--Comps Up 3% With Every Business Posting
Gains--
--E-commerce Sales Almost 75% Above
Pre-Pandemic Levels--
--Gross Margin Better than
Expectations--
Third Quarter Fiscal 2023 Financial Summary
- Net sales of $604 million, an
increase of 1% from last year and an increase of 12% over
Q3FY20
- Excluding the impact of lower exchange rates, net sales
increased 4% for Q3FY23 compared to Q3FY22
- Comps were up 3% with every business posting gains
- E-commerce sales represented 18% of retail sales, flat to last
year and increased from 11% of retail sales in Q3FY20
- GAAP EPS from continuing operations was $1.66 vs $2.26 last
year and $1.31 in Q3FY20
- Non-GAAP EPS from continuing operations was $1.651 vs. $2.36 last year and $1.33 in Q3FY20
- Repurchased $20.8 million of
stock during Q3FY23, with $34.1
million remaining on the current authorization
- Taking a more conservative approach for the fourth quarter with
revised expectations for adjusted EPS of $5.50 to $5.90
NASHVILLE, Tenn., Dec. 2, 2022
/PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported GAAP
earnings from continuing operations per diluted share of
$1.66 for the three months ended
October 29, 2022, compared to
$2.26 in the third quarter last year
and $1.31 per diluted share three
years ago, prior to the pandemic. Adjusted for the Excluded Items
in all periods, the Company reported third quarter earnings from
continuing operations per diluted share of $1.65, compared to $2.36 last year and $1.33 per diluted share pre-pandemic.
Mimi E. Vaughn, Genesco board
chair, president and chief executive officer, said, "We are pleased
that our third quarter results were largely in line with our
expectations given the ongoing macroeconomic volatility.
Journeys sales accelerated nicely in August and early September
following a slower start to back-to-school, as our team
successfully captured the demand that spiked when consumers had a
reason to buy, behavior U.S. consumers have increasingly displayed
in the current inflationary environment. Schuh and Johnston &
Murphy's sustained strength helped elevate constant currency sales
above a very strong period a year ago. While we did a good job
growing top-line and protecting gross margins during
back-to-school, a sluggish start to November combined with higher
industry-wide promotional activity and cost pressures has led us to
adopt a more conservative view on the balance of this year. Sales
have since re-accelerated with the start of the holiday season.
Despite the current headwinds, I feel confident that the strong
strategic positions of each of our businesses and the work we are
doing to advance our footwear focused strategy have the Company
well situated to continue delivering increased shareholder value
over the longer-term."
____________________
1Excludes
expenses related to the new headquarters building, net of tax
effect in the third 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, "The third quarter was highlighted by
4% constant currency revenue growth despite having 2% fewer stores
compared to the prior year period. Importantly, we achieved better
than expected gross margins as our trend-right merchandise
offerings fueled solid full-priced selling. While we were pleased
with our top line performance, wage increases and other cost
pressures weighed on SG&A, leading to deleverage in the
quarter. Third quarter adjusted earnings per share of $1.65 was slightly better than our expectations,
down from a record $2.36 last year,
but up from $1.33 in Fiscal 2020
driven by our aggressive share repurchase activity since the start
of the pandemic. Based on our performance fourth quarter-to-date
combined with a more cautious view of the near-term operating
environment, we now expect adjusted earnings per share for Fiscal
2023 to range between $5.50 to
$5.90. We believe somewhere close to
the middle of the range is where we will land."
Third Quarter Review
Net sales for the third quarter of Fiscal 2023 increased 1% to
$604 million from $601 million in the third quarter of Fiscal 2022
and increased 12% from $537 million
in the third quarter of Fiscal 2020, prior to the pandemic. The
sales increase compared to last year was driven by increased
wholesale sales and a total comparable sales increase of 3%,
partially offset by foreign exchange pressure in the Schuh business
resulting from the strengthening dollar. E-commerce sales increased
almost 75% above pre-pandemic levels. Excluding the impact of lower
exchange rates, net sales increased 4% for the third quarter of
Fiscal 2023 compared to the third quarter of Fiscal 2022 despite
having 30 fewer stores.
Comparable
Sales
|
|
|
|
Comparable Same
Store and Direct Sales:
|
Q3FY23
|
Q3FY22
|
Journeys
Group
|
1 %
|
15 %
|
Schuh Group
|
3 %
|
23 %
|
Johnston & Murphy
Group
|
20 %
|
77 %
|
Total Genesco
Comparable Sales
|
3 %
|
21 %
|
|
|
|
Same Store
Sales
|
2 %
|
25 %
|
Comparable Direct
Sales
|
6 %
|
7 %
|
Overall sales for the third quarter this year compared to the
third quarter of Fiscal 2022 were flat at Journeys, up 19% at
Johnston & Murphy and up 14% at Licensed Brands, partially
offset by a 13% decrease at Schuh. On a constant
currency basis, Schuh sales were up 4% for the third quarter this
year.
