Genesco Inc. Reports Fiscal 2024 Fourth Quarter and Full Year Results
- Record sales for Schuh and Johnston & Murphy in FY24.
- Sequential comp improvement at Journeys.
- E-commerce sales increased by 5% in Q4.
- Net sales decreased by 2.5% in FY24.
- Comps were down by 4% in FY24.
- GAAP EPS from continuing operations was $1.84 in Q4.
- GAAP EPS from continuing operations was ($2.10) for FY24.
- Non-GAAP EPS was $2.59 in Q4.
- Non-GAAP EPS was $0.561 for FY24.
- Net sales decreased by 2.5% in FY24.
- Comps were down by 4% in FY24.
- GAAP EPS from continuing operations was ($2.10) for FY24.
Insights
Genesco Inc.'s report indicates a nuanced fiscal performance with both positive and negative elements. The 2% year-over-year increase in net sales for Q4FY24, despite a 4% decrease in comparable sales, suggests a resilience in certain segments, notably e-commerce which grew by 5%. However, the overall decrease in net sales for FY24 by 2.5% and significant declines in GAAP EPS from continuing operations highlight underlying challenges in the retail sector, particularly for the Journeys Group.
Moreover, the company's strategic closures of 94 Journeys stores in FY24, with plans for up to 50 more in FY25, combined with a targeted increase in annualized cost reductions to $45-$50 million, reflect a shift towards operational efficiency and cost management. These measures are likely an attempt to stabilize the company's financial position and maintain profitability in a competitive market.
The mixed financial results and conservative outlook for FY25, with an expected decrease in total sales of 2-3% and a modest adjusted EPS projection, suggest that investors may need to brace for continued volatility. The company's stock performance will likely be influenced by its ability to execute cost-saving measures and adapt to shifting consumer preferences.
The reported shift in consumer shopping behavior, with a noted decline in boot sales, reflects broader trends in the fashion footwear industry. Genesco's focus on e-commerce, which now represents 27% of retail sales, aligns with the industry-wide pivot towards digital channels. This strategic emphasis on online sales could be a critical factor in driving future revenue growth, given the increased importance of omnichannel retailing.
Despite the overall sales decrease, record sales for Schuh and Johnston & Murphy indicate that certain brands within Genesco's portfolio are outperforming others. This could point to a divergence in brand performance and the need for differentiated strategies to capitalize on the strengths of each brand.
The company's outlook for FY25, which anticipates headwinds in the first half of the year, suggests that Genesco is still in the midst of navigating a complex retail environment. The ability to adjust core product assortments and respond to consumer demand will be critical for Genesco's success in the coming fiscal year.
Genesco's results reflect the ongoing challenges faced by brick-and-mortar retailers in adapting to a rapidly evolving consumer landscape. The 17% decrease in inventories year-over-year is indicative of a strategic move to align stock levels with anticipated demand, which is particularly important in the context of decreased store sales.
The company's capital expenditures on digital and omnichannel initiatives demonstrate a commitment to enhancing the customer experience across multiple platforms. The reduction in square footage and store count, while indicative of the retail sector's contraction, also suggests a strategic optimization of Genesco's physical presence to better align with consumer shopping habits.
Genesco's performance must be contextualized within the broader retail landscape, where consumer preferences are increasingly shifting towards online shopping and away from traditional retail formats. The company's ability to navigate this shift, optimize its product mix and effectively manage inventory and costs will be critical in determining its future trajectory.
Johnston & Murphy and Schuh Achieved Record Sales in FY24
Journeys Delivered Another Quarter of Sequential Comp Improvement
Fourth Quarter E-Commerce Sales Increased
Fourth Quarter Fiscal 2024 Financial Summary
-
Net sales of
$739 million 2% compared to Q4FY23 (13 weeks) -
Comps down
4% , with stores down7% and direct up5% -
E-commerce sales represented
27% of retail sales compared to25% last year -
GAAP EPS from continuing operations was
$1.84 $3.23 -
Non-GAAP EPS from continuing operations was
$2.59 $3.06
Fiscal 2024 Financial Summary
-
Net sales of
$2.3 billion 2.5% compared to FY23 (52 weeks) -
Comps down
4% , with stores down7% and direct up8% -
E-commerce sales represented
23% of retail sales compared to20% last year -
GAAP EPS from continuing operations was (
$2.10 $5.69 -
Non-GAAP EPS from continuing operations was
$0.56 $5.59
Mimi E. Vaughn, Genesco’s Board Chair, President and Chief Executive Officer, said, “Our Fiscal 2024 results reflect the significant shift we’ve seen in our Journeys consumer’s shopping behavior. The year began with a very challenging start, and we reacted quickly to implement strategies that drove sequential improvement in Journeys comp every quarter of the year. Although the Holiday season started off positively, consumers subsequently shopped almost exclusively for key footwear items with a notable shift away from boots, putting more pressure on our core product assortment than we anticipated at the beginning of Q4. At the same time, we delivered another year of record sales for Schuh and Johnston & Murphy.”
