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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.

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 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.”

Inside The Call: Genesco’s Q3 Boosted By Strong BTS, In-Store Shopping Bounce-Back

Powered by a robust back-to-school (BTS) season and scant markdowns at its flagship Journeys chain, Genesco Inc. reported third-quarter earnings that came in well ahead of Wall Street’s targets and offered a bullish outlook for the year. Mimi Vaughn, Genesco’s CEO, told analysts, “The current fashion cycle, which I’ve been describing as shifting more into casual, plays into Journeys strength with a nicely diversified assortment.”

Genesco’s Q3 Revenues Expand 25 Percent

Genesco Inc. reported sales net income gained 69 percent in the third quarter. Net sales increased 25 percent from last year and grew 12 percent over the third quarter two years ago. Results were well ahead of Wall Street’s targets.