Third quarter gross margin this year was 48.7%, down 50 basis
points compared with 49.2% for both last year and Fiscal 2020. The
decrease as a percentage of sales as compared to Fiscal 2022 is due
primarily to a more normalized promotional environment for all
divisions, except Johnston & Murphy where inventory reserve
comparisons created a reduction in margins, as well as better than
anticipated loyalty program sign-ups at Schuh as new members used
their sign-up incentives.
Selling and administrative expense for the third quarter this
year increased 250 basis points as a percentage of sales compared
with last year and increased 10 basis points compared with Fiscal
2020. Adjusted selling and administrative expense for the third
quarter this year increased 270 basis points as a percentage of
sales compared with last year and increased 10 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 third quarter last year. Excluding these
one-time benefits last year, deleverage in marketing expenses,
compensation expense and selling salaries more than offset leverage
from decreased occupancy and performance-based compensation
expenses.
Genesco's GAAP operating income for the third quarter was
$26.1 million, or 4.3% of sales this
year, compared with $43.8 million, or
7.3% of sales in the third quarter last year, and $25.9 million, or 4.8% of sales in the third
quarter of Fiscal 2020. Adjusted for the Excluded Items in all
periods, operating income for the third quarter was $26.3 million this year compared to $45.2 million last year and $26.7 million in the third quarter of Fiscal
2020. Adjusted operating margin was 4.4% of sales in the third
quarter of Fiscal 2023, 7.5% in the third quarter last year and
5.0% in the third quarter of Fiscal 2020.
The effective tax rate for the quarter was 18.7% in Fiscal 2023
compared to 23.5% in the third quarter last year and 25.4% in the
third quarter of Fiscal 2020. The adjusted tax rate, reflecting
Excluded Items, was 19.6% in the third quarter of Fiscal 2023
compared to 22.7% in the third quarter of last year and 26.2% in
the third quarter of Fiscal 2020. The lower adjusted tax rate for
the third quarter this year as compared to the third quarter last
year reflects a reduction in the effective tax rate the Company
expects for jurisdictions in which it is profitable.
GAAP earnings from continuing operations were $20.4 million in the third quarter of Fiscal
2023, compared to $33.0 million in
the third quarter last year and $19.0
million in the third quarter of Fiscal 2020. Adjusted for
the Excluded Items in all periods, third quarter earnings from
continuing operations were $20.4
million, or $1.65 per share,
in Fiscal 2023, compared to $34.5
million, or $2.36 per share,
in the third quarter of last year and $19.4
million, or $1.33 per share,
in the third quarter of Fiscal 2020.
Cash, Borrowings and Inventory
Cash at October 29, 2022 was
$32.1 million, compared with
$282.8 million at October 30, 2021. Total debt at the end of the
third quarter of Fiscal 2023 was $89.4
million compared with $15.6
million at the end of last year's third quarter. The
$324 million decrease in net cash
position over the past 12 months enabled us to reinvest in our
business for growth by replenishing inventory totaling $207 million and returning significant capital to
shareholders totaling $127 million.
Inventories increased 66% in the third 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 19% this year when compared to the third
quarter of Fiscal 2020, prior to the pandemic. `
Capital Expenditures and Store Activity
For the third quarter, capital expenditures were $11 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 three stores and closed
eleven stores. The Company ended the quarter with 1,404 stores
compared with 1,434 stores at the end of the third quarter last
year, or a decrease of 2%. Square footage was down 2% on a
year-over-year basis.
Share Repurchases
The Company repurchased 451,343 shares during the third quarter
of Fiscal 2023 at a cost of $20.8
million or an average of $46.01 per share. The Company currently has
$34.1 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 1% to 2%, compared to Fiscal
2022, versus prior guidance of down 3% to flat.
- Adjusted diluted earnings per share from continuing operations
in the range of $5.50 to $5.902, 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 $6.25 to $7.00.
Please refer to the Q3FY23 conference call and Q3FY23 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.
Conference Call, Management Commentary and Investor
Presentation
The Company has posted detailed financial commentary and a
supplemental financial presentation of third quarter results on its
website, www.genesco.com, in the investor relations section. The
Company's live conference call on December
2, 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," "feel," "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 in both the amount and timeframe anticipated; 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 1,400 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
3
|
|
Quarter 3
|
|
|
|
|
|
|
Oct.