__________________________
1Excludes a charge for severance and asset impairments, partially offset by an insurance gain, net of tax effect in the fourth quarter and year of Fiscal 2024 (“Excluded Items”). A reconciliation of earnings (loss) and earnings (loss) per share from continuing operations in accordance with |
Vaughn continued, “As we move into Fiscal 2025, we have more work to do to meet the needs of our changing consumer. We have an outstanding team in place at Journeys with both an experienced new leader and new chief merchant, a unique proposition as the destination for teen fashion footwear and the tremendous support of our brand partners to accomplish this. Given our strong track record of turning businesses around in challenging times, an even greater call to action to accelerate the pace of Journeys improvement and initiatives already underway, we are well positioned to unlock Journeys’ considerable earnings potential and value.”
Thomas A. George, Genesco’s Chief Financial Officer, commented, "Although we faced a difficult operating environment in the fourth quarter, we delivered sales largely in line with our most recent guidance and better-than-expected gross margin. However, the earnings impact from unusually disruptive winter storms, along with higher than anticipated expenses at Journeys drove bottom line results below our most recent expectations. Looking ahead, while we are taking urgent actions to improve our core product assortment, we expect the current sales dynamic to remain a significant headwind in the first half of Fiscal 2025 and have factored that into our outlook.”
Fourth Quarter Review
Net sales for the fourth quarter (14 weeks) increased
Comparable Sales |
||
|
|
|
Comparable Same Store and Direct Sales: |
4QFY24 |
4QFY23 |
Journeys Group |
(5)% |
(1)% |
Schuh Group |
(5)% |
|
Johnston & Murphy Group |
|
|
Total Genesco Comparable Sales |
(4)% |
|
Same Store Sales |
(7)% |
|
Comparable Direct Sales |
|
|
The overall sales increase of
Fourth quarter gross margin this year was
Selling and administrative expense for the fourth quarter this year increased 170 basis points as a percentage of sales compared with last year. Adjusted selling and administrative expense for the fourth quarter this year also increased 170 basis points as a percentage of sales compared with last year. Approximately 60 basis points of the increase were attributable to the 53rd week. Adjusting for the 53rd week, expenses were relatively flat in absolute dollars when compared to last year, despite additional variable expenses associated with our direct sales growth, demonstrating the impact and benefit of our cost savings initiatives.
Genesco’s GAAP operating income for the fourth quarter was
The effective tax rate for the quarter was
GAAP earnings from continuing operations were
Full Year Review
Net sales for Fiscal 2024 (53 weeks) decreased
Overall sales for Fiscal 2024 compared to Fiscal 2023 decreased
Gross margin for Fiscal 2024 was
Selling and administrative expense for Fiscal 2024 increased 280 basis points as a percentage of sales compared with last year. Adjusted selling and administrative expense as a percentage of sales for Fiscal 2024 was
Genesco’s GAAP operating loss for Fiscal 2024 was
The effective tax rate was -
GAAP loss from continuing operations was
Cash, Borrowings and Inventory
Cash as of February 3, 2024 was
Capital Expenditures and Store Activity
For the fourth quarter this year, capital expenditures were
Share Repurchases
The Company did not repurchase any shares during the fourth quarter of Fiscal 2024. The Company repurchased 1,261,295 shares,
Store Closing and Cost Savings Update
- The Company closed 94 Journeys stores in Fiscal 2024 and is targeting up to 50 more closures in Fiscal 2025
-
The Company is now targeting an increased run rate of
$45 -$50 million
Fiscal 2025 Outlook
For Fiscal 2025, the Company:
-
Expects total sales to decrease
2% to3% compared to Fiscal 2024, or down1% to2% excluding the 53rd week in Fiscal 2024 -
Expects adjusted diluted earnings per share from continuing operations in the range of
$0.60 $1.00 -
Guidance assumes no further share repurchases and a tax rate of
26%
Conference Call, Management Commentary and Investor Presentation
The Company has posted detailed financial commentary and a supplemental financial presentation of fourth quarter results on its website, www.genesco.com, in the investor relations section. The Company's live conference call on March 8, 2024, at 7:30 a.m. (Central time), may be accessed through the Company's website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.
__________________________ 2A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to GAAP is included in Schedule B to this press release. |
Safe Harbor Statement
This release contains forward-looking statements, including those regarding future sales, earnings, operating income, gross margins, expenses, capital expenditures, depreciation and amortization, tax rates, store openings and closures, cost reductions, ESG progress and all other statements not addressing solely historical facts or present conditions. Forward-looking statements are usually identified by or are associated with such words as “intend,” “expect,” “feel,” “believe,” “anticipate,” “optimistic,” “confident” and similar terminology. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences. These include adjustments to projections reflected in forward-looking statements, including those resulting from weakness in store and shopping mall traffic, restrictions on operations imposed by government entities and/or landlords, changes in public safety and health requirements, and limitations on the Company’s ability to adequately staff and operate stores. Differences from expectations could also result from store closures and effects on the business as a result of civil disturbances; the level and timing of promotional activity necessary to maintain inventories at appropriate levels; our ability to pass on price increases to our customers; the imposition of tariffs on product imported by the Company or its vendors as well as the ability and costs to move production of products in response to tariffs; the Company’s ability to obtain from suppliers products that are in-demand on a timely basis and effectively manage disruptions in product supply or distribution, including disruptions as a result of pandemics or geopolitical events, including shipping disruptions in the Red Sea; unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products; our ability to renew our license agreements; impacts of the
About Genesco Inc.
