Results for "genesco"

For many retailers with a prominent presence in the active lifestyle space, the first quarter worsened as the months went on with a large part of the blame placed on inflationary and macro-economic pressures. Seven retailers – Academy Sports, Hibbett, Foot Locker, Genesco, Shoe Carnival, Designer Brands and Macy’s – reduced their outlook for the year, although three – Lululemon Athletica, TJX Cos. and Ross Stores – bucked the trend by raising guidance.

Shares of Genesco crashed 32 percent Thursday after the company axed its outlook for the year as weak demand and heavy discounts in the marketplace for athletic footwear pulled down sales at Journeys. Mimi Vaughn, CEO, told analysts, that even as spring assortments arrived in stores, Journeys’ consumers continued “to trade down to lower price points and take advantage of the abundance of discounted athletic products elsewhere in the market.”

Shares of Genesco fell $6.53, or 13.7 percent, to $41.22 Thursday after the retailer gave a cautious outlook for 2023 and launched a cost-cutting program to help offset inflationary pressures that negatively impacted its flagship Journeys chain this past holiday season. Genesco also plans to close 60 Journeys stores this year.

In a session at the 2023 ICR Conference, Mimi Vaughn, Genesco’s board chair, president and CEO, said the company’s flagship chain, Journeys, delivered lower-than-expected results over the holiday-selling period due primarily to a highly promotional selling environment and weaker store traffic.

The majority of stocks in the active lifestyle space took it on the chin in 2022 as broader stock markets in the U.S. saw their worst performance since the 2008 financial crisis. Stocks managing gains included Academy Sports + Outdoors, Deckers Outdoor, Dick’s Sporting Goods, Xponential Fitness, and TJX Cos.

Last week Nike, Inc. warned that it would have to aggressively promote in the coming months as inventories in its latest quarter ballooned 44 percent year-over-year due mainly due to pandemic-driven supply chain disruptions. Other retailers in the active lifestyle space likewise face inventory surges, although they are hopeful of avoiding excessive markdowns.

The majority of active lifestyle stocks underperformed the broader stock market in the first six months of 2022 after outperforming many indexes over the last two years. Only three—Academy Sports & Outdoors, Caleres and Emerald Holding—of the 76 stocks tracked by S.G.B. Executive showed gains.

Journeys’ sales in the fourth quarter through December 25 grew a better-than-expected 8 percent against the 2020 period and 3 percent against the 2019 period. At ICR Conference 2022, Mimi Vaughn, president and CEO of Genesco, Journey’s parent, said a strong casual trend offsets severe inventory challenges.

With many companies continuing to see benefits from changed behaviors due to the pandemic, the wide majority of active lifestyle stocks soared to new heights in 2021. Among the big winners were Academy Sports + Outdoors, up 113.3 percent; Dick’s Sporting Goods and Crocs, both ahead 104.6 percent; Shoe Carnival, 99.5 percent; Vista Outdoor, 93.9 percent; and Clarus Corp., up 80.0 percent.

The Top National stories and the Latest headlines across the Active Lifestyle Market for the week of August 3o, 2021 covered in the SGB Updates and delivered to your inbox every business day. This week’s Ambassador Athlete is a Fila-sponsored WTA and ATP Tour player, 17-year-old professional tennis player Robin Montgomery.

The Top National stories and the Latest headlines across the Active Lifestyle Market for the week of July 19, 2021 are covered in the SGB Updates and delivered to your inbox every business day.

The Top National stories and the Latest headlines across the Active Lifestyle Market for the week of July 12, 2021 are covered in the SGB Updates and delivered to your inbox every business day. This week’s athlete is Mark Wahlberg who, on Thursday, was among the big winners from the initial public offering of F45 Training Holdings Inc. of which he is a partner.

The Top National stories and the Latest headlines across the Active Lifestyle Market for the week of July 5, 2021 covered in the SGB Updates and delivered to your inbox every business day. This week’s Ambassador Athlete is Big Agnes’ Krystle Wright, Adventure Photographer.

The Top National stories and the Latest headlines across the Active Lifestyle Market for the week of June 14, 2021 covered in the SGB Updates and delivered to your inbox every business day. This week’s Athlete is Claire Curzan. A 16-year old from Cary, NC, she will be one of the youngest competitors in this year’s Olympic games.