaffirmed its Fiscal 2025 sales and EPS outlook. Operating loss widened to $32.1 million from $23.0 million, with an adjusted operating margin loss of 6.5%. Cash reserves fell to $19.2 million from $31.8 million, while debt decreased to $59.4 million from $118.2 million. Capital expenditures were $6 million, primarily for retail and digital projects. The company closed 21 stores and plans further closures and cost savings initiatives. The outlook for Fiscal 2025 remains a decrease in total sales by 2-3% and an EPS range of $0.60 to $1.00.

Genesco (NYSE: GCO) will announce its first-quarter fiscal 2025 results on May 31, 2024, before the market opens. The company will hold a quarterly earnings conference call at 7:30 a.m. Central time the same day, accessible via a live audio webcast on their investor relations website. An audio archive of the call will be available for one year. A summary of the first-quarter results will also be posted on the Genesco website on May 31, 2024.