NASHVILLE, Tenn., Sept. 30, 2019 /PRNewswire/ -- Genesco Inc.
(NYSE: GCO) announced today that its board of directors has
authorized it to repurchase up to $100
million of the Company's common stock.
The Company exhausted its previous $100
million authorization from May
2019, pursuant to which the Company repurchased roughly 2.5
million shares at a total cost of approximately $100 million. During the third quarter of
fiscal 2020, 0.9 million of those shares were repurchased at a
total cost of approximately $31.0
million. Earlier this year, the Company exhausted its
$125 million repurchase authorization
from December 2018, pursuant to which
the Company repurchased roughly 2.8 million shares at a total cost
of approximately $125 million.
Between these two authorizations, the Company has repurchased 5.3
million shares at a total cost of approximately $225 million.
The new authorization is intended to be implemented through
purchases made from time to time using a variety of methods, which
may include open market purchases, private transactions, block
trades, or otherwise, or by any combination of such methods, in
accordance with SEC and other applicable legal requirements.
The timing, prices and sizes of purchases will depend upon
prevailing stock prices, general economic and market conditions and
other considerations. The repurchase program does not obligate the
Company to acquire any particular amount of common stock and the
repurchase program may be suspended or discontinued at any time at
the Company's discretion.
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, and other brands. For more information
on Genesco and its operating divisions, please visit
www.genesco.com.
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SOURCE Genesco Inc.