Genesco Inc. Reports Fiscal 2025 First Quarter Results
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.
- E-commerce sales increased by 3%.
- Inventory decreased by 17% YoY.
- Debt decreased from $118.2 million to $59.4 million.
- Reaffirmed fiscal 2025 sales and EPS outlook.
- Cost savings initiatives on track to save $45-$50 million annually.
- Operating expense in absolute dollars declined due to cost-saving measures.
- Total net sales decreased by 5%.
- Comparable store sales decreased by 7%.
- GAAP EPS was ($2.22), and Non-GAAP EPS was ($2.10).
- Operating loss increased from $23.0 million to $32.1 million.
- Cash reserves down from $31.8 million to $19.2 million.
- Adjusted operating margin was a loss of 6.5% of sales, worse than the previous year.
- Effective tax rate increased to 26.7% from 23.7%.
- No share repurchases during Q1, minimal repurchases in Q2.
Insights
Genesco Inc.'s Q1 results for fiscal 2025 reveal both strengths and challenges, which are important to assess objectively. The company reported a 5% decrease in total net sales compared to the same quarter in the previous year. This drop was attributed primarily to decreased store sales and the impact of net store closings. However, it’s noteworthy that comparable e-commerce sales increased by 3% and now represent 23% of retail sales, up from 21% last year. This shift indicates a positive trend towards online shopping, which could be a long-term growth driver.
Despite an improvement in e-commerce, the overall GAAP EPS was $-2.22 and Non-GAAP EPS was $-2.10. These figures reflect ongoing challenges in profitability, largely due to increased selling and administrative expenses as a percentage of sales. However, the company's efforts to streamline operations have led to a 17% year-over-year decrease in inventory, which is a good sign of effective inventory management.
The reaffirmation of the annual outlook is also positive. Even though the company expects a decline in total sales by 2-3% for fiscal 2025, maintaining its EPS guidance suggests that cost-saving measures and strategic initiatives are expected to stabilize profitability.
In summary, while current financials present some challenges, the company's strategic shift towards e-commerce and effective inventory management could be beneficial in the long term. Investors should closely monitor the impact of these initiatives on future profitability and sales growth.
The retail landscape for Genesco Inc. shows a mixed bag of outcomes and strategies that are worth noting. The 7% decrease in same-store sales indicates a decline in foot traffic and in-store purchases, which is a common trend in the current retail environment due to shifting consumer preferences towards online shopping. Genesco's decision to close 21 stores in the first quarter aligns with these trends, aiming to reduce costs and focus on more profitable channels.
It's also important to highlight the 3% increase in comparable e-commerce sales. This growth in online sales is significant as it indicates the company's ability to adapt to changing consumer behaviors. E-commerce now represents 23% of retail sales, a notable increase, suggesting that investments in digital and omnichannel initiatives are paying off.
However, the operating loss for the first quarter, both on a GAAP and adjusted basis, underscores the challenges in managing overhead costs amidst declining revenues. The company’s strategic focus on cost reduction, especially through store closures, seems to be a necessary step to align expenses with the current sales environment.
Looking ahead, the focus will likely remain on optimizing the store portfolio and enhancing the customer's online experience. Given the competitive nature of retail, maintaining a balance between physical and digital sales channels will be important for sustained growth.
Genesco Inc.'s first quarter performance highlights the pressing need for strategic realignment within the retail sector. The 5% decrease in total net sales and a corresponding drop in store sales underscore the persistent challenges faced by brick-and-mortar retailers. The closures of 21 stores, with plans to potentially close up to 50 Journeys stores, reflect a necessary adaptation to the reduced foot traffic and changing consumer behaviors.
On the positive side, the 3% increase in e-commerce comparable sales indicates that Genesco is successfully pivoting towards a more digitally integrated retail strategy. This is further highlighted by e-commerce now accounting for 23% of retail sales. Such a shift is important as the retail landscape increasingly favors online shopping.
Moreover, the company’s focus on enhancing product assortments and improving customer experience at Journeys could lead to better sales performance in the future. The reduction in inventory by 17% year-over-year is a strong indicator of improved inventory management, which should help in better cash flow management and reduced markdown pressures.
However, the increased selling and administrative expenses relative to sales indicate ongoing challenges in achieving operational efficiency. The company's efforts to streamline these costs will be pivotal in returning to profitability. Investors should pay attention to the execution of these cost-saving measures and their impact on future financial performance.
Overall, Genesco’s strategic initiatives seem well-placed to navigate the current retail environment, but successful execution will be key to realizing their potential benefits.