Genesco Inc. (NYSE: GCO) is a footwear focused company with distinctively positioned retail and lifestyle brands and proven omnichannel capabilities offering customers the footwear they desire in engaging shopping environments, including approximately 1,340 retail stores and branded e-commerce websites. Its Journeys, Little Burgundy and Schuh brands serve teens, kids and young adults with on-trend fashion footwear that inspires youth culture in the
| GENESCO INC. | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (in thousands, except per share data) | ||||||||||||
| (Unaudited) | ||||||||||||
| Quarter 4(1) | Quarter 4(1) | |||||||||||
| Feb. 3, | % of | Jan. 28, | % of | |||||||||
|
2024 |
Net Sales |
|
2023 |
Net Sales | |||||||
| Net sales | $ |
738,950 |
100.0 |
% |
$ |
725,020 |
|
100.0 |
% |
|||
| Cost of sales |
|
396,883 |
53.7 |
% |
|
388,395 |
|
53.6 |
% |
|||
| Gross margin |
|
342,067 |
46.3 |
% |
|
336,625 |
|
46.4 |
% |
|||
| Selling and administrative expenses |
|
303,549 |
41.1 |
% |
|
285,776 |
|
39.4 |
% |
|||
| Asset impairments and other, net |
|
1,206 |
0.2 |
% |
|
1,009 |
|
0.1 |
% |
|||
| Operating income |
|
37,312 |
5.0 |
% |
|
49,840 |
|
6.9 |
% |
|||
| Other components of net periodic benefit cost |
|
149 |
0.0 |
% |
|
50 |
|
0.0 |
% |
|||
| Interest expense, net |
|
1,536 |
0.2 |
% |
|
1,312 |
|
0.2 |
% |
|||
| Earnings from continuing operations before | ||||||||||||
| income taxes |
|
35,627 |
4.8 |
% |
|
48,478 |
|
6.7 |
% |
|||
| Income tax expense |
|
15,337 |
2.1 |
% |
|
9,280 |
|
1.3 |
% |
|||
| Earnings from continuing operations |
|
20,290 |
2.7 |
% |
|
39,198 |
|
5.4 |
% |
|||
| Gain (loss) from discontinued operations, net of tax(2) |
|
6,899 |
0.9 |
% |
|
(249 |
) |
0.0 |
% |
|||
| Net Earnings | $ |
27,189 |
3.7 |
% |
$ |
38,949 |
|
5.4 |
% |
|||
| Basic earnings per share: | ||||||||||||
| Before discontinued operations | $ |
1.86 |
$ |
3.29 |
|
|||||||
| Net earnings | $ |
2.49 |
$ |
3.27 |
|
|||||||
| Diluted earnings per share: | ||||||||||||
| Before discontinued operations | $ |
1.84 |
$ |
3.23 |
|
|||||||
| Net earnings | $ |
2.47 |
$ |
3.21 |
|
|||||||
| Weighted-average shares outstanding: | ||||||||||||
| Basic |
|
10,911 |
|
11,914 |
|
|||||||
| Diluted |
|
11,025 |
|
12,124 |
|
|||||||
| (1) Quarter 4 for the 14-week period ended February 3, 2024 and the 13-week period ended January 28, 2023. | ||||||||||||
| (2) The gain from discontinued operations for the fourth quarter of Fiscal 2024 includes a |
||||||||||||
| GENESCO INC. | |||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| (Unaudited) | |||||||||||||
| Fiscal Year Ended(1) | Fiscal Year Ended(1) | ||||||||||||
| Feb. 3, | % of | Jan. 28, | % of | ||||||||||
|
2024 |
Net Sales |
|
2023 |
Net Sales | ||||||||
| Net sales | $ |
2,324,624 |
|
100.0 |
% |
$ |
2,384,888 |
|
100.0 |
% |
|||
| Cost of sales |
|
1,225,804 |
|
52.7 |
% |
|
1,248,698 |
|
52.4 |
% |
|||
| Gross margin |
|
1,098,820 |
|
47.3 |
% |
|
1,136,190 |
|
47.6 |
% |
|||
| Selling and administrative expenses |
|
1,082,040 |
|
46.5 |
% |
|
1,042,094 |
|
43.7 |
% |
|||
| Goodwill impairment |
|
28,453 |
|
1.2 |
% |
|
- |
|
0.0 |
% |
|||
| Asset impairments and other, net |
|
1,787 |
|
0.1 |
% |
|
855 |
|
0.0 |
% |
|||
| Operating income (loss) |
|
(13,460 |
) |
-0.6 |
% |
|
93,241 |
|
3.9 |
% |
|||
| Other components of net periodic benefit cost |
|
537 |
|
0.0 |
% |
|
248 |
|
0.0 |
% |
|||
| Interest expense, net |
|
7,777 |
|
0.3 |
% |
|
2,920 |
|
0.1 |
% |
|||
| Earnings (loss) from continuing operations before | |||||||||||||
| income taxes |
|
(21,774 |
) |
-0.9 |
% |
|
90,073 |
|
3.8 |
% |
|||
| Income tax expense |
|
1,854 |
|
0.1 |
% |
|
