Genesco Inc. - GCO STOCK NEWS

Genesco reported third quarter fiscal 2023 net sales of $604 million, a 1% increase from the previous year and 12% from pre-pandemic levels. GAAP EPS was $1.66, down from $2.26 last year. E-commerce sales rose significantly, up 75% above pre-pandemic levels. The company expects adjusted EPS of $5.50 to $5.90 for FY2023, reflecting a cautious outlook due to economic pressures. Notably, gross margin improved despite cost increases. Share repurchases totaled $20.8 million in Q3, with $34.1 million remaining on the buyback authorization.

Genesco Inc. (NYSE: GCO) announced the appointment of Matt Bilunas, CFO of Best Buy, and Carolyn Bojanowski, EVP at Sephora, to its Board of Directors, effective January 29, 2023. This move follows the retirement of board members Matthew Diamond and Kevin McDermott, who will not seek reelection at the 2023 Annual Meeting. The board size will temporarily increase from nine to eleven directors to facilitate a smooth transition. The company aims to enhance board diversity and expertise, having added seven new directors since 2019.

Genesco Inc. (NYSE: GCO) announced it will report its third quarter fiscal 2023 results on December 2, 2022, before the market opens. The earnings conference call is scheduled for 7:30 a.m. (central) on the same day. Investors can access the live audio webcast through the company's investor relations website. A summary of the financial results will also be available on the website that day. Genesco operates over 1,410 retail stores across the U.S., Canada, the UK, and Ireland, selling footwear and accessories under various brands.

In the second quarter of Fiscal 2023, Genesco Inc. (GCO) reported net sales of $535 million, down 4% from last year but up 10% compared to pre-pandemic levels. GAAP EPS from continuing operations was $0.59, down from $0.74 last year. E-commerce sales accounted for 18% of retail sales. The company has revised its full-year guidance, expecting adjusted EPS between $6.25 and $7.00, reflecting more cautious outlook amidst inflationary pressures. Strong performance from Schuh and Johnston & Murphy partially offset declines in the Journeys segment.

Genesco Inc. (NYSE: GCO) announced it will report its second quarter fiscal 2023 results on September 1, 2022, before the market opens. The results will be followed by a conference call at 7:30 a.m. (central). Investors can access a live audio webcast of the call and an archive for the following year on the company's investor relations website. Genesco operates over 1,410 retail stores across the U.S., Canada, the U.K., and Ireland, selling various footwear and accessories both in-store and online.

Genesco Inc. (NYSE: GCO) has appointed Gregory A. Sandfort as the new Lead Independent Director, effective June 23, 2022. Sandfort, who joined the Board in 2021, succeeds Matthew C. Diamond after four years in the role. Sandfort brings over 40 years of strategic retail experience, previously serving as CEO of Tractor Supply Company. Genesco's Board Chair, Mimi E. Vaughn, expressed confidence in Sandfort's ability to guide the company’s footwear-focused strategy, while thanking Diamond for his leadership during challenging times.

Genesco reported a 3% drop in net sales to $521 million for Q1 Fiscal 2023, yet an improvement of 5% over Q1FY20. Gross margin rose by 50 basis points to 48.3%. GAAP EPS decreased to $0.37 from $0.60 last year, while non-GAAP EPS was $0.44, down from $0.79. The company highlighted a sequential retail sales improvement in April and May and reaffirmed its earnings guidance for Fiscal 2023 between $7.00 and $7.75 per share. E-commerce sales plummeted 29% year-over-year, impacting overall performance.

Genesco Inc. (NYSE: GCO) will report its first-quarter fiscal 2023 results on May 26, 2022, before market opening. A conference call is scheduled for 7:30 a.m. (central) on the same day, accessible via a live audio webcast. The results summary will also be published on the company's website that day. Genesco operates over 1,420 retail stores across the U.S., Canada, the UK, and Ireland, selling branded footwear and accessories. The company emphasizes its commitment to diversity, equity, and environmental stewardship.

Genesco reported a strong fourth quarter for Fiscal 2022, with net sales increasing 14% year-over-year to $728 million and a 36% rise in e-commerce sales. Gross margins improved by 310 basis points to 48.9%. However, GAAP EPS decreased to $4.41, down from $6.20 last year. For Fiscal 2022, total net sales reached $2.4 billion, a 36% increase from the previous year. The company plans for 2% to 4% growth in sales for Fiscal 2023, forecasting adjusted EPS of $7.00 to $7.75.