--Revenue and Operating Income Well Exceed
Pre-Pandemic Levels--
--EPS Surpasses Expectations--
Second Quarter Fiscal 2023 Financial Summary
- Net sales of $535 million, a
decrease of 4% from last year and an increase of 10% over
Q2FY20
- Excluding the impact of lower exchange rates, net sales
decreased 1% for Q2FY23 compared to Q2FY22
- Gross margin meets expectations
- E-commerce sales represented 18% of retail sales this year
versus 19% of retail sales last year and 10% of retail sales in
Q2FY20
- GAAP EPS from continuing operations was $0.59 vs. $0.74
last year and $0.05 in Q2FY20
- Non-GAAP EPS from continuing operations was $0.591 vs. $1.05 last year and $0.15 in Q2FY20
- Repurchased $45.4 million of
stock during Q2FY23, with $54.9
million remaining on the current authorization
- Sequential retail sales improvement compared to FY22 throughout
the quarter and into August
- Taking a more conservative approach to back half with revised
expectations for adjusted EPS of $6.25 to $7.00
NASHVILLE, Tenn., Sept. 1, 2022 /PRNewswire/ -- Genesco Inc. (NYSE:
GCO) today reported GAAP earnings from continuing operations per
diluted share of $0.59 for the three
months ended July 30, 2022, compared
to $0.74 in the second quarter last
year and $0.05 per diluted share
three years ago, prior to the pandemic. Adjusted for the Excluded
Items in all periods, the Company reported second quarter earnings
from continuing operations per diluted share of $0.59, compared to $1.05 last year and $0.15 per diluted share pre-pandemic.
Mimi E. Vaughn, Genesco board
chair, president and chief executive officer, said, "We are pleased
with our second quarter performance, which combined with our first
quarter results, represent a strong start to Fiscal 2023 on top of
last year's stimulus-induced spending environment. Strength from
our Schuh and Johnston & Murphy businesses and careful expense
control helped offset softness late in the quarter versus
expectations at Journeys to deliver earnings ahead of projections.
While we've seen nicely improved trends through August and we saw a
good start to the back-to-school season, sales didn't achieve
levels contemplated in our previous guidance. With these current
trends and in light of the current impact inflation is having on
consumer discretionary spending we believe it's prudent to take a
more conservative approach to our back half outlook. We remain
confident that our footwear focused strategy has created a much
more resilient and fundamentally stronger business that we believe
is better positioned to successfully navigate more difficult market
conditions and outperform in favorable economic
backdrops."
_____________________
|
1Excludes asset
impairments and expenses related to the new headquarters building,
net of tax effect in the second quarter of Fiscal 2023 ("Excluded
Items"). A reconciliation of earnings and earnings per share from
continuing operations in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP") with the adjusted earnings and
earnings per share numbers is set forth on Schedule B to this press
release. The Company believes that disclosure of earnings and
earnings per share from continuing operations adjusted for the
items not reflected in the previously announced expectations will
be meaningful to investors, especially in light of the impact of
such items on the results.
|
Thomas A. George, Genesco chief
financial officer, commented, "Our second quarter results were
highlighted by solid revenue growth when compared to pre-pandemic
levels as top line grew 10% versus the same period in Fiscal 2020
despite having 5% fewer stores. With gross margin in line with our
expectations combined with the work we've done reshaping and
reducing our cost structure, we more than doubled operating income,
which along with $176 million in
share repurchases over the past three years, allowed us to achieve
adjusted EPS of $0.59 this quarter
compared to $0.15 in the second
quarter of Fiscal 2020. While we are pleased with the long-term
direction of the business, the current operating environment has
led us to take a more cautious approach to our guidance. We now
expect adjusted earnings per share for Fiscal 2023 to range between
$6.25 to $7.00. We believe somewhere close to the middle
of the range is where we will land."
Second Quarter Review
Net sales for the second quarter
of Fiscal 2023 decreased 4% to $535
million from $555 million in
the second quarter of Fiscal 2022 and increased 10% from
$487 million in the second quarter of
Fiscal 2020, prior to the pandemic. The sales decrease compared to
last year was driven by decreased comparable sales, as the Company
continued to anniversary the significant stimulus distributed a
year ago, which especially benefitted Journeys Group, and by
foreign exchange pressure on the Schuh business from the
strengthening dollar, partially offset by increased sales in the
wholesale channel. Excluding the impact of lower exchange rates,
net sales decreased 1% for the second quarter of Fiscal 2023
compared to the second quarter of Fiscal 2022. As a result of store
closures during Fiscal 2021 in response to the COVID-19 pandemic
and the Company's policy of removing any store closed for seven
consecutive days from comparable sales, the Company has not
included second quarter comparable sales for Fiscal 2022, except
for comparable direct sales, as it believes that overall sales was
a more meaningful metric for that period.
