Genesco Inc. - GCO STOCK NEWS

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.

Genesco Inc. (NYSE: GCO) announces its fourth quarter fiscal 2022 earnings results will be reported on March 10, 2022, before market opening. The company will host a quarterly earnings conference call at 7:30 a.m. (central) on the same day. A live audio webcast and an audio archive will be available for investors. Genesco operates over 1,430 retail stores across the U.S., Canada, the UK, and the Republic of Ireland, under various brands including Journeys and Johnston & Murphy.

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.

Genesco Inc. (NYSE: GCO) reported a significant sales increase of 18% for the quarter-to-date period ending December 25, 2021, compared to the same period in Fiscal 2021 and 9% compared to Fiscal 2020. Key contributors include the Journeys Group (+8%, +3%), Schuh Group (+28%, +16%), Johnston & Murphy Group (+53%, -5%), and Licensed Brands (+104%, +514%). Total store sales rose 23%, while total direct sales fell 10%. The company reaffirmed its total year EPS guidance of $6.40 to $6.90.

Genesco Inc. (NYSE: GCO) will present at the 2022 ICR Conference on January 10, 2022, starting at 9:00 a.m. Eastern time. The presentation will be accessible via a webcast on Genesco's investor relations page. Genesco, based in Nashville, operates over 1,430 retail stores across the U.S., Canada, the UK, and the Republic of Ireland, offering footwear and accessories under various brand names, including Journeys and Johnston & Murphy. The company emphasizes diversity, equity, and environmental stewardship.

Genesco Inc. (NYSE: GCO) has entered a three-year licensing agreement with Etonic, becoming the exclusive U.S. and Canadian footwear licensee. This partnership includes two renewal options, potentially extending the agreement until January 2030. Etonic aims to capitalize on its brand heritage and growing sneaker culture, with Genesco set to design footwear priced between $50 and $110. The new collection is expected to launch in Fall 2022, highlighting Genesco's expansion into the retro/heritage footwear segment.