Top and Bottom-Line Results Exceed Expectations, Led by Journeys
Reaffirms Fiscal 2025 Outlook
First Quarter Fiscal 2025 Financial Summary
-
Total net sales decreased
5% ; comparable sales decreased5% -
Comparable e-commerce sales increased
3% ; comparable store sales decreased7% -
E-commerce sales represented
23% of retail sales compared to21% last year -
GAAP EPS was (
$2.22 $2.10 -
Inventory decreased
17% year-over-year - Reaffirms fiscal 2025 sales and EPS outlook
Mimi E. Vaughn, Genesco’s Board Chair, President and Chief Executive Officer, said, “Against continued headwinds in the operating environment, we executed to our strategic plan to deliver top and bottom-line results that were ahead of our expectations, led by our Journeys business. With new Journeys leadership in place, I am encouraged by the traction we are seeing thus far, as we work to dramatically accelerate the improvement, elevate our product assortments and enhance the experience for our consumers. In the meantime, our efforts to reduce costs and optimize our store portfolio are resulting in a leaner, more productive operating model, which will provide a nice profit tailwind as our sales improve.”
She continued, “While we have more work ahead of us, with an outstanding team in place, a strong track record of evolving and improving our businesses, and multiple initiatives already in progress, we are well positioned to unlock Journeys’ considerable earnings potential and drive value.”
__________________________
1Excludes a gross margin charge related to a distribution model transition in Genesco Brands Group, net of tax effect, and charges for severance and asset impairments, net of tax effect in the first quarter of Fiscal 2025 (“Excluded Items”). A reconciliation of loss and loss per share from continuing operations in accordance with
First Quarter Review
Net sales for the first quarter of Fiscal 2025 of
Comparable Sales |
||||
|
|
|
||
Comparable Same Store and E-commerce Sales: |
1QFY25 |
1QFY24 |
||
Journeys Group |
(5)% |
(14)% |
||
Schuh Group |
(7)% |
|
||
Johnston & Murphy Group |
(3)% |
|
||
Total Genesco Comparable Sales |
(5)% |
(5)% |
||
Same Store Sales |
(7)% |
(8)% |
||
Comparable E-commerce Sales |
|
|
||
The overall sales decrease of
First quarter gross margin this year was
Selling and administrative expense for the first quarter this year increased 220 basis points as a percentage of sales compared with last year. The increase as a percentage of sales compared to Fiscal 2024 reflects the deleverage of expenses, especially occupancy expense, selling salaries, professional fees and depreciation expense as a result of decreased revenue in the first quarter of Fiscal 2025. In absolute dollars, selling and administrative expense declined in the first quarter this year compared to last year, reflecting the impact of our cost savings initiatives, including store closures.
Genesco’s GAAP operating loss for the first quarter was
The effective tax rate for the quarter was
GAAP loss from continuing operations was
Cash, Borrowings and Inventory
Cash as of May 4, 2024, was
Capital Expenditures and Store Activity
For the first quarter this year, capital expenditures were
Share Repurchases
The Company did not repurchase any shares during the first quarter of Fiscal 2025. During the second quarter of Fiscal 2025, through May 30, 2024, the Company repurchased 7,700 shares for
Store Closing and Cost Savings Update
- The Company closed 17 Journeys stores in the first quarter of Fiscal 2025 and continues to evaluate up to 50 Journeys store closures in Fiscal 2025
-
The Company's cost savings program remains on track to achieve a reduction in the annualized run rate of
$45 $50 million
Fiscal 2025 Outlook
For Fiscal 2025, the Company:
-
Continues to expect total sales to decrease
2% to3% compared to Fiscal 2024, or down1% to2% excluding the 53rd week in Fiscal 2024 -
Continues to expect 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%
__________________________
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.
Conference Call, Management Commentary and Investor Presentation
The Company has posted detailed financial commentary and a supplemental financial presentation of first quarter results on its website, www.genesco.com, in the investor relations section. The Company's live conference call on May 31, 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.