Comparable
Sales
|
|
|
|
Comparable Same
Store and Direct Sales:
|
Q2FY23
|
Q2FY22
|
Journeys
Group
|
-8 %
|
NA
|
Schuh Group
|
9 %
|
NA
|
Johnston & Murphy
Group
|
17 %
|
NA
|
Total Genesco
Comparable Sales
|
-2 %
|
NA
|
Same Store
Sales
|
-2 %
|
NA
|
Comparable Direct
Sales
|
-3 %
|
-23 %
|
Overall sales for the second quarter this year compared to the
second quarter of Fiscal 2022 were down 7% at Journeys, down 4% at
Schuh and down 10% at Licensed Brands as we repositioned the
distribution mix, partially offset by a 22% increase in sales at
Johnston & Murphy. On a constant currency basis, Schuh sales
were up 9% for the second quarter this year.
Second quarter gross margin this year was 47.5%, down 160 basis
points compared with 49.1% last year and down 110 basis points
compared with 48.6% in Fiscal 2020. The decrease as a percentage of
sales as compared to Fiscal 2022 is due primarily to increased
markdowns in the Journeys business as they returned to a more
normalized promotional environment and higher freight and logistics
costs in the Johnston & Murphy business. Additionally, the
Company had the reversal of inventory reserves in the second
quarter last year at Johnston & Murphy as the brand began to
recover from the pandemic making for a difficult comparison this
year.
Selling and administrative expense for the second quarter this
year increased 30 basis points as a percentage of sales compared
with last year but decreased 180 basis points compared with Fiscal
2020. Adjusted selling and administrative expense for the second
quarter this year increased 30 basis points as a percentage of
sales compared with last year but decreased 200 basis points
compared with Fiscal 2020. The increase as compared to Fiscal 2022
is due in large part to one-time benefits for rent credits and
government relief in the second quarter of Fiscal 2022. Excluding
these one-time benefits last year, decreased performance-based
compensation expense more than offset the deleverage in selling
salaries and marketing expenses.
Genesco's GAAP operating income for the second quarter was
$9.1 million, or 1.7% of sales this
year, compared with $12.9 million, or
2.3% of sales in the second quarter last year, and $3.0 million, or 0.6% of sales in the second
quarter of Fiscal 2020. Adjusted for the Excluded Items in all
periods, operating income for the second quarter was $10.0 million this year compared to $21.1 million last year and $4.7 million in the second quarter of Fiscal
2020. Adjusted operating margin was 1.9% of sales in the second
quarter of Fiscal 2023, 3.8% in the second quarter last year and
1.0% in the second quarter of Fiscal 2020.
The effective tax rate for the quarter was 11.3% in Fiscal 2023
compared to 11.1% in the second quarter last year and 70.7% in the
second quarter of Fiscal 2020. The adjusted tax rate, reflecting
Excluded Items, was 19.5% in the second quarter of Fiscal 2023
compared to 25.1% in the second quarter of last year and 45.2% in
the second quarter of Fiscal 2020. The lower adjusted tax rate for
the second quarter this year as compared to the second quarter last
year reflects a reduction in the effective tax rate the Company
expects for jurisdictions in which it is profitable combined with
the impact of foreign activity for which it has historically been
unable to recognize a tax benefit.
GAAP earnings from continuing operations were $7.7 million in the second quarter of Fiscal
2023, compared to $10.9 million in
the second quarter last year and $0.8
million in the second quarter of Fiscal 2020.
Adjusted for the Excluded Items in all periods, second quarter
earnings from continuing operations were $7.7 million, or $0.59 per share, in Fiscal 2023, compared to
$15.3 million, or $1.05 per share, in the second quarter of last
year and $2.5 million, or
$0.15 per share, in the second
quarter of Fiscal 2020.
Cash, Borrowings and Inventory
Cash and cash
equivalents at July 30, 2022, were
$44.9 million, compared with
$304.0 million at July 31, 2021. Total debt at the end of the
second quarter of Fiscal 2023 was $48.9
million compared with $20.0
million at the end of last year's second quarter. The
$288 million decrease in net cash
position over the past 12 months was driven primarily by
replenishment of inventory totaling $150
million and significant share repurchases totaling
$135 million. Inventories increased
55% in the second quarter of Fiscal 2023 on a year-over-year basis,
as outsized stimulus demand and supply chain limitations resulted
in extremely low inventory last year. Inventories increased 14%
this year when compared to the second quarter of Fiscal 2020, prior
to the pandemic, driven by late arriving Spring inventory,
back-to-school product, core carryover product and vendor cost
increases.
Capital Expenditures and Store Activity
For the second
quarter, capital expenditures excluding the new corporate
headquarters building were $9
million, related primarily to investments in retail stores
and digital and omnichannel initiatives. Depreciation and
amortization was $11 million. During
the quarter, the Company opened four stores and closed six stores.
The Company ended the quarter with 1,412 stores compared with 1,439
stores at the end of the second quarter last year, or a decrease of
2%. Square footage was down 2% on a year-over-year basis.
Share Repurchases
The Company repurchased 826,034
shares during the second quarter of Fiscal 2023 at a cost of
$45.4 million or an average of
$54.99 per share. The Company
currently has $54.9 million remaining
on its expanded share repurchase authorization announced in
February 2022.