17,831 |
|
0.7 |
% |
|||
| Earnings (loss) from continuing operations |
|
(23,628 |
) |
-1.0 |
% |
|
72,242 |
|
3.0 |
% |
|||
| Gain (loss) from discontinued operations, net of tax |
|
6,801 |
|
0.3 |
% |
|
(327 |
) |
0.0 |
% |
|||
| Net Earnings (Loss) | $ |
(16,827 |
) |
-0.7 |
% |
$ |
71,915 |
|
3.0 |
% |
|||
| Basic earnings (loss) per share: | |||||||||||||
| Before discontinued operations | $ |
(2.10 |
) |
$ |
5.80 |
|
|||||||
| Net earnings (loss) | $ |
(1.50 |
) |
$ |
5.77 |
|
|||||||
| Diluted earnings (loss) per share: | |||||||||||||
| Before discontinued operations | $ |
(2.10 |
) |
$ |
5.69 |
|
|||||||
| Net earnings (loss) | $ |
(1.50 |
) |
$ |
5.66 |
|
|||||||
| Weighted-average shares outstanding: | |||||||||||||
| Basic |
|
11,243 |
|
|
12,457 |
|
|||||||
| Diluted |
|
11,243 |
|
|
12,707 |
|
|||||||
| (1) Fiscal 2024 for the 53-week period ended February 3, 2024 and Fiscal 2023 for the 52-week period ended January 28, 2023. | |||||||||||||
| GENESCO INC. | |||||||||||||
| Sales/Earnings Summary by Segment | |||||||||||||
| (in thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Quarter 4(1) | Quarter 4(1) | ||||||||||||
| Feb. 3, | % of | Jan. 28, | % of | ||||||||||
|
2024 |
Net Sales |
|
2023 |
Net Sales | ||||||||
| Sales: | |||||||||||||
| Journeys Group | $ |
455,003 |
|
61.6 |
% |
$ |
465,807 |
|
64.2 |
% |
|||
| Schuh Group |
|
146,131 |
|
19.8 |
% |
|
137,516 |
|
19.0 |
% |
|||
| Johnston & Murphy Group |
|
97,623 |
|
13.2 |
% |
|
89,311 |
|
12.3 |
% |
|||
| Genesco Brands Group |
|
40,193 |
|
5.4 |
% |
|
32,386 |
|
4.5 |
% |
|||
| Net Sales | $ |
738,950 |
|
100.0 |
% |
$ |
725,020 |
|
100.0 |
% |
|||
| Operating Income (Loss): | |||||||||||||
| Journeys Group | $ |
32,337 |
|
7.1 |
% |
$ |
43,169 |
|
9.3 |
% |
|||
| Schuh Group |
|
9,325 |
|
6.4 |
% |
|
12,341 |
|
9.0 |
% |
|||
| Johnston & Murphy Group |
|
6,136 |
|
6.3 |
% |
|
7,108 |
|
8.0 |
% |
|||
| Genesco Brands Group |
|
(267 |
) |
-0.7 |
% |
|
(3,229 |
) |
-10.0 |
% |
|||
| Corporate and Other(2) |
|
(10,219 |
) |
-1.4 |
% |
|
(9,549 |
) |
-1.3 |
% |
|||
| Operating income |
|
37,312 |
|
5.0 |
% |
|
49,840 |
|
6.9 |
% |
|||
| Other components of net periodic benefit cost |
|
149 |
|
0.0 |
% |
|
50 |
|
0.0 |
% |
|||
| Interest, net |
|
1,536 |
|
0.2 |
% |
|
1,312 |
|
0.2 |
% |
|||
| Earnings from continuing operations before | |||||||||||||
| income taxes |
|
35,627 |
|
4.8 |
% |
|
48,478 |
|
6.7 |
% |
|||
| Income tax expense |
|
15,337 |
|
2.1 |
% |
|
9,280 |
|
1.3 |
% |
|||
| Earnings from continuing operations |
|
20,290 |
|
2.7 |
% |
|
39,198 |
|
5.4 |
% |
|||
| Gain (loss) from discontinued operations, net of tax |
|
6,899 |
|
0.9 |
% |
|
(249 |
) |
0.0 |
% |
|||
| Net Earnings | $ |
27,189 |
|
3.7 |
% |
$ |
38,949 |
|
5.4 |
% |
|||
| (1) Quarter 4 for the 14-week period ended February 3, 2024 and the 13-week period ended January 28, 2023. | |||||||||||||
| (2) Includes a |
|||||||||||||
| GENESCO INC. | |||||||||||||
| Sales/Earnings Summary by Segment | |||||||||||||
| (in thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Fiscal Year Ended(1) | Fiscal Year Ended(1) | ||||||||||||
| Feb. 3, | % of | Jan. 28, | % of | ||||||||||
|
2024 |
Net Sales |
|
2023 |
Net Sales | ||||||||
| Sales: | |||||||||||||
| Journeys Group | $ |
1,363,835 |
|
58.7 |
% |
$ |
1,482,203 |
|
62.1 |
% |
|||
| Schuh Group |
|
480,164 |
|
20.7 |
% |
|
432,002 |
|
18.1 |
% |
|||
| Johnston & Murphy Group |
|
339,446 |
|
14.6 |
% |
|
314,759 |
|
13.2 |
% |
|||
| Genesco Brands Group |
|
141,179 |
|
6.1 |
% |
|
155,924 |
|
6.5 |
% |
|||
| Net Sales | $ |
2,324,624 |
|
100.0 |
% |
$ |
2,384,888 |
|
100.0 |
% |
|||
| Operating Income (Loss): | |||||||||||||
