GENESCO ANNOUNCES $100 MILLION INCREASE TO ITS SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

Genesco Inc. (NYSE: GCO) has increased its share repurchase authorization by $100 million, following a previous $100 million program initiated in September 2019. To date, approximately 1.72 million shares have been repurchased at a cost of about $99 million, with an average price of $57.49 per share. In fiscal 2022 alone, the company bought back 1.36 million shares for $82.8 million. Overall, since December 2018, Genesco has repurchased around 7 million shares for a total of $324 million.

Positive

• New $100 million increase in share repurchase authorization improves shareholder value.
• 34% of shares outstanding have been bought back since December 2018.
• Repurchases during fiscal 2022 enhance earnings per share (EPS) potential.

Negative

• None.

NASHVILLE, Tenn., Feb. 7, 2022 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) announced today that its board of directors has authorized a $100 million increase to its existing $100 million share repurchase authorization.

Under Genesco's existing $100 million share repurchase authorization announced in September 2019, the Company has repurchased roughly 1.72 million shares at a total cost of approximately $99.0 million, at an average price of $57.49 per share, leaving remaining authorization of $1.0 million under the existing program.

During the fourth quarter of fiscal 2022, the Company repurchased approximately 840,000 shares for a total cost of approximately $52.2 million, at an average price of $62.22 per share. Full-year fiscal 2022 repurchases total approximately 1.36 million shares at a cost of approximately $82.8 million, at an average price of $60.88 per share. Additionally, thus far in fiscal 2023, the Company has repurchased approximately 93,000 shares for a total cost of approximately $5.8 million, at an average price of $63.05 per share.

Since December 2018, the Company has repurchased an aggregate of approximately 7.0 million shares at a total cost of approximately $324 million, at an average price of $46.34 per share. These shares represent more than 34% of the shares outstanding at the start of these purchases.

The new authorization is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, private transactions, block trades, or otherwise, or by any combination of such methods, in accordance with SEC and other applicable legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at the Company's discretion.

About Genesco Inc.
Genesco Inc., a Nashville-based specialty retail and branded company, sells footwear and accessories in more than 1,430 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk, www.johnstonmurphy.com, www.johnstonmurphy.ca, www.nashvilleshoewarehouse.com, and www.dockersshoes.com. In addition, Genesco sells footwear at wholesale under its Johnston & Murphy brand, the licensed Levi's brand, the licensed Dockers brand, the licensed Bass brand, and other brands. Genesco is committed to progress in its diversity, equity and inclusion efforts, and the Company's environmental, social and governance stewardship. For more information on Genesco and its operating divisions, please visit www.genesco.com.

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SOURCE Genesco Inc.

FAQ

What is the latest share repurchase amount authorized by Genesco (GCO)?

Genesco authorized an increase of $100 million for its share repurchase program.

How many shares has Genesco repurchased since December 2018?

Genesco has repurchased approximately 7 million shares at a total cost of about $324 million.

What was the average price per share for Genesco's repurchases in fiscal 2022?

In fiscal 2022, Genesco repurchased shares at an average price of $60.88.

How does Genesco's share repurchase affect stock performance?

The share repurchase is expected to enhance shareholder value and improve earnings per share (EPS).

When was the previous share repurchase authorization for Genesco initiated?

The previous $100 million share repurchase program was initiated in September 2019.