Fiscal 2023 Outlook
The Company revises its Fiscal
2023 full year guidance:
- Sales are now expected to be down 3% to flat, compared to FY22,
versus prior guidance of up 1% to 3%.
- Adjusted diluted earnings per share from continuing operations
in the range of $6.25 to $7.002, with an expectation that
adjusted diluted earnings per share for the year will be near the
mid-point of the range, versus the prior expectation for adjusted
diluted earnings per share to be near the mid-point of $7.00 to $7.75.
Please refer to the Q2FY23 conference call and Q2FY23 Summary
Results presentation for details regarding guidance
assumptions.
ESG Report
Genesco recently published its inaugural
ESG Report on www.genesco.com outlining the Company's most recent
ESG work, policies and metrics. "We are proud of the progress we've
made on ESG," said Vaughn. "Our business continues to incorporate
ESG as a factor in key operating decisions such as redesigning and
reducing shoe box sizes and participating in energy reduction
programs at the store level. We're committed to do more and look
forward to updating you on our future progress."
Conference Call, Management Commentary and Investor
Presentation
The Company has posted detailed financial
commentary and a supplemental financial presentation of second
quarter results on its website, www.genesco.com, in the investor
relations section. The Company's live conference call on
September 1, 2022, at 7:30 a.m. (Central time), may be accessed through
the Company's website, www.genesco.com. To listen live, please go
to the website at least 15 minutes early to register, download and
install any necessary software.
2A
reconciliation of the adjusted financial measures cited in the
guidance to their corresponding measures as reported pursuant to
GAAP is included in Schedule B to this press release.
|
Safe Harbor Statement
This release contains
forward-looking statements, including those regarding future sales,
earnings, operating income, gross margins, expenses, capital
expenditures, depreciation and amortization, tax rates, stores
openings and closures, ESG progress and all other statements not
addressing solely historical facts or present conditions. Forward-
looking statements are usually identified by or are associated with
such words as "intend," "expect," "believe," "anticipate,"
"optimistic" and similar terminology. 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 those resulting from the effects of COVID-19 on the
Company's business, including COVID-19 case spikes in locations in
which the Company operates, additional stores closures due to
COVID-19, weakness in store and shopping mall traffic, restrictions
on operations imposed by government entities and/or landlords,
changes in public safety and health requirements, and limitations
on the Company's ability to adequately staff and operate
stores. Differences from expectations could also result from
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; our
ability to pass on price increases to our customers; the imposition
of tariffs on product 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 or geopolitical events;
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, impacts of the Russia-Ukraine war, and other sources of market
weakness in the U.K. and Republic of
Ireland; 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; 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; 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 realize
anticipated cost savings, including rent savings; the amount and
timing of share repurchases; the Company's ability to achieve
expected digital gains and gain market share; 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; our ability to meet our sustainability, stewardship,
emission and diversity, equity and inclusion related ESG
projections, goals and commitments; 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; the Company's ability to realize any anticipated
tax benefits; 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 and branded
company, sells footwear and accessories in more than 1,410 retail
stores throughout the U.S., Canada, the United
Kingdom and the Republic of
Ireland, principally under the names Journeys, Journeys
Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy,
and on internet websites www.journeys.com, www.journeyskidz.com,
www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk,
www.schuh.ie, www.schuh.eu, www.johnstonmurphy.com,
www.johnstonmurphy.ca, www.nashvilleshoewarehouse.com, and
www.dockersshoes.com. In addition, Genesco sells footwear at
wholesale under its Johnston & Murphy brand, the licensed
Levi's brand, the licensed Dockers brand, the licensed Bass brand,
and other brands. Genesco is committed to progress in its
diversity, equity and inclusion efforts, and the Company's
environmental, social and governance stewardship. For more
information on Genesco and its operating divisions, please visit
www.genesco.com.
GENESCO
INC.
