Genesco Increases Stock Buyback Plan By $50 Million

Genesco, Inc.’s board of directors authorized a $50 million increase to its existing $200 million share repurchase authorization.

Under Genesco’s $200 million share repurchase since September 2019, the company repurchased 3.9 million shares at approximately $189.5 million, leaving the remaining authorization of $10.5 million under the existing program; This includes repurchasing during the current quarter approximately 676,000 shares for a total cost of $14.5 million, at an average price of $21.41 per share.

Since December 2018, Genesco has repurchased an aggregate of approximately 9.2 million shares for approximately $415 million. These shares represent more than 46 percent of the shares outstanding at the start of the purchases.

Genesco has 1,390 retail stores in the U.S., Canada, U.K., and Ireland, principally under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, and Johnston & Murphy banners.