NASHVILLE, Tenn., Jan. 11, 2021 /PRNewswire/ -- Genesco Inc.
(NYSE: GCO) announced today that comparable sales, including both
stores and direct sales, decreased 3% for the quarter-to-date
period ended December 26, 2020.
Same store sales decreased 14% and sales for the Company's
e-commerce businesses increased 49% on a comparable basis for that
period. The Company's comp policy removes any stores that are
closed for seven consecutive days or more. Therefore, comparable
sales results exclude periods of time that stores were closed for
seven consecutive days or more as a result of the COVID-19
pandemic. Comparable sales changes for each retail business
for the period were as follows:
Quarter-to-Date (8
weeks ended December 26, 2020)
|
|
|
|
Comparable
Sales (Stores and
Direct)
|
Journeys
Group
|
(4)%
|
Schuh
Group
|
29%
|
Johnston & Murphy
Group
|
(34)%
|
Total
Comparable Sales
|
(3)%
|
Same Store
Sales
|
(14)%
|
Comparable Direct
Sales
|
49%
|
The Company's stores were open for approximately 90% of the
possible days during fiscal November and December, with Schuh's
stores operating for approximately 50% of this period.
Overall sales decreased by 8% for the quarter-to-date period ended
December 26, 2020. Overall
sales changes for each business for the period were as follows:
Quarter-to-Date (8
weeks ended December 26, 2020)
|
|
|
Overall
Sales
|
Journeys
Group
|
(5)%
|
Schuh
Group
|
(9)%
|
Johnston & Murphy
Group
Licensed
Brands
|
(38)% 201%
|
Total
Overall Sales
|
(8)%
|
Total Store
Sales
|
(21)%
|
Total Direct
Sales
|
48%
|
Mimi E. Vaughn, Genesco board
chair, president and chief executive officer, said, "Overall, our
performance this holiday selling season was very encouraging given
the backdrop of the COVID-19 pandemic with sales coming in above
our expectations. Journeys once again led the way with strong
full-price selling, and we were pleased that Schuh delivered better
than expected results especially as the business continues to face
significant mandated store closures. Fiscal January is off to
a strong start with comps turning nicely positive, providing us
with optimism for a solid finish to Fiscal 2021."
Genesco to Present at the 2021 ICR Conference
As
previously announced, Genesco management will present at the 2021
ICR Conference on Monday, January 11,
2021, at 10:30 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 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
projections reflected in forward-looking statements, including as a
result of the effects of COVID-19 on the Company's business
including whether there are periods of increases in the number of
COVID-19 cases in locations in which the Company operates, further
closures of stores due to COVID-19, weakness in store and shopping
mall traffic, restrictions on operations imposed by government
entities and landlords, changes in public safety and health
requirements, the Company's ability to adequately staff stores,
limitations on the Company's ability to provide adequate personal
protective equipment to employees, and the Company's ability to
maintain social distancing requirements; stores closures and
effects on the business as a result of civil disturbances; the
level and timing of promotional activity necessary to maintain
inventories at appropriate levels; the imposition of tariffs on
products imported by the Company or its vendors as well as the
ability and costs to move production of products in response to
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, including
disruptions as a result of COVID-19; 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; the effectiveness of the Company's
omnichannel initiatives; costs associated with changes in minimum
wage and overtime requirements; wage pressure in the U.S. and the
U.K.; weakness in the consumer economy and retail industry;
competition and fashion trends in the Company's markets; risks
related to the potential for terrorist events; risks related to
public health and safety events, including for example, the
COVID-19 coronavirus; changes in buying patterns by significant
wholesale customers; 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 cause differences from expectations include the
ability 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, the Company's 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 the Company's 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 1,475 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.littleburgundyshoes.com, www.schuh.co.uk,
www.johnstonmurphy.com, www.johnstonmurphy.ca, and
www.dockersshoes.com. In addition, Genesco sells wholesale
footwear under its Johnston & Murphy 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.