|
|
Condensed
Consolidated Statements of Operations
|
|
(in thousands,
except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
Quarter 2
|
|
|
|
|
|
July
30,
|
% of
|
|
July
31,
|
% of
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
Net sales
|
|
|
$
535,332
|
100.0 %
|
|
$
555,183
|
100.0 %
|
|
|
Cost of
sales
|
|
|
281,018
|
52.5 %
|
|
282,661
|
50.9 %
|
|
|
Gross
margin
|
|
254,314
|
47.5 %
|
|
272,522
|
49.1 %
|
|
|
Selling and
administrative expenses
|
245,103
|
45.8 %
|
|
252,551
|
45.5 %
|
|
|
Asset impairments and
other, net
|
129
|
0.0 %
|
|
7,070
|
1.3 %
|
|
|
Operating income
|
|
9,082
|
1.7 %
|
|
12,901
|
2.3 %
|
|
|
Other components of net
periodic benefit cost
|
50
|
0.0 %
|
|
56
|
0.0 %
|
|
|
Interest expense,
net
|
|
405
|
0.1 %
|
|
617
|
0.1 %
|
|
|
Earnings from continuing operations before
|
|
|
|
|
|
|
|
income
taxes
|
|
8,627
|
1.6 %
|
|
12,228
|
2.2 %
|
|
|
Income tax
expense
|
|
976
|
0.2 %
|
|
1,354
|
0.2 %
|
|
|
Earnings from continuing operations
|
7,651
|
1.4 %
|
|
10,874
|
2.0 %
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
(8)
|
0.0 %
|
|
63
|
0.0 %
|
|
|
Net
Earnings
|
|
$
7,643
|
1.4 %
|
|
$
10,937
|
2.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.60
|
|
|
$
0.76
|
|
|
|
Net
earnings
|
|
$
0.60
|
|
|
$
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.59
|
|
|
$
0.74
|
|
|
|
Net
earnings
|
|
$
0.59
|
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
12,813
|
|
|
14,339
|
|
|
|
Diluted
|
|
|
13,009
|
|
|
14,611
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Condensed
Consolidated Statements of Operations
|
|
(in thousands,
except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
July
30,
|
% of
|
|
July 31,
|
% of
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
Net sales
|
|
|
$
1,056,080
|
100.0 %
|
|
$
1,093,878
|
100.0 %
|
|
|
Cost of
sales
|
|
|
550,322
|
52.1 %
|
|
563,694
|
51.5 %
|
|
|
Gross
margin
|
|
505,758
|
47.9 %
|
|
530,184
|
48.5 %
|
|
|
Selling and
administrative expenses
|
488,584
|
46.3 %
|
|
492,016
|
45.0 %
|
|
|
Asset impairments and
other, net
|
(154)
|
0.0 %
|
|
9,740
|
0.9 %
|
|
|
Operating income
|
|
17,328
|
1.6 %
|
|
28,428
|
2.6 %
|
|
|
Other components of net
periodic benefit cost
|
148
|
0.0 %
|
|
17
|
0.0 %
|
|
|
Interest expense,
net
|
|
702
|
0.1 %
|
|
1,346
|
0.1 %
|
|
|
Earnings from continuing operations before
|
|
|
|
|
|
|
|
income
taxes
|
|
16,478
|
1.6 %
|
|
27,065
|
2.5 %
|
|
|
Income tax
expense
|
|
3,858
|
0.4 %
|
|
7,297
|
0.7 %
|
|
|
Earnings (loss) from continuing operations
|
12,620
|
1.2 %
|
|
19,768
|
1.8 %
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
(30)
|
0.0 %
|
|
47
|
0.0 %
|
|
|
Net
Earnings
|
|
$
12,590
|
1.2 %
|
|
$
19,815
|
1.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.98
|
|
|
$
1.38
|
|
|
|
Net
earnings
|
|
$
0.98
|
|
|
$
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.96
|
|
|
$
1.35
|
|
|
|
Net
earnings
|
|
$
0.95
|
|
|
$
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
12,887
|
|
|
14,313
|
|
|
|
Diluted
|
|
|
13,189
|
|
|
14,657
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Sales/Earnings
Summary by Segment
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
Quarter 2
|
|
|
|
|
|
July
30,
|
% of
|
|
July 31,
|
% of
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
321,332
|
60.0 %
|
|
$
346,275
|
62.4 %
|
|
|
Schuh Group
|
|
101,518
|
19.0 %
|
|
106,079
|
19.1 %
|
|
|
Johnston & Murphy Group
|
74,818
|
14.0 %
|
|
61,159
|
11.0 %
|
|
|
Licensed Brands
|
|
37,664
|
7.0 %
|
|
41,670
|
7.5 %
|
|
|
Net Sales
|
|
|
$
535,332
|
100.0 %
|
|
$
555,183
|
100.0 %
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
9,222
|
2.9 %
|
|
$
30,368
|
8.8 %
|
|
|
Schuh Group
|
|
2,094
|
2.1 %
|
|
3,623
|
3.4 %
|
|
|
Johnston & Murphy Group
|
3,212
|
4.3 %
|
|
3,951
|
6.5 %
|
|
|
Licensed Brands
|
|
685
|
1.8 %
|
|
991
|
2.4 %
|
|
|
Corporate and Other(1)
|
|
(6,131)
|
-1.1 %
|
|
(26,032)
|
-4.7 %
|
|
|
Operating
income
|
|
9,082
|
1.7 %
|
|
12,901
|
2.3 %
|
|
|
Other components of net
periodic benefit cost
|
50
|
0.0 %
|
|
56
|
0.0 %
|
|
|
Interest,
net
|
|
|
405
|
0.1 %
|
|
617
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
before
|
|
|
|
|
|
|
income
taxes
|
|
8,627
|
1.6 %
|
|
12,228
|
2.2 %
|
|
|
Income tax
expense
|
|
976
|
0.2 %
|
|
1,354
|
0.2 %
|
|
|
Earnings from
continuing operations
|
7,651
|
1.4 %
|
|
10,874
|
2.0 %
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
(8)
|
0.0 %
|
|
63
|
0.0 %
|
|
|
Net
Earnings
|
|
$
7,643
|
1.4 %
|
|
$
10,937
|
2.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes a $0.1 million charge in the
second quarter of Fiscal 2023 for asset
impairments.
|
|
|
|
|
|
|
Includes a $7.0 million charge in the second quarter of Fiscal 2022
which includes $6.2 million for professional fees related to the
actions
|
|
|
of a
shareholder activist and $1.4 million for retail store asset
impairments, partially offset by a $0.6 million insurance
gain.
