Genesco Inc. - GCO STOCK NEWS

Legion Partners Asset Management, owning approximately 5.9% of Genesco's common shares, criticized the delay of the Annual Meeting until mid-July, alleging it undermines corporate democracy. They argue the Board is attempting to avoid shareholder-driven change by restructuring internally. Legion Partners has nominated a diverse slate of qualified candidates for Board election, emphasizing the need for significant shareholder influence in governance. The letter urges the Board to abandon its current trajectory and prioritize shareholder interests.

Genesco Inc. (NYSE: GCO) announced that Legion Partners Asset Management intends to nominate a controlling slate of seven individuals for the Board of Directors at the 2021 Annual Meeting of Shareholders. The Board will review Legion's nominees and respond in their definitive proxy materials. Despite disagreements, Genesco emphasizes its commitment to shareholder dialogue and executing its strategy focused on growth. Key achievements include record digital revenues of $450 million and a 24% increase in share price since the new CEO took over in February 2020, reflecting strong momentum heading into fiscal 2022.

Legion Partners Asset Management, owning 5.6% of Genesco (NYSE: GCO), is nominating seven independent candidates for the Board of Directors. The firm criticizes the current Board for failing to enhance shareholder value, citing years of financial underperformance, misallocated capital, and a bloated cost structure. They argue that the Board's executive compensation is misaligned with performance and lacks new perspectives. Legion plans to detail a strategic plan aimed at achieving $7.50 earnings per share by fiscal 2023, with expectations for the stock value to double.

Genesco reported a 6% decrease in net sales for Q4 Fiscal 2021, totaling $637 million, despite a 1% increase in comparable sales. E-commerce growth soared by 55%, contributing to record operating income. For the full year, net sales fell 19% to $1.8 billion. GAAP EPS from continuing operations was $6.20 for Q4, while it reported a loss of $(3.94) for the year. The company remains optimistic about future growth, emphasizing strong digital sales and a solid balance sheet. Store openings are at 90% of capacity, with no guidance provided for Fiscal 2022.

Genesco Inc. (NYSE: GCO) will report its fourth quarter fiscal 2021 results on March 11, 2021, before the market opens. A conference call will be held at 7:30 a.m. CT the same day, with a live audio webcast available. The company operates over 1,475 retail locations selling footwear and accessories across the U.S., Canada, the U.K., and Ireland under various brands. The results summary will be posted on the company's website on the same date.

Genesco Inc. (NYSE: GCO) reported a 3% decrease in comparable sales for the quarter ending December 26, 2020, with same-store sales down 14%. However, e-commerce sales showed a notable increase of 49%. The company faced significant challenges due to COVID-19, with only 90% of stores operational during November and December. Overall sales declined 8%, with the Journeys Group down 5% and Johnston & Murphy down 38%. CEO Mimi E. Vaughn expressed optimism that fiscal January is showing positive trends.

Genesco Inc. (NYSE: GCO) announced its participation in the 2021 ICR Conference scheduled for January 11, 2021. The management team will present a virtual fireside chat at 10:30 a.m. Eastern time, accessible via Genesco's investor relations page. With over 1,475 stores across the U.S., Canada, the U.K., and Ireland, Genesco specializes in footwear retail, operating under popular brands like Journeys and Johnston & Murphy. More details can be found on their official website.

Genesco reported third-quarter fiscal 2021 net sales of $479 million, an 11% decrease from the previous year. Despite this decline, e-commerce sales surged by 62%. GAAP EPS was $0.52, down from $1.31, while non-GAAP EPS was $0.85 compared to $1.33 last year. The company paid down $178 million in debt and operated at 97% of its locations. Although digital performance improved, challenges persist at Johnston & Murphy, impacting overall growth. The company remains cautious about future guidance due to the ongoing pandemic's effects on consumer behavior.

Genesco Inc. (NYSE: GCO) has appointed Thomas A. George as senior vice president of finance and interim chief financial officer, effective December 14, 2020. He replaces Melvin G. Tucker, who resigned on November 27, 2020. George brings over 40 years of experience, notably serving nine years as CFO at Deckers Brands, where he significantly increased revenue and market capitalization. Board chair Mimi E. Vaughn expressed enthusiasm for George's leadership and industry expertise during ongoing challenges from COVID-19.