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,” “should,” “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 1,320 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 1 |
|
Quarter 1 |
|||||||||
| May 4, | % of |
|
April 29, | % of |
|||||||
|
2024 |
|
Net Sales |
|
|
2023 |
|
Net Sales |
|||
| Net sales | $ |
457,597 |
|
|
|
$ |
483,332 |
|
|
||
| Cost of sales |
|
241,316 |
|
|
|
|
254,524 |
|
|
||
| Gross margin(1) |
|
216,281 |
|
|
|
|
228,808 |
|
|
||
| Selling and administrative expenses |
|
247,831 |
|
|
|
|
251,497 |
|
|
||
| Asset impairments and other, net(2) |
|
578 |
|
|
|
|
308 |
|
|
||
| Operating loss |
|
(32,128 |
) |
- |
|
|
(22,997 |
) |
- |
||
| Other components of net periodic benefit cost |
|
109 |
|
|
|
|
92 |
|
|
||
| Interest expense, net |
|
890 |
|
|
|
|
1,651 |
|
|
||
| Loss from continuing operations before income taxes |
|
(33,127 |
) |
- |
|
|
(24,740 |
) |
- |
||
| Income tax benefit |
|
(8,839 |
) |
- |
|
|
(5,865 |
) |
- |
||
| Loss from continuing operations |
|
(24,288 |
) |
- |
|
|
(18,875 |
) |
- |
||
| Loss from discontinued operations, net of tax |
|
(59 |
) |
|
|
|
(15 |
) |
|
||
| Net Loss | $ |
(24,347 |
) |
- |
|
$ |
(18,890 |
) |
- |
||
|
|
|
|||||||||
| Basic loss per share: |
|
|
|
||||||||
| Before discontinued operations | $ |
(2.22 |
) |
|
|
$ |
(1.60 |
) |
|
||
| Net loss | $ |
(2.23 |
) |
|
|
$ |
(1.60 |
) |
|
||
|
|
|
|||||||||
| Diluted loss per share: |
|
|
|
||||||||
| Before discontinued operations | $ |
(2.22 |
) |
|
|
$ |
(1.60 |
) |
|
||
| Net loss | $ |
(2.23 |
) |
|
|
$ |
(1.60 |
) |
|
||
|
|
|
|||||||||
| Weighted-average shares outstanding: |
|
|
|
||||||||
| Basic |
|
10,930 |
|
|
|
|
11,818 |
|
|
||
| Diluted |
|
10,930 |
|
|
|
|
11,818 |
|
|
||
| (1) Includes a |
|||||||||||
| (2) Includes a |
|||||||||||
| Includes a |
|||||||||||
| GENESCO INC. | |||||||||||
| Sales/Earnings Summary by Segment | |||||||||||
| (in thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Quarter 1 | Quarter 1 | ||||||||||
May 4, |
|
% of |
|
April 29, |
|
% of |
|||||
|
2024 |
|
Net Sales |
|
|
2023 |
|
Net Sales |
|||
| Sales: | |||||||||||
| Journeys Group | $ |
259,445 |
|
|
$ |
272,190 |
|
|
|||
| Schuh Group |
|
92,349 |
|
|
|
93,105 |
|
|
|||
| Johnston & Murphy Group |
|
79,207 |
|
|
|
82,627 |
|
|
|||
| Genesco Brands Group |
|
26,596 |
|
|
|
35,410 |
|
|
|||
| Net Sales | $ |
457,597 |
|
|
$ |
483,332 |
|
|
|||
| Operating income (loss): | |||||||||||
| Journeys Group | $ |
(18,822 |
) |
- |
$ |
(18,362 |
) |
- |
|||
| Schuh Group |
|
(5,896 |
) |
- |
|
(1,790 |
) |
- |
|||
| Johnston & Murphy Group |
|
2,355 |
|
|
|
4,806 |
|
|
|||
| Genesco Brands Group(1) |
|
(986 |
) |
- |
|
(32 |
) |
- |
|||
| Corporate and Other(2) |
|
(8,779 |
) |
- |
|
(7,619 |
) |
- |
|||
| Operating loss |
|
(32,128 |
) |
- |
|
(22,997 |
) |
- |
|||
| Other components of net periodic benefit cost |
|
109 |
|
|
|
92 |
|
|
|||
| Interest expense, net |
|
890 |
|
|
|
1,651 |
|
|
|||
| Loss from continuing operations before income taxes |
|
(33,127 |
) |
- |
|
(24,740 |
) |
- |
|||
| Income tax benefit |
|
(8,839 |
) |
- |
|
(5,865 |
) |
- |
|||
| Loss from continuing operations |
|
(24,288 |
) |
- |
|
(18,875 |
) |
- |
|||
| Loss from discontinued operations, net of tax |
|
(59 |
) |
|
|
(15 |
) |