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Sales/Earnings
Summary by Segment
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
July
30,
|
% of
|
|
July 31,
|
% of
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
635,777
|
60.2 %
|
|
$ 722,823
|
66.1 %
|
|
|
Schuh Group
|
|
189,677
|
18.0 %
|
|
174,790
|
16.0 %
|
|
|
Johnston & Murphy Group
|
145,834
|
13.8 %
|
|
109,921
|
10.0 %
|
|
|
Licensed Brands
|
|
84,792
|
8.0 %
|
|
86,344
|
7.9 %
|
|
|
Net Sales
|
|
|
$
1,056,080
|
100.0 %
|
|
$
1,093,878
|
100.0 %
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
24,152
|
3.8 %
|
|
$
63,492
|
8.8 %
|
|
|
Schuh Group
|
|
(652)
|
-0.3 %
|
|
(224)
|
-0.1 %
|
|
|
Johnston & Murphy Group
|
3,762
|
2.6 %
|
|
771
|
0.7 %
|
|
|
Licensed Brands
|
|
4,478
|
5.3 %
|
|
3,552
|
4.1 %
|
|
|
Corporate and Other(1)
|
|
(14,412)
|
-1.4 %
|
|
(39,163)
|
-3.6 %
|
|
|
Operating
income
|
|
17,328
|
1.6 %
|
|
28,428
|
2.6 %
|
|
|
Other components of net
periodic benefit cost
|
148
|
0.0 %
|
|
17
|
0.0 %
|
|
|
Interest,
net
|
|
|
702
|
0.1 %
|
|
1,346
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
before
|
|
|
|
|
|
|
|
income
taxes
|
|
16,478
|
1.6 %
|
|
27,065
|
2.5 %
|
|
|
Income tax
expense
|
|
3,858
|
0.4 %
|
|
7,297
|
0.7 %
|
|
|
Earnings from
continuing operations
|
12,620
|
1.2 %
|
|
19,768
|
1.8 %
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
(30)
|
0.0 %
|
|
47
|
0.0 %
|
|
|
Net
Earnings
|
|
$
12,590
|
1.2 %
|
|
$
19,815
|
1.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes a $0.2 million gain in the first
six months of Fiscal 2023 which includes a $0.7 million gain on the
termination of the pension plan,
|
|
|
partially offset by $0.5 million for asset impairments.
|
|
|
|
|
|
|
|
Includes a $9.7 million charge in the first six months of Fiscal
2022 which includes $8.5 million for professional fees related to
the actions
|
|
|
of a
shareholder activist and $1.8 million for retail store asset
impairments, partially offset by a $0.6 million insurance
gain.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
(in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 30,
2022
|
|
July 31,
2021
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash
|
|
|
$
44,939
|
|
$
304,039
|
|
|
Accounts
receivable
|
|
|
42,782
|
|
31,872
|
|
|
Inventories
|
|
|
507,236
|
|
326,477
|
|
|
Other current
assets(1)
|
|
|
99,455
|
|
91,554
|
|
|
Total
current assets
|
|
|
694,412
|
|
753,942
|
|
|
Property and
equipment
|
|
|
220,742
|
|
202,711
|
|
|
Operating lease right
of use assets
|
|
491,412
|
|
610,188
|
|
|
Goodwill and other
intangibles
|
|
|
66,029
|
|
69,850
|
|
|
Other non-current
assets
|
|
|
27,125
|
|
21,929
|
|
|
Total
Assets
|
|
|
$
1,499,720
|
|
$ 1,658,620
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
226,779
|
|
$
186,593
|
|
|
Current portion
operating lease liabilities
|
|
135,571
|
|
156,562
|
|
|
Other current
liabilities
|
|
|
80,266
|
|
134,407
|
|
|
Total
current liabilities
|
|
|
442,616
|
|
477,562
|
|
|
Long-term
debt
|
|
|
48,872
|
|
20,022
|
|
|
Long-term operating
lease liabilities
|
|
413,416
|
|
524,857
|
|
|
Other long-term
liabilities
|
|
|
34,283
|
|
48,082
|
|
|
Equity
|
|
|
560,533
|
|
588,097
|
|
|
Total
Liabilities and Equity
|
|
|
$
1,499,720
|
|
$ 1,658,620
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes prepaid income taxes of $69.7
million and $60.8 million at July 30, 2022 and
|
|
|
|
|
|
and
July 31, 2021, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
Balance
|
|
01/30/21
|
Open
|
Close
|
|
01/29/22
|
|
Open
|
Close
|
|
07/30/22
|
Journeys
Group
|
1,159
|
5
|
29
|
|
1,135
|
|
6
|
10
|
|
1,131
|
Schuh Group
|
123
|
0
|
0
|
|
123
|
|
1
|
2
|
|
122
|
Johnston & Murphy
Group
|
178
|
1
|
12
|
|
167
|
|
1
|
9
|
|
159
|
Total Retail
Stores
|
1,460
|
6
|
41
|
|
1,425
|
|
8
|
21
|
|
1,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