| Journeys Group | $ |
11,072 |
|
0.8 |
% |
$ |
94,404 |
|
6.4 |
% |
|||
| Schuh Group |
|
21,435 |
|
4.5 |
% |
|
17,601 |
|
4.1 |
% |
|||
| Johnston & Murphy Group |
|
16,314 |
|
4.8 |
% |
|
14,364 |
|
4.6 |
% |
|||
| Genesco Brands Group |
|
(8 |
) |
0.0 |
% |
|
(678 |
) |
-0.4 |
% |
|||
| Corporate and Other(2) |
|
(33,820 |
) |
-1.5 |
% |
|
(32,450 |
) |
-1.4 |
% |
|||
| Goodwill Impairment |
|
(28,453 |
) |
-1.2 |
% |
|
- |
|
0.0 |
% |
|||
| Operating income (loss) |
|
(13,460 |
) |
-0.6 |
% |
|
93,241 |
|
3.9 |
% |
|||
| Other components of net periodic benefit cost |
|
537 |
|
0.0 |
% |
|
248 |
|
0.0 |
% |
|||
| Interest, net |
|
7,777 |
|
0.3 |
% |
|
2,920 |
|
0.1 |
% |
|||
| Earnings (loss) from continuing operations before | |||||||||||||
| income taxes |
|
(21,774 |
) |
-0.9 |
% |
|
90,073 |
|
3.8 |
% |
|||
| Income tax expense |
|
1,854 |
|
0.1 |
% |
|
17,831 |
|
0.7 |
% |
|||
| Earnings (loss) from continuing operations |
|
(23,628 |
) |
-1.0 |
% |
|
72,242 |
|
3.0 |
% |
|||
| Gain (loss) from discontinued operations, net of tax |
|
6,801 |
|
0.3 |
% |
|
(327 |
) |
0.0 |
% |
|||
| Net Earnings (Loss) | $ |
(16,827 |
) |
-0.7 |
% |
$ |
71,915 |
|
3.0 |
% |
|||
| (1) Fiscal 2024 for the 53-week period ended February 3, 2024 and Fiscal 2023 for the 52-week period ended January 28, 2023. | |||||||||||||
| (2) Includes a |
|||||||||||||
| GENESCO INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
| Assets | ||||||||
| Cash | $ |
35,155 |
$ |
47,990 |
||||
| Accounts receivable |
|
53,618 |
|
40,818 |
||||
| Inventories |
|
378,967 |
|
458,017 |
||||
| Other current assets |
|
39,611 |
|
25,844 |
||||
| Total current assets |
|
507,351 |
|
572,669 |
||||
| Property and equipment |
|
240,266 |
|
233,733 |
||||
| Operating lease right of use assets |
|
436,896 |
|
470,991 |
||||
| Goodwill and other intangibles |
|
36,815 |
|
65,553 |
||||
| Non-current prepaid income taxes |
|
56,839 |
|
54,111 |
||||
| Other non-current assets |
|
51,723 |
|
59,369 |
||||
| Total Assets | $ |
1,329,890 |
$ |
1,456,426 |
||||
| Liabilities and Equity | ||||||||
| Accounts payable | $ |
114,621 |
$ |
144,998 |
||||
| Current portion operating lease liabilities |
|
129,189 |
|
134,458 |
||||
| Other current liabilities |
|
75,727 |
|
81,327 |
||||
| Total current liabilities |
|
319,537 |
|
360,783 |
||||
| Long-term debt |
|
34,682 |
|
44,858 |
||||
| Long-term operating lease liabilities |
|
359,073 |
|
401,113 |
||||
| Other long-term liabilities |
|
45,396 |
|
42,706 |
||||
| Equity |
|
571,202 |
|
606,966 |
||||
| Total Liabilities and Equity | $ |
1,329,890 |
$ |
1,456,426 |
||||
| GENESCO INC. | ||||||||||
| Store Count Activity | ||||||||||
| Balance | Balance | Balance | ||||||||
| 01/29/22 | Open | Close | 01/28/23 | Open | Close | 02/03/24 | ||||
| Journeys Group | 1,135 |
22 |
27 |
1,130 |
27 |
94 |
1,063 |
|||
| Schuh Group | 123 |
4 |
5 |
122 |
3 |
3 |
122 |
|||
| Johnston & Murphy Group | 167 |
2 |
11 |
158 |
2 |
4 |
156 |
|||
| Total Retail Stores | 1,425 |
28 |
43 |
1,410 |
32 |
101 |
1,341 |
|||
| GENESCO INC. | ||||||
| Store Count Activity | ||||||
| Balance | Balance | |||||
| 10/28/23 | Open | Close | 02/03/24 | |||
| Journeys Group | 1,080 |
3 |
20 |
1,063 |
||
| Schuh Group | 124 |
1 |
3 |
122 |
||
| Johnston & Murphy Group | 156 |
1 |
1 |
156 |
||
| Total Retail Stores | 1,360 |
5 |
24 |
1,341 |
||
| GENESCO INC. | ||||||||
| Comparable Sales(1) | ||||||||
| Quarter 4 | Fiscal Year Ended | |||||||
| Feb. 3, | Jan. 28, | Feb. 3, | Jan. 28, | |||||
2024 |
2023 |
2024 |
2023 |
|||||
| Journeys Group |
- |
- |
- |
NA | ||||
| Schuh Group |
- |
|
|
NA | ||||
| Johnston & Murphy Group |
|
|
|
NA | ||||