|
|||
| Net Loss | $ |
(24,347 |
) |
- |
$ |
(18,890 |
) |
- |
|||
| (1) Includes a |
|||||||||||
| (2) Includes a |
|||||||||||
| Includes a |
|||||||||||
GENESCO INC. |
|||||||||
Condensed Consolidated Balance Sheets |
|||||||||
(in thousands) |
|||||||||
(Unaudited) |
|||||||||
May 4, 2024 |
|
April 29, 2023 |
|||||||
| Assets |
|
|
|
||||||
| Cash | $ |
19,247 |
|
$ |
31,786 |
||||
| Accounts receivable |
|
50,119 |
|
|
54,068 |
||||
| Inventories |
|
392,671 |
|
|
470,763 |
||||
| Other current assets |
|
46,003 |
|
|
42,325 |
||||
| Total current assets |
|
508,040 |
|
|
598,942 |
||||
| Property and equipment |
|
233,601 |
|
|
239,120 |
||||
| Operating lease right of use assets |
|
420,133 |
|
|
477,962 |
||||
| Goodwill and other intangibles |
|
36,331 |
|
|
65,466 |
||||
| Non-current prepaid income taxes |
|
57,441 |
|
|
54,567 |
||||
| Other non-current assets |
|
51,871 |
|
|
59,255 |
||||
| Total Assets | $ |
1,307,417 |
|
$ |
1,495,312 |
||||
|
|
|
|||||||
| Liabilities and Equity |
|
|
|
||||||
| Accounts payable | $ |
108,847 |
|
$ |
143,814 |
||||
| Current portion operating lease liabilities |
|
125,450 |
|
|
131,830 |
||||
| Other current liabilities |
|
73,888 |
|
|
75,992 |
||||
| Total current liabilities |
|
308,185 |
|
|
351,636 |
||||
| Long-term debt |
|
59,444 |
|
|
118,151 |
||||
| Long-term operating lease liabilities |
|
345,670 |
|
|
399,374 |
||||
| Other long-term liabilities |
|
45,665 |
|
|
43,526 |
||||
| Equity |
|
548,453 |
|
|
582,625 |
||||
| Total Liabilities and Equity | $ |
1,307,417 |
|
$ |
1,495,312 |
||||
| GENESCO INC. | |||||||||||
| Store Count Activity | |||||||||||
Balance |
|
|
|
Balance |
|
|
|
|
Balance |
||
01/28/23 |
Open |
Close |
|
02/03/24 |
|
Open |
Close |
|
05/04/24 |
||
| Journeys Group | 1,130 |
27 |
94 |
1,063 |
1 |
17 |
1,047 |
||||
| Schuh Group | 122 |
3 |
3 |
122 |
0 |
0 |
122 |
||||
| Johnston & Murphy Group | 158 |
2 |
4 |
156 |
0 |
4 |
152 |
||||
| Total Retail Stores | 1,410 |
32 |
101 |
1,341 |
1 |
21 |
1,321 |
||||
| GENESCO INC. | |||||||||
| Comparable Sales | |||||||||
| Quarter 1 | |||||||||
May 4, |
Apr. 29, |
||||||||
2024 |
2023 |
||||||||
| Journeys Group |
- |
- |
|||||||
| Schuh Group |
- |
|
|||||||
| Johnston & Murphy Group |
- |
|
|||||||
| Total Comparable Sales |
- |
- |
|||||||
| Same Store Sales |
- |
- |
|||||||
| Comparable E-commerce Sales |
|
|
|||||||
| Schedule B | ||||||||||||||||
| Genesco Inc. | ||||||||||||||||
| Adjustments to Reported Loss from Continuing Operations | ||||||||||||||||
| Three Months Ended May 4, 2024 and April 29, 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. | ||||||||||||||||
Quarter 1 |
Quarter 1 |
|||||||||||||||
May 4, 2024 |
|
April 29, 2023 |
||||||||||||||
| In Thousands (except per share amounts) | Pretax |
Net of
|
Per Share
|
|
Pretax |
Net of
|
Per Share
|
|||||||||
| Loss from continuing operations, as reported | $ |
(24,288 |
) |
( |
) |
$ |
(18,875 |
) |
( |
) |
||||||
| Gross margin adjustment: | ||||||||||||||||
| Charges related to distribution model transition | $ |
1,581 |
|
1,151 |
|
0.10 |
|
$ |
- |
|
- |
|
0.00 |
|
||
| Asset impairments and other adjustments: | ||||||||||||||||
| Asset impairment charges | $ |
244 |
|
178 |
|
0.02 |
|
$ |
308 |
|
233 |
|
0.02 |
|
||
| Severance |
|