04/30/22
|
Open
|
Close
|
|
07/30/22
|
|
Journeys
Group
|
1,130
|
3
|
2
|
|
1,131
|
|
Schuh Group
|
122
|
0
|
0
|
|
122
|
|
Johnston & Murphy
Group
|
162
|
1
|
4
|
|
159
|
|
Total Retail
Stores
|
1,414
|
4
|
6
|
|
1,412
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
Comparable
Sales(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
|
Six
Months
|
|
|
|
July
30,
|
|
July 31,
|
|
|
July
30,
|
|
July 31,
|
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Journeys
Group
|
|
|
-8 %
|
|
NA
|
|
|
NA
|
|
NA
|
Schuh Group
|
|
|
9 %
|
|
NA
|
|
|
NA
|
|
NA
|
Johnston & Murphy
Group
|
|
|
17 %
|
|
NA
|
|
|
NA
|
|
NA
|
Total Comparable
Sales
|
|
|
-2 %
|
|
NA
|
|
|
NA
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
Sales
|
|
|
-2 %
|
|
NA
|
|
|
NA
|
|
NA
|
Comparable Direct
Sales
|
|
|
-3 %
|
|
-23 %
|
|
|
-16 %
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
(1)
As a result of store closures during
Fiscal 2021 and the first quarter of Fiscal 2022 in response to the
COVID-19
|
|
pandemic and the Company's policy of removing any store closed for
seven consecutive days from comparable sales,
|
|
the
Company has not included comparable sales for the second quarter of
Fiscal 2022 and the six months of Fiscal
2023
|
|
and
Fiscal 2022, except for comparable direct sales, as it felt that
overall sales was a more meaningful metric during
|
|
those periods.
|
|
|
|
|
|
|
|
|
|
|
Schedule B
|
Genesco Inc.
Adjustments to Reported Earnings from Continuing Operations
Three Months Ended July 30, 2022, July 31, 2021 and August 3,
2019
|
|
The Company believes
that disclosure of earnings and earnings per share from continuing
operations and operating income adjusted for the items not
reflected in the previously announced expectations will be
meaningful to investors, especially
in light of the impact of such items on the results.
|
|
|
|
Quarter
2
|
|
Quarter
2
|
|
Quarter
2
|
|
|
July 30,
2022
|
|
July 31,
2021
|
|
August 3,
2019
|
|
|
|
Net
of
|
Per
Share
|
|
|
Net
of
|
Per
Share
|
|
|
Net
of
|
Per
Share
|
In Thousands (except
per share amounts)
|
|
Pretax
|
Tax
|
Amounts
|
|
Pretax
|
Tax
|
Amounts
|
|
Pretax
|
Tax
|
Amounts
|
Earnings from
continuing operations, as reported
|
|
|
$
7,651
|
$0.59
|
|
|
$ 10,874
|
$0.74
|
|
|
$
793
|
$0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
129
|
98
|
0.01
|
|
$
1,410
|
1,200
|
0.08
|
|
$
731
|
451
|
0.03
|
Gain on pension
termination
|
|
-
|
(7)
|
0.00
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
Fees related to
shareholder activist
|
|
-
|
-
|
0.00
|
|
6,238
|
4,393
|
0.30
|
|
-
|
-
|
0.00
|
Expenses related
to new HQ building
|
|
762
|
583
|
0.04
|
|
1,157
|
813
|
0.06
|
|
-
|
-
|
0.00
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
(578)
|
(408)
|
(0.03)
|
|
-
|
-
|
0.00
|
Loss on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
1,044
|
717
|
0.04
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
-
|
2
|
0.00
|
Total asset
impairments and other adjustments
|
|
$
891
|
674
|
0.05
|
|
$
8,227
|
5,998
|
0.41
|
|
$
1,775
|
1,170
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact share
based awards
|
|
|
(663)
|
(0.05)
|
|
|
(1,747)
|
(0.12)
|
|
|
(54)
|
0.00
|
Other tax
items
|
|
|
4
|
0.00
|
|
|
196
|
0.02
|
|
|
547
|
0.03
|
Total income tax
expense adjustments
|
|
|
(659)
|
(0.05)
|
|
|
(1,551)
|
(0.10)
|
|
|
493
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing operations (1) and
(2)
|
|
|
$
7,666
|
$0.59
|
|
|
$ 15,321
|
$1.05
|
|
|
$
2,456
|
$0.15
|
|
|
|
|
|
|
|
|
(1)
The adjusted tax rate for the second
quarter of Fiscal 2023, 2022 and 2020 is 19.5%, 25.1% and 45.2%,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
EPS reflects 13.0 million, 14.6 million
and 16.0 million share count for the second quarter of Fiscal 2023,
2022 and 2020, respectively, which includes common stock
equivalents in all periods.