| Total Comparable Sales |
- |
|
- |
NA | ||||
| Same Store Sales |
- |
|
- |
NA | ||||
| Comparable Direct Sales |
|
|
|
|
||||
| (1) As a result of store closures in response to the COVID-19 pandemic during the first quarter of Fiscal 2022, and the Company's policy of removing any store closed for seven consecutive days from comparable sales, the Company did not include comparable sales for Fiscal 2023, except for comparable direct sales, as it felt that overall sales was a more meaningful metric last year. | ||||||||
| Schedule B | ||||||||||||||||||||
| Genesco Inc. | ||||||||||||||||||||
| Adjustments to Reported Earnings from Continuing Operations | ||||||||||||||||||||
| Three Months Ended February 3, 2024 and January 28, 2023 | ||||||||||||||||||||
| The Company believes that disclosure of earnings and earnings per share from continuing operations and operating income adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, especially in light of the impact of such items on the results. | ||||||||||||||||||||
| Quarter 4(1) | Quarter 4(1) | |||||||||||||||||||
| February 3, 2024 | January 28, 2023 | |||||||||||||||||||
| Net of | Per Share | Net of | Per Share | |||||||||||||||||
| In Thousands (except per share amounts) | Pretax | Tax | Amounts | Pretax | Tax | Amounts | ||||||||||||||
| Earnings from continuing operations, as reported | $ |
20,290 |
|
$ |
1.84 |
|
$ |
39,198 |
|
$ |
3.23 |
|
||||||||
| Asset impairments and other adjustments: | ||||||||||||||||||||
| Asset impairment charges | $ |
378 |
|
|
272 |
|
|
0.03 |
|
$ |
1,009 |
|
729 |
|
|
0.06 |
|
|||
| Goodwill impairment |
|
- |
|
|
24 |
|
|
0.00 |
|
|
- |
|
- |
|
|
0.00 |
|
|||
| Severance |
|
1,095 |
|
|
820 |
|
|
0.08 |
|
|
- |
|
- |
|
|
0.00 |
|
|||
| Insurance gain |
|
(267 |
) |
|
(200 |
) |
|
(0.02 |
) |
|
- |
|
- |
|
|
0.00 |
|
|||
| Fees related to shareholder activist |
|
- |
|
|
- |
|
|
0.00 |
|
|
- |
|
(5 |
) |
|
0.00 |
|
|||
| Expenses related to new HQ building |
|
- |
|
|
- |
|
|
0.00 |
|
|
112 |
|
100 |
|
|
0.01 |
|
|||
| Total asset impairments and other adjustments | $ |
1,206 |
|
|
916 |
|
|
0.09 |
|
$ |
1,121 |
|
824 |
|
|
0.07 |
|
|||
| Income tax expense adjustments: | ||||||||||||||||||||
| Other tax items |
|
7,313 |
|
|
0.66 |
|
|
(2,939 |
) |
|
(0.24 |
) |
||||||||
| Total income tax expense adjustments |
|
7,313 |
|
|
0.66 |
|
|
(2,939 |
) |
|
(0.24 |
) |
||||||||
| Adjusted earnings from continuing operations (2) and (3) | $ |
28,519 |
|
$ |
2.59 |
|
$ |
37,083 |
|
$ |
3.06 |
|
||||||||
| (1) Quarter 4 for the 14-weeks ended February 3, 2024 and the 13-weeks ended January 28, 2023. | ||||||||||||||||||||
| (2) The adjusted tax rate for the fourth quarter of Fiscal 2024 and 2023 is |
||||||||||||||||||||
| (3) EPS reflects 11.0 million and 12.1 million share count for the fourth quarter of Fiscal 2024 and 2023, respectively, which includes common stock equivalents in both periods. | ||||||||||||||||||||
| Genesco Inc. | ||||||||||
| Adjustments to Reported Operating Income and Selling and Administrative Expenses | ||||||||||
| Three Months Ended February 3, 2024 and January 28, 2023 | ||||||||||
| Quarter 4 - February 3, 2024 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
32,337 |
|
$ |
- |
|
$ |
32,337 |
|
|
| Schuh Group |
|
9,325 |
|
|
- |
|
|
9,325 |
|
|
| Johnston & Murphy Group |
|
6,136 |
|
|
- |
|
|
6,136 |
|
|
| Genesco Brands Group |
|
(267 |
) |
|
- |
|
|
(267 |
) |
|
| Corporate and Other |
|
(10,219 |
) |
|
1,206 |
|
|
(9,013 |
) |
|
| Total Operating Income | $ |
37,312 |
|
$ |
1,206 |
|
$ |
38,518 |
|
|
| % of sales |
|
5.0 |
% |
|
5.2 |
% |
||||
| Quarter 4 - January 28, 2023 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
