The overall 2 percent sales decline was driven by an 11 percent decrease at Journeys and a 7 percent decrease at Genesco Brands, partially offset by an increase of 21 percent at Schuh and an increase of 4 percent at Johnston & Murphy.
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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.
Genesco’s Q1 Earnings Miss Plan On Journey’s Shortfall
Genesco, Inc. reported a steeper loss than expected in the first quarter ended April 29 as Journeys same-store sales fell 14 percent, offsetting double-digit gains at Schuh and Johnston & Murphy. Genesco reduced its outlook for the year and is initiating cost-containment initiatives. Genesco now plans to close more than 100 Journeys stores this year, versus prior expectations to close 60 stores.
Genesco Posts Flat Q4 Sales On Journeys Dip, FX Impact, Weaker Wholesale Sales
Genesco, Inc. reported earnings on an adjusted basis fell 24.4 percent in the fourth quarter due to the return of a more normalized promotional environment as well as increased freight and warehouse costs. Same-store sales were up 5 percent as double-digit growth at Schuh and Johnson & Murphy offset a 1 percent dip at Journeys.
Genesco Sees 3 Percent Holiday Comp Gain
Genesco Inc. announced that comparable sales, including both stores and direct sales, increased by 3 percent for the quarter-to-date period ended December 24, 2022. The parent of Journeys now expects fiscal 2023 adjusted EPS to be at the low end of the most recent guidance range.
EXEC: Genesco Reduces FY Guidance On Inflationary, Promotional Pressures
Genesco, Inc.’s sales and margins topped expectations in the third quarter, but its full-year outlook was lowered as heightened promotional activity is now planned for the fourth quarter, particularly at the flagship Journeys chain. Mimi Vaughn, Genesco’s president and CEO, told analysts, “The consumer pressured by inflation is having to make harder choices on where they spend their money.”
Genesco Lowers FY Outlook On November Softening
Genesco, Inc.’s third-quarter results were slightly above Wall Street’s consensus estimates but the parent of Journeys reduced its guidance for the year due to a “sluggish start” in November and the impact of the inflationary environment.
Genesco Appoints Board Members
Genesco, Inc. appointed two independent directors, Matthew M. Bilunas, chief financial officer, Best Buy Co., Inc., and Carolyn Bojanowski, executive vice president of merchandising, Sephora USA, to Genesco’s Board of Directors, effective January 29, 2023, the beginning of its fiscal year.
Genesco Opens New Headquarters In Nashville
Genesco, Inc. formally opened its new headquarters in its hometown of Nashville, TN, on November 3.
EXEC: Shares of Genesco Tumble On Lowered Outlook
Shares of Genesco, Inc. lost about 17 percent of their value on Thursday after the parent of Journeys slashed its outlook for the second half due to a sales slowdown in the latter part of the quarter at the Journeys chain amid inflationary pressures. Mimi Vaughn, Genesco’s CEO, told analysts, “We are seeing customers come out and shop when there is a reason to buy and retreat to conserve cash during the in-between period.”
Genesco Reduces Outlook Despite Q2 EPS Exceeding Expectations
Genesco, Inc. reported second-quarter earnings that came in well above analyst expectations but reduced its guidance for the year as sales at Journeys slowed toward the end of the quarter and into August, as well as due to inflationary concerns.
Genesco Appoints Board Member
Genesco, Inc. announced that the independent directors of the Genesco Board unanimously selected Gregory A. Sandfort as its lead independent director, effective June 23, 2022.
Genesco Overcomes Journeys’ Inventory Challenges To Deliver Q1 Beat
Genesco Inc.’s first-quarter earnings came in well above Wall Street estimates as a rebound in its Schuh and branded businesses helped offset inventory shortages faced by its flagship Journeys chain. Mimi Vaughn, Genesco president and CEO, told analysts, “I’ve been describing the current fashion cycle as shifting away from fashion athletics more into casual, which plays into Journeys’ strength.”
Genesco Tops EPS Expectations In First Quarter
Genesco, Inc., the parent of Journeys, reaffirmed its guidance for the year after reporting that first-quarter earnings surpassed Wall Street estimates.
Inside The Call: Genesco’s Q4 Profits Boosted By Full-Price Selling
Fueled by full-price selling and a recovery in in-store shopping, Genesco, Inc. reported fourth-quarter earnings that came in easily ahead of Wall Street’s targets. For the year, double-digit sales growth and record profitability were seen for its footwear companies, led by Journeys.
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