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. reports developments for a footwear-focused retail and lifestyle brand company with omnichannel sales across store and e-commerce channels. Recurring updates center on fiscal results, comparable sales, merchandise performance, and segment trends at Journeys, Little Burgundy, Schuh, Johnston & Murphy, and Genesco Brands Group.
Company news also covers operating initiatives tied to its Footwear First strategy, digital and information-technology changes, investor conference activity, and leadership transitions in finance, accounting, and corporate reporting. Genesco’s brand mix includes youth-oriented fashion footwear, premium footwear and accessories, and licensed lifestyle footwear sold through retail and wholesale channels.
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Genesco Inc. (NYSE: GCO) reported its fourth quarter and fiscal year results for January 28, 2023, noting a 5% increase in comparable sales and a 15% rise in e-commerce sales. Net sales were $725 million, flat year-over-year, while full-year sales decreased 2% to $2.4 billion. GAAP EPS from continuing operations was $3.23 for Q4, down from $4.41 last year. Fiscal 2024 guidance suggests adjusted EPS between $5.10 and $5.90, reflecting macroeconomic uncertainties. The company plans to reshape its cost structure to adapt to changing consumer behavior and expects a cautious outlook for the upcoming fiscal year.
Genesco Inc. (NYSE: GCO) announced it will report its fourth quarter fiscal 2023 results on March 9, 2023, before the market opens. A quarterly earnings conference call is scheduled for 7:30 a.m. (central) on the same day. Investors can access a live audio webcast and a summary of the results on the company’s website. Genesco operates over 1,400 retail stores across the U.S., Canada, the UK, and Ireland, selling footwear and accessories under various brands. The company is focused on enhancing its diversity, equity, and inclusion efforts, as well as its environmental, social, and governance initiatives.
Genesco Inc. (NYSE: GCO) reported a 3% increase in comparable sales for the quarter-to-date period ended December 24, 2022, with e-commerce sales up 22%. However, same store sales fell 2%, and the company expects fiscal 2023 adjusted EPS at the low end of the range of $5.50 to $5.90 due to higher shipping and warehouse expenses. During this quarter, the Schuh and Johnston & Murphy divisions excelled, while the Journeys segment lagged because of promotional pressures and weak traffic. Genesco will present at the 2023 ICR Conference on January 10, 2023.
Genesco Inc. (NYSE: GCO) announced that its management will present at the 2023 ICR Conference on January 10, 2023, at 10:00 a.m. (Eastern time). Interested parties can access the webcast via the company's investor relations page. Genesco, headquartered in Nashville, operates over 1,400 retail stores selling footwear and accessories in the U.S., Canada, U.K., and Republic of Ireland under various brand names including Journeys and Johnston & Murphy. The company is committed to diversity, equity, and inclusion, along with environmental, social, and governance principles.
Genesco Inc. held its annual Cold Feet, Warm Shoes event on December 9, 2022, at Park Avenue Elementary in Nashville, fitting nearly 350 students with new shoes, socks, and hats. Over 225 employee volunteers participated, creating a mock shoe store experience. This initiative, which has provided over 100,000 shoes since its inception in 1989, underscores Genesco's commitment to community service. The event also featured Tennessee Titans cheerleaders and the team's mascot. An additional 100 pairs of shoes were donated to the school's resource closet.
Genesco reported third quarter fiscal 2023 net sales of $604 million, a 1% increase from the previous year and 12% from pre-pandemic levels. GAAP EPS was $1.66, down from $2.26 last year. E-commerce sales rose significantly, up 75% above pre-pandemic levels. The company expects adjusted EPS of $5.50 to $5.90 for FY2023, reflecting a cautious outlook due to economic pressures. Notably, gross margin improved despite cost increases. Share repurchases totaled $20.8 million in Q3, with $34.1 million remaining on the buyback authorization.
Genesco Inc. (NYSE: GCO) announced the appointment of Matt Bilunas, CFO of Best Buy, and Carolyn Bojanowski, EVP at Sephora, to its Board of Directors, effective January 29, 2023. This move follows the retirement of board members Matthew Diamond and Kevin McDermott, who will not seek reelection at the 2023 Annual Meeting. The board size will temporarily increase from nine to eleven directors to facilitate a smooth transition. The company aims to enhance board diversity and expertise, having added seven new directors since 2019.