Genesco, Inc. announced that its board of directors has authorized a $100 million increase to its existing $100 million share repurchase authorization.
Under Genesco’s existing $100 million share repurchase authorization announced in September 2019, the company has repurchased roughly 1.72 million shares at a total cost of approximately $99.0 million, at an average price of $57.49 per share, leaving remaining authorization of $1.0 million under the existing program.
During the fourth quarter of fiscal 2022, the company repurchased approximately 840,000 shares for a total cost of approximately $52.2 million, at an average price of $62.22 per share. Full-year fiscal 2022 repurchases total approximately 1.36 million shares at a cost of approximately $82.8 million, at an average price of $60.88 per share. Additionally, thus far in fiscal 2023, the company has repurchased approximately 93,000 shares for a total cost of approximately $5.8 million, at an average price of $63.05 per share.
Since December 2018, the company has repurchased an aggregate of approximately 7.0 million shares at a total cost of approximately $324 million, at an average price of $46.34 per share. These shares represent more than 34 percent of the shares outstanding at the start of these purchases.
Genesco reported Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, and Johnston & Murphy.
Photo courtesy Genesco