|
Genesco Inc.
|
Adjustments to Reported
Operating Income and Selling and Administrative Expenses
|
Three Months Ended July
30, 2022, July 31, 2021 and August 3, 2019
|
|
|
|
|
|
|
|
Quarter 2 -
July 30, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
9,222
|
$
-
|
$
9,222
|
Schuh Group
|
|
2,094
|
-
|
2,094
|
Johnston & Murphy
Group
|
|
3,212
|
-
|
3,212
|
Licensed
Brands
|
|
685
|
-
|
685
|
Corporate and
Other
|
|
(6,131)
|
891
|
(5,240)
|
Total Operating
Income
|
|
$
9,082
|
$
891
|
$
9,973
|
% of
sales
|
|
1.7 %
|
|
1.9 %
|
|
|
|
|
|
|
|
Quarter 2 - July
31, 2021
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
30,368
|
$
-
|
$
30,368
|
Schuh Group
|
|
3,623
|
-
|
3,623
|
Johnston & Murphy
Group
|
|
3,951
|
-
|
3,951
|
Licensed
Brands
|
|
991
|
-
|
991
|
Corporate and
Other
|
|
(26,032)
|
8,227
|
(17,805)
|
Total Operating
Income
|
|
$
12,901
|
$
8,227
|
$
21,128
|
% of
sales
|
|
2.3 %
|
|
3.8 %
|
|
|
|
|
|
|
|
Quarter 2 -
August 3, 2019
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
11,329
|
$
-
|
$
11,329
|
Schuh Group
|
|
39
|
-
|
39
|
Johnston & Murphy
Group
|
|
1,518
|
-
|
1,518
|
Licensed
Brands
|
|
(251)
|
-
|
(251)
|
Corporate and
Other
|
|
(9,673)
|
1,775
|
(7,898)
|
Total Operating
Income
|
|
$
2,962
|
$
1,775
|
$
4,737
|
% of
sales
|
|
0.6 %
|
|
1.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
In Thousands
|
|
July 30,
2022
|
July 31,
2021
|
August 3,
2019
|
Selling and
administrative expenses, as reported
|
|
$
245,103
|
$ 252,551
|
$
231,796
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(762)
|
(1,157)
|
-
|
Total
adjustments
|
|
(762)
|
(1,157)
|
-
|
Adjusted selling and
administrative expenses
|
|
$
244,341
|
$ 251,394
|
$
231,796
|
% of
sales
|
|
45.6 %
|
45.3 %
|
47.6 %
|
Schedule B
|
Genesco Inc.
Adjustments to Reported Earnings from Continuing Operations
Six Months Ended July 30, 2022, July 31, 2021 and August 3,
2019
|
|
The Company believes
that disclosure of earnings and earnings per share from continuing
operations and operating income adjusted for the items not
reflected in the previously announced expectations will be
meaningful to investors, especially in
light of the impact of such items on the results.
|
|
|
|
Six
Months
|
|
Six
Months
|
|
Six
Months
|
|
|
July 30,
2022
|
|
July 31,
2021
|
|
August 3,
2019
|
|
|
|
Net
of
|
Per
Share
|
|
|
Net
of
|
Per
Share
|
|
|
Net
of
|
Per
Share
|
In Thousands (except
per share amounts)
|
|
Pretax
|
Tax
|
Amounts
|
|
Pretax
|
Tax
|
Amounts
|
|
Pretax
|
Tax
|
Amounts
|
Earnings from
continuing operations, as reported
|
|
|
$
12,620
|
$0.96
|
|
|
$ 19,768
|
$1.35
|
|
|
$
7,263
|
$0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
541
|
457
|
0.03
|
|
$
1,824
|
1,526
|
0.10
|
|
$
1,038
|
663
|
0.04
|
Gain on pension
termination
|
|
(695)
|
(518)
|
(0.04)
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
Fees related to
shareholder activist
|
|
-
|
-
|
0.00
|
|
8,494
|
5,993
|
0.41
|
|
-
|
-
|
0.00
|
Expenses related
to new HQ building
|
|
2,288
|
1,705
|
0.13
|
|
1,754
|
1,237
|
0.09
|
|
-
|
-
|
0.00
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
(578)
|
(408)
|
(0.03)
|
|
-
|
-
|
0.00
|
Loss on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
44
|
28
|
0.00
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(38)
|
(24)
|
0.00
|
Total asset
impairments and other adjustments
|
|
$
2,134
|
1,644
|
0.12
|
|
$ 11,494
|
8,348
|
0.57
|
|
$
1,044
|
667
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact share
based awards
|
|
|
(663)
|
(0.05)
|
|
|
(1,747)
|
(0.12)
|
|
|
(54)
|
0.00
|
Other tax
items
|
|
|
1
|
0.00
|
|
|
596
|
0.04
|
|
|
489
|
0.02
|
Total income tax
expense adjustments
|
|
|
(662)
|
(0.05)
|
|
|
(1,151)
|
(0.08)
|
|
|
435
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing operations (1) and
(2)
|
|
|
$
13,602
|
$1.03
|
|
|
$ 26,965
|
$1.84
|
|
|
$
8,365
|
$0.49
|
|
|
|
|
|
|
|
|
(1)
The adjusted tax rate for the first six
months of Fiscal 2023, 2022 and 2020 is 26.9%, 30.1% and 36.1%,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
EPS reflects 13.2 million, 14.7 million
and 16.9 million share count for the first six months of Fiscal
2023, 2022 and 2020, respectively, which includes common stock
equivalents in all periods.
