NASHVILLE, Tenn., Jan. 13, 2020 /PRNewswire/ -- Genesco Inc. (NYSE:
GCO) announced today that comparable sales, including both stores
and direct sales, increased 2% for the quarter-to-date period ended
January 9, 2020. Same store
sales decreased 1% and sales for the Company's e-commerce
businesses increased 21% on a comparable basis for that
period. Comparable sales changes for each retail
business for the period were as follows:
Quarter-to-Date (January 9,
2020)
|
Comparable
Sales
(Stores and
Direct)
|
Journeys
Group
|
3%
|
Schuh
Group
|
2%
|
Johnston & Murphy
Group
|
(2)%
|
Total
Comparable Sales
|
2%
|
Same Store
Sales
|
(1)%
|
Comparable Direct
Sales
|
21%
|
The Company also announced that it expects adjusted earnings per
diluted share for the fiscal year ending February 1, 2020 to be above the midpoint of its
guidance range of $4.10 to
$4.40.
Robert J. Dennis, Chairman,
President and Chief Executive Officer of Genesco, said, "Overall,
we enjoyed a solid Holiday selling season, with sales results at
the higher end of our expectations. Journeys once again led
the way, and we were pleased that Schuh delivered better than
expected results. January is off to a good start as we look
to deliver our 11th consecutive quarter of positive
comparable sales for our footwear businesses. Although, the
start of the month was strong, we expect that to moderate through
the course of the month. We now expect that adjusted earnings per
share will be above the midpoint of our guidance range."
Genesco to Present at the 2020 ICR Conference
Genesco also announced that management will present at the 2020
ICR Conference on Monday, January 13,
2020, at 11:00 a.m. (Eastern
Time). The audio portion of the presentation will be
webcast live and may be accessed through the Company's internet
website, http://www.genesco.com. To listen, please go to the
website at least 15 minutes early to register, download and install
any necessary software.
Safe Harbor Statement
This release contains forward-looking statements, including
those regarding the performance outlook for the Company and its
individual businesses (including, without limitation, sales,
expenses, margins and earnings) and all other statements not
addressing solely historical facts or present conditions. Actual
results could vary materially from the expectations reflected in
these statements. A number of factors could cause
differences. These include adjustments to estimates and
projections reflected in forward-looking statements, including the
level and timing of promotional activity necessary to maintain
inventories at appropriate levels; the timing and amount of any
share repurchases by the Company; the imposition of tariffs on
imported products by the Company or its vendors as well as the
ability and costs to move production of products to countries from
which imported goods are not subject to tariffs; potential
disruption to the flow of goods in the ports due to reactions made
by companies to the potential imposition of tariffs; the Company's
ability to obtain from suppliers products that are in-demand on a
timely basis and effectively manage disruptions in product supply
or distribution; unfavorable trends in fuel costs, foreign exchange
rates, foreign labor and material costs, and other factors
affecting the cost of products; the effects of the British decision
to exit the European Union and other sources of weakness in the
U.K. market, including potential effects on consumer demand,
currency exchange rates, and the supply chain; the effectiveness of
the Company's omnichannel initiatives; costs associated with
changes in minimum wage and overtime requirements;
cost associated with wage pressure associated with a full
employment environment in the U.S. and the U.K. and competitor wage
decisions; weakness in the consumer economy and retail industry for
the products we sell; competition in the Company's markets,
including online and including competition from the Company's
vendors in the branded footwear market; fashion trends, including
the lack of new fashion trends or products, that affect the sales
or product margins of the Company's retail product offerings;
weakness in shopping mall traffic and challenges to the viability
of malls where the Company operates stores, related to planned
closings of department stores and other stores or other factors and
the extent and pace of growth of online shopping; risks related to
the potential for terrorist events, especially in malls and
shopping districts; changes in buying patterns by significant
wholesale customers; bankruptcies or deterioration in financial
condition of significant wholesale customers or the inability of
wholesale customers or consumers to obtain credit; the Company's
ability to continue to complete and integrate acquisitions, expand
its business and diversify its product base; retained liabilities
associated with divestitures of businesses including potential
liabilities under leases as the prior tenant or as a guarantor of
certain leases; and changes in the timing of holidays or in the
onset of seasonal weather affecting period-to-period sales
comparisons. Additional factors that could affect the Company's
prospects and cause differences from expectations include the
ability to build, open, staff and support additional retail stores
and to renew leases in existing stores and control or lower
occupancy costs, and to conduct required remodeling or
refurbishment on schedule and at expected expense levels; the
Company's ability to eliminate stranded costs associated with
dispositions, including the sale of the Lids Sport Group business;
the Company's ability to realize anticipated cost savings,
including rent savings; deterioration in the performance of
individual businesses or of the Company's market value relative to
its book value, resulting in impairments of fixed assets, operating
lease right of use assets or intangible assets or other adverse
financial consequences and the timing and amount of such
impairments or other consequences; unexpected changes to the market
for the Company's shares or for the retail sector in general; costs
and reputational harm as a result of disruptions in the Company's
business or information technology systems either by security
breaches and incidents or by potential problems associated with the
implementation of new or upgraded systems; and the cost and outcome
of litigation, investigations and environmental matters involving
the Company. Additional factors are cited in the "Risk Factors,"
"Legal Proceedings" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of, and
elsewhere in, our SEC filings, copies of which may be obtained from
the SEC website, www.sec.gov, or by contacting the investor
relations department of Genesco via our website, www.genesco.com.
Many of the factors that will determine the outcome of the subject
matter of this release are beyond Genesco's ability to control or
predict. Genesco undertakes no obligation to release publicly the
results of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Forward-looking statements reflect the expectations of the Company
at the time they are made. The Company disclaims any obligation to
update such statements.
About Genesco Inc.
Genesco Inc., a Nashville-based
specialty retailer, sells footwear and accessories in more than
1,490 retail stores throughout the U.S., Canada, the United
Kingdom and the Republic of
Ireland, principally under the names Journeys, Journeys
Kidz, Schuh, Schuh Kids, Little Burgundy, Johnston & Murphy,
and on internet websites www.journeys.com, www.journeyskidz.com,
www.journeys.ca, www.schuh.co.uk, www.littleburgundyshoes.com,
www.johnstonmurphy.com, www.johnstonmurphy.ca, www.trask.com, and
www.dockersshoes.com. In addition, Genesco sells wholesale
footwear under its Johnston & Murphy brand, the Trask brand,
the licensed Dockers brand, the licensed Levi's brand, the licensed
Bass brand, and other brands. For more information on Genesco and
its operating divisions, please visit www.genesco.com.
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SOURCE Genesco Inc.