43,169 |
|
$ |
- |
|
$ |
43,169 |
|
|
| Schuh Group |
|
12,341 |
|
|
- |
|
|
12,341 |
|
|
| Johnston & Murphy Group |
|
7,108 |
|
|
- |
|
|
7,108 |
|
|
| Genesco Brands Group |
|
(3,229 |
) |
|
- |
|
|
(3,229 |
) |
|
| Corporate and Other |
|
(9,549 |
) |
|
1,121 |
|
|
(8,428 |
) |
|
| Total Operating Income | $ |
49,840 |
|
$ |
1,121 |
|
$ |
50,961 |
|
|
| % of sales |
|
6.9 |
% |
|
7.0 |
% |
||||
| Quarter 4 | ||||||||||
| In Thousands | Feb. 3, 2024 | Jan. 28, 2023 | ||||||||
| Selling and administrative expenses, as reported | $ |
303,549 |
|
$ |
285,776 |
|
||||
| Expenses related to new HQ building |
|
- |
|
|
(112 |
) |
||||
| Total adjustments |
|
- |
|
|
(112 |
) |
||||
| Adjusted selling and administrative expenses | $ |
303,549 |
|
$ |
285,664 |
|
||||
| % of sales |
|
41.1 |
% |
|
39.4 |
% |
||||
| Schedule B | |||||||||||||||||||||
| Genesco Inc. | |||||||||||||||||||||
| Adjustments to Reported Earnings (Loss) from Continuing Operations | |||||||||||||||||||||
| Fiscal Year Ended February 3, 2024 and January 28, 2023 | |||||||||||||||||||||
| The Company believes that disclosure of earnings (loss) and earnings (loss) per share from continuing operations and operating income (loss) adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, especially in light of the impact of such items on the results. | |||||||||||||||||||||
| Fiscal Year Ended(1) | Fiscal Year Ended(1) | ||||||||||||||||||||
| February 3, 2024 | January 28, 2023 | ||||||||||||||||||||
| Net of | Per Share | Net of | Per Share | ||||||||||||||||||
| In Thousands (except per share amounts) | Pretax | Tax | Amounts | Pretax | Tax | Amounts | |||||||||||||||
| Earnings (loss) from continuing operations, as reported | $ |
(23,628 |
) |
($ |
2.10 |
) |
$ |
72,242 |
|
$ |
5.69 |
|
|||||||||
| Asset impairments and other adjustments: | |||||||||||||||||||||
| Asset impairment charges | $ |
959 |
|
|
718 |
|
|
0.07 |
|
$ |
1,550 |
|
|
1,183 |
|
|
0.09 |
|
|||
| Goodwill impairment |
|
28,453 |
|
|
21,882 |
|
|
1.93 |
|
|
- |
|
|
- |
|
|
0.00 |
|
|||
| Severance |
|
1,095 |
|
|
820 |
|
|
0.07 |
|
|
- |
|
|
- |
|
|
0.00 |
|
|||
| Insurance gain |
|
(267 |
) |
|
(200 |
) |
|
(0.02 |
) |
|
- |
|
|
- |
|
|
0.00 |
|
|||
| Impact of additional dilutive shares |
|
- |
|
|
- |
|
|
0.02 |
|
|
- |
|
|
- |
|
|
0.00 |
|
|||
| Gain on pension termination |
|
- |
|
|
- |
|
|
0.00 |
|
|
(695 |
) |
|
(525 |
) |
|
(0.04 |
) |
|||
| Expenses related to new HQ building |
|
- |
|
|
- |
|
|
0.00 |
|
|
2,657 |
|
|
2,005 |
|
|
0.16 |
|
|||
| Total asset impairments and other adjustments | $ |
30,240 |
|
|
23,220 |
|
|
2.07 |
|
$ |
3,512 |
|
|
2,663 |
|
|
0.21 |
|
|||
| Income tax expense adjustments: | |||||||||||||||||||||
| Tax impact share based awards |
|
1,059 |
|
|
0.09 |
|
|
(635 |
) |
|
(0.05 |
) |
|||||||||
| Other tax items |
|
5,735 |
|
|
0.50 |
|
|
(3,188 |
) |
|
(0.26 |
) |
|||||||||
| Total income tax expense adjustments |
|
6,794 |
|
|
0.59 |
|
|
(3,823 |
) |
|
(0.31 |
) |
|||||||||
| Adjusted earnings from continuing operations (2) and (3) | $ |
6,386 |
|
$ |
0.56 |
|
$ |
71,082 |
|
$ |
5.59 |
|
|||||||||
| (1) Fiscal 2024 for the 53-weeks ended February 3, 2024 and Fiscal 2023 for the 52-weeks ended January 28, 2023. | |||||||||||||||||||||
| (2) The adjusted tax rate for Fiscal 2024 and 2023 is |
|||||||||||||||||||||
| (3) EPS reflects 11.4 million and 12.7 million share count for Fiscal 2024 and 2023, respectively, which includes common stock equivalents in both periods for adjusted earnings from continuing operations. The loss from continuing operations, as reported for Fiscal 2024, excludes common stock equivalents. | |||||||||||||||||||||