|
Genesco Inc.
|
Adjustments to Reported
Operating Income and Selling and Administrative Expenses
|
Six Months Ended July
30, 2022, July 31, 2021 and August 3, 2019
|
|
|
|
|
|
|
|
Six Months
July 30, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
24,152
|
$
-
|
$
24,152
|
Schuh Group
|
|
(652)
|
-
|
(652)
|
Johnston & Murphy
Group
|
|
3,762
|
-
|
3,762
|
Licensed
Brands
|
|
4,478
|
-
|
4,478
|
Corporate and
Other
|
|
(14,412)
|
2,134
|
(12,278)
|
Total Operating
Income
|
|
$
17,328
|
$
2,134
|
$
19,462
|
% of
sales
|
|
1.6 %
|
|
1.8 %
|
|
|
|
|
|
|
|
Six Months July
31, 2021
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
63,492
|
$
-
|
$
63,492
|
Schuh Group
|
|
(224)
|
-
|
(224)
|
Johnston & Murphy
Group
|
|
771
|
-
|
771
|
Licensed
Brands
|
|
3,552
|
-
|
3,552
|
Corporate and
Other
|
|
(39,163)
|
11,494
|
(27,669)
|
Total Operating
Income
|
|
$
28,428
|
$
11,494
|
$
39,922
|
% of
sales
|
|
2.6 %
|
|
3.6 %
|
|
|
|
|
|
|
|
Six Months August
3, 2019
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
30,305
|
$
-
|
$
30,305
|
Schuh Group
|
|
(5,389)
|
-
|
(5,389)
|
Johnston & Murphy
Group
|
|
6,624
|
-
|
6,624
|
Licensed
Brands
|
|
178
|
-
|
178
|
Corporate and
Other
|
|
(19,672)
|
1,044
|
(18,628)
|
Total Operating
Income
|
|
$
12,046
|
$
1,044
|
$
13,090
|
% of
sales
|
|
1.2 %
|
|
1.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
|
In Thousands
|
|
July 30,
2022
|
July 31,
2021
|
August 3,
2019
|
Selling and
administrative expenses, as reported
|
|
$
488,584
|
$ 492,016
|
$
468,351
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(2,288)
|
(1,754)
|
-
|
Total
adjustments
|
|
(2,288)
|
(1,754)
|
-
|
Adjusted selling and
administrative expenses
|
|
$
486,296
|
$ 490,262
|
$
468,351
|
% of
sales
|
|
46.0 %
|
44.8 %
|
47.7 %
|
Schedule B
|
|
|
|
|
|
|
Genesco Inc.
|
Adjustments to
Forecasted Earnings from Continuing Operations
|
Fiscal Year Ending
January 28, 2023
|
|
|
|
|
|
|
In millions (except per
share amounts)
|
|
High
Guidance
|
Low Guidance
|
|
|
Fiscal 2023
|
Fiscal 2023
|
|
|
Net of Tax
|
Per Share
|
Net of Tax
|
Per Share
|
Forecasted earnings
from continuing operations
|
|
$
87.2
|
$ 6.76
|
$ 77.2
|
$ 5.98
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
Asset impairments and
other matters
|
|
1.4
|
0.11
|
1.7
|
0.14
|
New building
costs
|
|
1.7
|
0.13
|
1.7
|
0.13
|
Total asset impairments
and other adjustments (1)
|
|
3.1
|
0.24
|
3.4
|
0.27
|
|
|
|
|
|
|
Adjusted forecasted
earnings from continuing operations (2)
|
$
90.3
|
$ 7.00
|
$ 80.6
|
$ 6.25
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
All adjustments are net of tax where
applicable. The forecasted tax rate for Fiscal 2023 is
approximately 26%.
|
|
|
|
|
|
|
|
(2)
EPS reflects 12.9 million share count for
Fiscal 2023 which includes common stock equivalents.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This reconciliation
reflects estimates and current expectations of future results.
Actual results may vary materially from these
|
expectations and
estimates, for reasons including those included in the discussion
of forward-looking statements elsewhere in
|
this release. The
Company disclaims any obligation to update such expectations and
estimates.
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/genesco-inc-reports-fiscal-2023-second-quarter-results-301615976.html
SOURCE Genesco Inc.