Genesco Inc. - GCO STOCK NEWS

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.

Genesco reported a strong third quarter for Fiscal 2022 with net sales up 25% year-over-year to $601 million. Both GAAP and non-GAAP operating income surged by 69% compared to two years ago. The company's GAAP EPS rose to $2.26 from $0.52 last year, while non-GAAP EPS reached $2.36 compared to $0.85 last year. E-commerce sales soared by 79% over the last two years. Genesco anticipates FY2022 adjusted EPS between $6.40 and $6.90, indicating a 45% growth compared to pre-pandemic levels.

Genesco Inc. (NYSE: GCO) will report its third quarter fiscal 2022 results on December 3, 2021, before the market opens, followed by a conference call at 7:30 a.m. (central). The audio webcast of the call will be accessible on the company’s website, along with an archive available for one year. Genesco operates over 1,435 retail stores across North America and the UK, selling footwear and accessories under various brands including Journeys and Johnston & Murphy. For more information, visit www.genesco.com.

Genesco Inc. (NYSE: GCO) has appointed Thomas A. George as the new Chief Financial Officer, effective October 20, 2021. Previously serving as interim CFO since December 2020, George brings extensive financial experience from his tenure at Deckers Brands, where he significantly boosted revenue and market cap. His expertise will be crucial as Genesco focuses on digital growth and optimizing its cost structure. CEO Mimi E. Vaughn emphasized George's strategic insight and leadership as vital for enhancing shareholder value.

Genesco Inc. (NYSE: GCO) announced its participation in C.L. King's 19th Annual Best Ideas Conference on September 14, 2021. The management team's presentation will be accessible via a virtual fireside chat beginning at 11:00 a.m. Eastern time. Investors can tune in through Genesco's investor relations page. The company, headquartered in Nashville, operates over 1,435 stores across the U.S., Canada, the U.K., and Ireland, offering footwear and accessories under various brands. For additional information, visit www.genesco.com.