334 |
|
243 |
|
0.02 |
|
|
- |
|
- |
|
0.00 |
|
||
| Total asset impairments and other adjustments | $ |
578 |
|
421 |
|
0.04 |
|
$ |
308 |
|
233 |
|
0.02 |
|
||
| Income tax expense adjustments: | ||||||||||||||||
| Tax impact share based awards |
|
130 |
|
0.01 |
|
|
(47 |
) |
0.00 |
|
||||||
| Other tax items |
|
(345 |
) |
(0.03 |
) |
|
(55 |
) |
(0.01 |
) |
||||||
| Total income tax expense adjustments |
|
(215 |
) |
(0.02 |
) |
|
(102 |
) |
(0.01 |
) |
||||||
| Adjusted loss from continuing operations (1) and (2) | $ |
(22,931 |
) |
( |
) |
$ |
(18,744 |
) |
( |
) |
||||||
| (1) The adjusted tax rate for the first quarter of Fiscal 2025 and 2024 is |
||||||||||||||||
| (2) EPS reflects 10.9 million and 11.8 million share count for the first quarter of Fiscal 2025 and 2024, respectively, which excludes common stock equivalents in both periods due to the loss from continuing operations. | ||||||||||||||||
| Genesco Inc. | ||||||||||
| Adjustments to Reported Operating Income (Loss) and Gross Margin | ||||||||||
| Three Months Ended May 4, 2024 and April 29, 2023 | ||||||||||
| Quarter 1 - May 4, 2024 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
(18,822 |
) |
$ |
- |
|
$ |
(18,822 |
) |
|
| Schuh Group |
|
(5,896 |
) |
|
- |
|
|
(5,896 |
) |
|
| Johnston & Murphy Group |
|
2,355 |
|
|
- |
|
|
2,355 |
|
|
| Genesco Brands Group |
|
(986 |
) |
|
1,581 |
|
|
595 |
|
|
| Corporate and Other |
|
(8,779 |
) |
|
578 |
|
|
(8,201 |
) |
|
| Total Operating Loss | $ |
(32,128 |
) |
$ |
2,159 |
|
$ |
(29,969 |
) |
|
| % of sales |
|
-7.0 |
% |
|
-6.5 |
% |
||||
| Quarter 1 - April 29, 2023 | ||||||||||
| Operating | Asset Impair | Adj Operating | ||||||||
| In Thousands | Income (Loss) | & Other Adj | Income (Loss) | |||||||
| Journeys Group | $ |
(18,362 |
) |
$ |
- |
|
$ |
(18,362 |
) |
|
| Schuh Group |
|
(1,790 |
) |
|
- |
|
|
(1,790 |
) |
|
| Johnston & Murphy Group |
|
4,806 |
|
|
- |
|
|
4,806 |
|
|
| Genesco Brands Group |
|
(32 |
) |
|
- |
|
|
(32 |
) |
|
| Corporate and Other |
|
(7,619 |
) |
|
308 |
|
|
(7,311 |
) |
|
| Total Operating Loss | $ |
(22,997 |
) |
$ |
308 |
|
$ |
(22,689 |
) |
|
| % of sales |
|
-4.8 |
% |
|
-4.7 |
% |
||||
| Quarter 1 | ||||||||||
| In Thousands | May 4, 2024 | April 29, 2023 | ||||||||
| Gross margin, as reported | $ |
216,281 |
|
$ |
228,808 |
|
||||
| % of sales |
|
47.3 |
% |
|
47.3 |
% |
||||
| Charges related to distribution model transition |
|
1,581 |
|
|
- |
|
||||
| Total adjustments |
|
1,581 |
|
|
- |
|
||||
| Adjusted gross margin | $ |
217,862 |
|
$ |
228,808 |
|
||||
| % of sales |
|
47.6 |
% |
|
47.3 |
% |
||||
| 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 | $ |
9.0 |
|
$ |
0.80 |
|
$ |
4.0 |
|
$ |
0.36 |
|
|
| Charges related to distribution model transition |
|
1.2 |
|
|
0.10 |
|
|
1.2 |
|
|
0.10 |
|
|
| Asset impairments and other adjustments: | |||||||||||||
| Asset impairments and other matters |
|
1.1 |
|
|
0.10 |
|
|
1.5 |
|
|
0.14 |
|
|
| Total asset impairments and other adjustments (1) |
|
1.1 |
|
|
0.10 |
|
|
1.5 |
|
|
0.14 |
|
|
| 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 11.2 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/20240530889134/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
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