Welcome to our dedicated page for Genesco news (Ticker: GCO), a resource for investors and traders seeking the latest updates and insights on Genesco stock.
Genesco Inc (GCO) is a leading specialty retailer operating multiple footwear and apparel brands through integrated physical/digital channels. This news hub provides investors and industry professionals with centralized access to official corporate communications and market developments.
Track strategic updates across the company's Journeys, Schuh, and Johnston & Murphy divisions, including quarterly earnings disclosures, leadership announcements, and partnership developments. Our curated feed ensures timely access to filings, product launches, and operational changes impacting this NYSE-listed retailer.
Key updates include earnings call transcripts, SEC filings, store expansion plans, and e-commerce initiatives. Bookmark this page for real-time monitoring of Genesco's position in the competitive footwear and accessories market. Check regularly for verified updates on inventory strategies, brand licensing deals, and omnichannel retail innovations.
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.
Genesco Inc. (NYSE: GCO) has appointed Parag Desai as the senior vice president - chief strategy and digital officer. Desai, with the company since 2014, previously served as senior vice president of strategy. He will lead efforts in executing Genesco's footwear strategy and enhancing digital capabilities. Following significant investments in technology, the company reported record digital revenue of nearly $450 million, up nearly 75% year-over-year. Desai will further drive synergies in e-commerce and optimize customer insights.
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.
