Genesco Inc. - GCO STOCK NEWS

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.

Genesco Inc. (NYSE: GCO) will report its third quarter fiscal 2021 results on December 4, 2020, before market opens. A conference call for this earnings release is scheduled at 7:30 a.m. Central on the same day, which will be available via a live audio webcast. Investors can access an audio archive of the call for up to a year. A summary of the third quarter results and future guidance will also be available on the company's website on December 4, 2020.

Genesco (NYSE: GCO) announced the resignation of CFO Melvin G. Tucker, effective November 27, 2020, for a new opportunity. In the interim, CEO Mimi E. Vaughn, a former CFO, will oversee the finance functions, supported by experienced executives. The company emphasized that Tucker's departure is not linked to financial operations or controls. Vaughn expressed confidence in the team's ability to address pandemic-related challenges and capitalize on future opportunities.

Genesco Inc. (NYSE: GCO) announced the appointment of John F. Lambros to its board of directors, effective immediately. Lambros is the president of GCA-U.S. and has over 22 years of experience in digital media and emerging technology markets. His role includes serving as head of the firm's digital media banking practice and being a board member. Mimi E. Vaughn, Genesco’s Board Chair, expressed confidence in Lambros’ expertise for enhancing the company's digital initiatives and growth strategies amidst evolving market conditions.

Genesco Inc. announced its participation in CL King's 18th Annual Best Ideas Conference on September 16, 2020. The management team will present via a virtual webcast starting at 8:45 a.m. Eastern time. Interested investors can access the presentation through Genesco's investor relations page at www.genesco.com. Genesco operates over 1,475 retail stores across the U.S., Canada, the UK, and Ireland, selling footwear and accessories under several well-known brands.

Genesco reported a 20% decline in net sales to $391 million in Q2 FY21, with a significant 144% growth in e-commerce sales amid store closures. The company's GAAP loss from continuing operations per diluted share was ($1.33), compared to a profit of $0.05 in the same quarter last year. Operating cash flow generated was $74 million, while total debt increased to $210.9 million. The quarter saw a 18% reduction in inventories. With over 96% of stores now open, the outlook remains cautious due to the pandemic's impact on back-to-school sales timing.