29,
|
% of
|
|
Oct. 30,
|
% of
|
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
|
Net sales
|
|
|
$
603,788
|
100.0 %
|
|
$ 600,546
|
100.0 %
|
|
|
|
Cost of
sales
|
|
309,981
|
51.3 %
|
|
305,345
|
50.8 %
|
|
|
|
Gross
margin
|
|
293,807
|
48.7 %
|
|
295,201
|
49.2 %
|
|
|
|
Selling and
administrative expenses
|
267,734
|
44.3 %
|
|
251,131
|
41.8 %
|
|
|
|
Asset impairments and
other, net
|
-
|
0.0 %
|
|
314
|
0.1 %
|
|
|
|
Operating income
|
|
26,073
|
4.3 %
|
|
43,756
|
7.3 %
|
|
|
|
Other components of net
periodic benefit cost
|
50
|
0.0 %
|
|
55
|
0.0 %
|
|
|
|
Interest expense,
net
|
|
906
|
0.2 %
|
|
585
|
0.1 %
|
|
|
|
Earnings from continuing operations before
|
|
|
|
|
|
|
|
|
income
taxes
|
|
25,117
|
4.2 %
|
|
43,116
|
7.2 %
|
|
|
|
Income tax
expense
|
|
4,693
|
0.8 %
|
|
10,135
|
1.7 %
|
|
|
|
Earnings from continuing operations
|
20,424
|
3.4 %
|
|
32,981
|
5.5 %
|
|
|
|
Loss from discontinued
operations, net of tax
|
(48)
|
0.0 %
|
|
(86)
|
0.0 %
|
|
|
|
Net
Earnings
|
|
$
20,376
|
3.4 %
|
|
$
32,895
|
5.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
1.68
|
|
|
$ 2.30
|
|
|
|
|
Net
earnings
|
|
$
1.68
|
|
|
$ 2.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
1.66
|
|
|
$ 2.26
|
|
|
|
|
Net
earnings
|
|
$
1.65
|
|
|
$ 2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
12,138
|
|
|
14,314
|
|
|
|
|
Diluted
|
|
|
12,326
|
|
|
14,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
(in thousands,
except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
Oct.
29,
|
% of
|
|
Oct. 30,
|
% of
|
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
|
Net sales
|
|
|
$
1,659,868
|
100.0 %
|
|
$ 1,694,424
|
100.0 %
|
|
|
|
Cost of
sales
|
|
860,303
|
51.8 %
|
|
869,039
|
51.3 %
|
|
|
|
Gross
margin
|
|
799,565
|
48.2 %
|
|
825,385
|
48.7 %
|
|
|
|
Selling and
administrative expenses
|
756,318
|
45.6 %
|
|
743,147
|
43.9 %
|
|
|
|
Asset impairments and
other, net
|
(154)
|
0.0 %
|
|
10,054
|
0.6 %
|
|
|
|
Operating income
|
|
43,401
|
2.6 %
|
|
72,184
|
4.3 %
|
|
|
|
Other components of net
periodic benefit cost
|
198
|
0.0 %
|
|
72
|
0.0 %
|
|
|
|
Interest expense,
net
|
|
1,608
|
0.1 %
|
|
1,931
|
0.1 %
|
|
|
|
Earnings from continuing operations before
|
|
|
|
|
|
|
|
|
income
taxes
|
|
41,595
|
2.5 %
|
|
70,181
|
4.1 %
|
|
|
|
Income tax
expense
|
|
8,551
|
0.5 %
|
|
17,432
|
1.0 %
|
|
|
|
Earnings from continuing operations
|
33,044
|
2.0 %
|
|
52,749
|
3.1 %
|
|
|
|
Loss from discontinued
operations, net of tax
|
(78)
|
0.0 %
|
|
(39)
|
0.0 %
|
|
|
|
Net
Earnings
|
|
$
32,966
|
2.0 %
|
|
$ 52,710
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
2.61
|
|
|
$
3.69
|
|
|
|
|
Net
earnings
|
|
$
2.61
|
|
|
$
3.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
2.56
|
|
|
$
3.60
|
|
|
|
|
Net
earnings
|
|
$
2.56
|
|
|
$
3.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
12,637
|
|
|
14,313
|
|
|
|
|
Diluted
|
|
|
12,901
|
|
|
14,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Sales/Earnings
Summary by Segment
|
|
|
(in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
3
|
|
Quarter 3
|
|
|
|
|
|
|
Oct.
