Genesco Inc. - GCO STOCK NEWS

Genesco Inc. (NYSE: GCO) will release its second quarter fiscal 2022 results on September 2, 2021, before the market opens. A quarterly earnings conference call is scheduled for 7:30 a.m. (central) the same day. Investors can access a live audio webcast and an audio archive of the call on the company's website. Genesco, based in Nashville, operates over 1,455 retail stores across the U.S., Canada, the U.K., and the Republic of Ireland, offering various brands including Journeys and Johnston & Murphy.

On July 20, 2021, Genesco Inc. (NYSE: GCO) announced that shareholders overwhelmingly re-elected all nine nominees to the Board of Directors during its 2021 Annual Meeting. Matthew Diamond, Lead Independent Director, emphasized the support from shareholders following decisive actions aimed at strengthening the company's strategy and performance. CEO Mimi Vaughn expressed gratitude for shareholder insights and affirmed commitment to executing the footwear-focused strategy to drive growth and profitability. The vote results are pending certification by the Independent Inspector of Election.

Legion Partners Asset Management, owning approximately 5.9% of Genesco (NYSE: GCO), issued an open letter advocating for the election of four independent director nominees at the upcoming Annual Meeting on July 20, 2021. They believe adding these directors will modernize governance and enhance shareholder value. The candidates bring diverse retail experience and focus on long-term strategies to improve corporate culture, streamline operations, and boost growth. Glass Lewis has recommended electing two of the nominees, with Legion encouraging shareholders to vote for all four to maximize benefits.

On July 14, 2021, Genesco (NYSE: GCO) announced that Egan-Jones Proxy Services recommended shareholders vote the BLUE proxy card 'FOR ALL' its nine director nominees at the upcoming Annual Meeting on July 20, 2021. This follows a similar recommendation from ISS, emphasizing the board's crucial role in executing the footwear-focused strategy amidst pandemic challenges. Egan-Jones highlighted the management's ability to capitalize on non-core assets and e-commerce profitability, urging shareholders to disregard any WHITE proxy cards from Legion Partners.

Genesco Inc. (NYSE: GCO) announced a significant increase in its stock price, up 99% year-to-date, substantially outperforming its peers and the Russell 2000. In a letter to shareholders ahead of its Annual Meeting on July 20, 2021, Genesco highlighted the support from ISS, which recommended voting for all nine of its board nominees. The company emphasized its strategic focus on footwear, successful digital revenue growth of ~$450 million, and 16% reduction in operating expenses. Genesco cautioned shareholders about the risks posed by Legion Partners' nominees, asserting they lack the necessary qualifications.

Legion Partners, owning 5.9% of Genesco's shares, demands board changes following a perplexing recommendation from ISS. They aim to elect four independent directors at the upcoming July 20, 2021, shareholder meeting. Legion Partners criticizes the current board's long tenure and poor performance, citing a history of declining sales and deteriorating operating margins. They argue that ISS's support for management's nominees contradicts its own findings on Genesco’s underperformance.

Legion Partners, which owns approximately 5.9% of Genesco's shares, is pushing for board changes at the upcoming Annual Meeting on July 20, 2021. They propose electing four independent candidates, citing Genesco's chronic underperformance and governance issues. Legion Partners claims the current Board is diverting attention from significant issues and misallocating resources, spending $8.5 million on external advisors. They believe Genesco's low share price compared to peers indicates deep undervaluation. The proposed nominees are equipped to drive necessary changes for improved performance.

Genesco Inc. (NYSE: GCO) reported a remarkable 112% increase in share price year-to-date, surpassing both its peer index (84%) and the Russell 2000 (17%). The company attributed this surge to its successful footwear strategy and strong operational performance, despite claims by Legion Partners suggesting their involvement positively influenced the stock. Notably, Genesco's stock traded above peers consistently following their Q1 earnings announcement, while Legion's campaign correlated with a decline in stock performance. Shareholders are urged to support the company's director nominees by voting the BLUE proxy card.

Genesco Inc. (NYSE: GCO) has issued a statement rebutting claims made by Legion Partners Asset Management regarding the company's commitment to ESG and DEI. Genesco argues that Legion's recent presentations and press releases contain misinformation and overlook its strategic efforts since 2019 to enhance shareholder value. The company highlights its successful digital transformation, significant share buybacks, and ongoing Board refreshment aimed at long-term growth. Genesco encourages shareholders to support its qualified director nominees in the upcoming election.