| Genesco Inc. | ||||||||||
| Adjustments to Reported Operating Income (Loss) and Selling and Administrative Expenses | ||||||||||
| Fiscal Year Ended February 3, 2024 and January 28, 2023 | ||||||||||
| Fiscal Year Ended February 3, 2024 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
11,072 |
|
$ |
- |
|
$ |
11,072 |
|
|
| Schuh Group |
|
21,435 |
|
|
- |
|
|
21,435 |
|
|
| Johnston & Murphy Group |
|
16,314 |
|
|
- |
|
|
16,314 |
|
|
| Genesco Brands Group |
|
(8 |
) |
|
- |
|
|
(8 |
) |
|
| Goodwill Impairment |
|
(28,453 |
) |
|
28,453 |
|
|
- |
|
|
| Corporate and Other |
|
(33,820 |
) |
|
1,787 |
|
|
(32,033 |
) |
|
| Total Operating Income (Loss) | $ |
(13,460 |
) |
$ |
30,240 |
|
$ |
16,780 |
|
|
| % of sales |
|
-0.6 |
% |
|
0.7 |
% |
||||
| Fiscal Year Ended January 28, 2023 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
94,404 |
|
$ |
- |
|
$ |
94,404 |
|
|
| Schuh Group |
|
17,601 |
|
|
- |
|
|
17,601 |
|
|
| Johnston & Murphy Group |
|
14,364 |
|
|
- |
|
|
14,364 |
|
|
| Genesco Brands Group |
|
(678 |
) |
|
- |
|
|
(678 |
) |
|
| Corporate and Other |
|
(32,450 |
) |
|
3,512 |
|
|
(28,938 |
) |
|
| Total Operating Income | $ |
93,241 |
|
$ |
3,512 |
|
$ |
96,753 |
|
|
| % of sales |
|
3.9 |
% |
|
4.1 |
% |
||||
| Fiscal Year Ended | ||||||||||
| In Thousands | Feb. 3, 2024 | Jan. 28, 2023 | ||||||||
| Selling and administrative expenses, as reported | $ |
1,082,040 |
|
$ |
1,042,094 |
|
||||
| Expenses related to new HQ building |
|
- |
|
|
(2,657 |
) |
||||
| Total adjustments |
|
- |
|
|
(2,657 |
) |
||||
| Adjusted selling and administrative expenses | $ |
1,082,040 |
|
$ |
1,039,437 |
|
||||
| % of sales |
|
46.5 |
% |
|
43.6 |
% |
||||
| Schedule B | |||||||||||||
| Genesco Inc. | |||||||||||||
| Adjustments to Forecasted Earnings from Continuing Operations | |||||||||||||
| Fiscal Year Ending February 1, 2025 | |||||||||||||
| In millions (except per share amounts) | High Guidance | Low Guidance | |||||||||||
| Fiscal 2025 | Fiscal 2025 | ||||||||||||
| Net of Tax | Per Share | Net of Tax | Per Share | ||||||||||
| Forecasted earnings from continuing operations | $ |
10.4 |
$ |
0.92 |
$ |
5.4 |
$ |
0.48 |
|||||
| Asset impairments and other adjustments: | |||||||||||||
| Asset impairments and other matters |
|
0.9 |
|
0.08 |
|
1.3 |
|
0.12 |
|||||
| Total asset impairments and other adjustments (1) |
|
0.9 |
|
0.08 |
|
1.3 |
|
0.12 |
|||||
| Adjusted forecasted earnings from continuing operations (2) | $ |
11.3 |
$ |
1.00 |
$ |
6.7 |
$ |
0.60 |
|||||
| (1) All adjustments are net of tax where applicable. The forecasted tax rate for Fiscal 2025 is approximately |
|||||||||||||
| (2) EPS reflects 11.3 million share count for Fiscal 2025 which includes common stock equivalents. | |||||||||||||
| This reconciliation reflects estimates and current expectations of future results. Actual results may vary materially from these expectations and estimates, for reasons including those included in the discussion of forward-looking statements elsewhere in this release. The Company disclaims any obligation to update such expectations and estimates. | |||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307614608/en/
Genesco Financial Contact
Thomas A. George
(615) 367-7465
tgeorge@genesco.com
Genesco Media Contact
Claire S. McCall
(615) 367-8283
cmccall@genesco.com
Source: Genesco Inc.
FAQ
What were the net sales for Genesco Inc. in FY24?
What was the change in e-commerce sales in Q4 FY24 compared to last year?
What was the GAAP EPS from continuing operations in Q4 FY24?
What was the Non-GAAP EPS from continuing operations for FY24?
What was the percentage change in comps for Genesco Inc. in FY24?