29,
|
% of
|
|
Oct. 30,
|
% of
|
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
380,619
|
63.0 %
|
|
$ 379,927
|
63.3 %
|
|
|
|
Schuh Group
|
|
104,809
|
17.4 %
|
|
119,791
|
19.9 %
|
|
|
|
Johnston & Murphy Group
|
79,614
|
13.2 %
|
|
66,835
|
11.1 %
|
|
|
|
Licensed Brands
|
|
38,746
|
6.4 %
|
|
33,993
|
5.7 %
|
|
|
|
Net Sales
|
|
|
$
603,788
|
100.0 %
|
|
$ 600,546
|
100.0 %
|
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
27,083
|
7.1 %
|
|
$
43,403
|
11.4 %
|
|
|
|
Schuh Group
|
|
5,912
|
5.6 %
|
|
9,701
|
8.1 %
|
|
|
|
Johnston & Murphy Group
|
3,494
|
4.4 %
|
|
1,641
|
2.5 %
|
|
|
|
Licensed Brands
|
|
(1,927)
|
-5.0 %
|
|
(132)
|
-0.4 %
|
|
|
|
Corporate and Other(1)
|
|
(8,489)
|
-1.4 %
|
|
(10,857)
|
-1.8 %
|
|
|
|
Operating
income
|
|
26,073
|
4.3 %
|
|
43,756
|
7.3 %
|
|
|
|
Other components of net
periodic benefit cost
|
50
|
0.0 %
|
|
55
|
0.0 %
|
|
|
|
Interest,
net
|
|
|
906
|
0.2 %
|
|
585
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
before
|
|
|
|
|
|
|
|
income
taxes
|
|
25,117
|
4.2 %
|
|
43,116
|
7.2 %
|
|
|
|
Income tax
expense
|
|
4,693
|
0.8 %
|
|
10,135
|
1.7 %
|
|
|
|
Earnings from
continuing operations
|
20,424
|
3.4 %
|
|
32,981
|
5.5 %
|
|
|
|
Loss from discontinued
operations, net of tax
|
(48)
|
0.0 %
|
|
(86)
|
0.0 %
|
|
|
|
Net
Earnings
|
|
$
20,376
|
3.4 %
|
|
$
32,895
|
5.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes a $0.3 million charge in the
third quarter of Fiscal 2022 which includes $0.2 million for asset
impairments and $0.1 million for
|
|
|
|
professional fees related to the actions of a shareholder
activist.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Sales/Earnings
Summary by Segment
|
|
|
(in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
Oct.
29,
|
% of
|
|
Oct. 30,
|
% of
|
|
|
|
|
|
|
2022
|
Net
Sales
|
|
2021
|
Net Sales
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
1,016,396
|
61.2 %
|
|
$ 1,102,750
|
65.1 %
|
|
|
|
Schuh Group
|
|
294,486
|
17.7 %
|
|
294,581
|
17.4 %
|
|
|
|
Johnston & Murphy Group
|
225,448
|
13.6 %
|
|
176,756
|
10.4 %
|
|
|
|
Licensed Brands
|
|
123,538
|
7.4 %
|
|
120,337
|
7.1 %
|
|
|
|
Net Sales
|
|
|
$
1,659,868
|
100.0 %
|
|
$ 1,694,424
|
100.0 %
|
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
$
51,235
|
5.0 %
|
|
$
106,895
|
9.7 %
|
|
|
|
Schuh Group
|
|
5,260
|
1.8 %
|
|
9,477
|
3.2 %
|
|
|
|
Johnston & Murphy Group
|
7,256
|
3.2 %
|
|
2,412
|
1.4 %
|
|
|
|
Licensed Brands
|
|
2,551
|
2.1 %
|
|
3,420
|
2.8 %
|
|
|
|
Corporate and Other(1)
|
|
(22,901)
|
-1.4 %
|
|
(50,020)
|
-3.0 %
|
|
|
|
Operating
income
|
|
43,401
|
2.6 %
|
|
72,184
|
4.3 %
|
|
|
|
Other components of net
periodic benefit cost
|
198
|
0.0 %
|
|
72
|
0.0 %
|
|
|
|
Interest,
net
|
|
|
1,608
|
0.1 %
|
|
1,931
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
before
|
|
|
|
|
|
|
|
income
taxes
|
|
41,595
|
2.5 %
|
|
70,181
|
4.1 %
|
|
|
|
Income tax
expense
|
|
8,551
|
0.5 %
|
|
17,432
|
1.0 %
|
|
|
|
Earnings from
continuing operations
|
33,044
|
2.0 %
|
|
52,749
|
3.1 %
|
|
|
|
Loss from discontinued
operations, net of tax
|
(78)
|
0.0 %
|
|
(39)
|
0.0 %
|
|
|
|
Net
Earnings
|
|
$
32,966
|
2.0 %
|
|
$ 52,710
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes a $0.2 million gain in the first
