Genesco Inc. - GCO STOCK NEWS

Genesco Inc. (NYSE: GCO) announced in a letter to shareholders that its Board of Directors has been refreshed, emphasizing a mix of skills to support its footwear-focused strategy and enhance long-term shareholder value. The company encourages shareholders to vote for all nine Board nominees using the BLUE proxy card ahead of the Annual Meeting scheduled for July 20, 2021. Shareholders of record as of June 28, 2021, are eligible to vote. For more information, visit the Genesco proxy materials online.

Legion Partners Asset Management, owning approximately 5.9% of Genesco's shares, has issued a letter urging shareholders to vote on a WHITE proxy card to elect four directors to the Board. The letter criticizes the current executive compensation structure, alleging misalignment with shareholder interests, particularly under the leadership of Compensation Committee members who have overseen poor performance. Legion Partners advocates for candidates who will enhance transparency and tie executive pay more closely to performance metrics, aiming to improve operational effectiveness and shareholder value.

Legion Partners Asset Management, owning approximately 5.9% of Genesco's common shares (NYSE: GCO), has filed a definitive proxy statement urging shareholders to vote for its nominees for the company's Board of Directors at the Annual Meeting on July 20, 2021. The firm criticizes Genesco's long-tenured Board for a decade of underperformance and delays related to the Annual Meeting. Legion emphasizes the need for fresh perspectives and governance expertise to address the company's stagnation and suggests that the current Board's actions appear defensive and self-preserving.

Genesco Inc. (NYSE: GCO) has filed proxy materials for its Annual Meeting of Shareholders on July 20, 2021. Shareholders as of June 28, 2021, can vote on key issues, including the election of directors amid a proxy contest initiated by Legion Partners. Genesco reports a strong Q1 FY2022 with a revenue of $539 million, a 43% increase in eCommerce sales, and a significant gross margin rise. The company emphasizes its successful footwear strategy and the competence of its independent Board, urging shareholders to reject Legion's nominees, citing lack of relevant expertise.

Legion Partners, holding approximately 5.9% of Genesco's shares, has called for shareholder rights in electing board members. They urge Genesco to adopt a universal proxy card, allowing shareholders to vote on their nominated candidates alongside existing board members. Legion Partners expresses concern over Genesco's lack of response to their proposal and criticizes the company's recent director refresh as insufficient. They emphasize the importance of corporate governance and shareholder engagement, urging Genesco to respect shareholder democracy ahead of the delayed Annual Meeting.

Genesco Inc. (GCO) reported a strong financial performance for the first quarter of Fiscal 2022, with net sales jumping 93% to $539 million. This marked a 71% increase in GAAP operating income compared to two years ago. The company achieved a GAAP EPS of $0.60, recovering from a loss of ($9.54) last year. Inventory decreased by 23%, and comparable direct sales rose by 43%. The outlook remains cautious due to ongoing pandemic impacts, preventing specific guidance for the remainder of the fiscal year.

Legion Partners Asset Management, owning approximately 5.9% of Genesco (NYSE: GCO), has issued an open letter to shareholders advocating for substantial board changes. They aim to elect four independent candidates to the nine-member board at the upcoming Annual Meeting, citing Genesco's poor long-term performance compared to peers. Despite recent board refreshment efforts by Genesco, Legion Partners believes these changes are insufficient and reflects a culture of underperformance. They seek a universal proxy card for shareholders to choose board members effectively.

Genesco Inc. (NYSE: GCO) appointed three new independent directors, enhancing board diversity and expertise. The new directors are Angel Martinez, Mary Meixelsperger, and Greg Sandfort, who bring extensive experience in retail and brand management. This move is part of Genesco's ongoing board refreshment to support its transformation into a footwear-focused company. Current directors Kathleen Mason and Marty Dickens will retire at the upcoming Annual Meeting. The board composition is set to ensure effective oversight and strategic direction amidst evolving retail dynamics.

Genesco Inc. (NYSE: GCO) will announce its first quarter fiscal 2022 results on May 27, 2021, 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 archive of the call will be accessible on their website. Genesco operates over 1,455 retail stores in North America and the UK, selling footwear and accessories under brands like Journeys and Johnston & Murphy. For a detailed summary of the results, visit their official site on the reporting date.