nine 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 $10.0 million charge in the first nine months of Fiscal
2022 which includes $8.6 million for professional fees related to
the actions
|
|
|
|
of a
shareholder activist and $2.0 million for asset impairments,
partially offset by a $0.6 million insurance
gain.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
(in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct. 29,
2022
|
|
Oct. 30,
2021
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
32,113
|
|
$
282,764
|
|
|
|
Accounts
receivable
|
|
|
48,670
|
|
36,991
|
|
|
|
Inventories
|
|
|
563,490
|
|
339,198
|
|
|
|
Other current
assets(1)
|
|
|
37,575
|
|
85,476
|
|
|
|
Total
current assets
|
|
|
681,848
|
|
744,429
|
|
|
|
Property and
equipment
|
|
|
221,207
|
|
207,489
|
|
|
|
Operating lease right
of use assets
|
|
483,403
|
|
573,842
|
|
|
|
Goodwill and other
intangibles
|
|
|
64,111
|
|
69,456
|
|
|
|
Non-current prepaid
income taxes
|
|
52,319
|
|
-
|
|
|
|
Other non-current
assets
|
|
|
34,105
|
|
21,593
|
|
|
|
Total
Assets
|
|
|
$
1,536,993
|
|
$ 1,616,809
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
223,404
|
|
$
196,024
|
|
|
|
Current portion
long-term debt
|
|
|
3,484
|
|
-
|
|
|
|
Current portion
operating lease liabilities
|
|
136,294
|
|
144,453
|
|
|
|
Other current
liabilities
|
|
|
82,193
|
|
133,569
|
|
|
|
Total
current liabilities
|
|
|
445,375
|
|
474,046
|
|
|
|
Long-term
debt
|
|
|
85,904
|
|
15,610
|
|
|
|
Long-term operating
lease liabilities
|
|
413,096
|
|
490,330
|
|
|
|
Other long-term
liabilities
|
|
|
33,275
|
|
44,399
|
|
|
|
Equity
|
|
|
559,343
|
|
592,424
|
|
|
|
Total
Liabilities and Equity
|
|
|
$
1,536,993
|
|
$ 1,616,809
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes prepaid income taxes of $13.3
million and $58.5 million at October 29, 2022
|
|
|
|
|
|
|
and
October 29, 2021, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
Balance
|
|
|
01/30/21
|
Open
|
Close
|
|
01/29/22
|
|
Open
|
Close
|
|
10/29/22
|
|
Journeys
Group
|
1,159
|
5
|
29
|
|
1,135
|
|
8
|
20
|
|
1,123
|
|
Schuh Group
|
123
|
0
|
0
|
|
123
|
|
2
|
3
|
|
122
|
|
Johnston & Murphy
Group
|
178
|
1
|
12
|
|
167
|
|
1
|
9
|
|
159
|
|
Total Retail
Stores
|
1,460
|
6
|
41
|
|
1,425
|
|
11
|
32
|
|
1,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
|
|
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
|
|
|
07/30/22
|
Open
|
Close
|
|
10/29/22
|
|
|
|
|
|
|
Journeys
Group
|
1,131
|
2
|
10
|
|
1,123
|
|
|
|
|
|
|
Schuh Group
|
122
|
1
|
1
|
|
122
|
|
|
|
|
|
|
Johnston & Murphy
Group
|
159
|
0
|
0
|
|
159
|
|
|
|
|
|
|
Total Retail
Stores
|
1,412
|
3
|
11
|
|
1,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Comparable
Sales(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
3
|
|
|
Nine
Months
|
|
|
|
|
Oct.
29,
|
|
Oct. 30,
|
|
|
Oct.
29,
|
|
Oct. 30,
|
|
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
Journeys
Group
|
|
|
1 %
|
|
15 %
|
|
|
NA
|
|
NA
|
|
Schuh Group
|
|
|
3 %
|
|
23 %
|
|
|
NA
|
|
NA
|
|
Johnston & Murphy
Group
|
|
|
20 %
|
|
77 %
|
|
|
NA
|
|
NA
|
|
Total Comparable
Sales
|
|
|
3 %
|
|
21 %
|
|
|
NA
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
Sales
|
|
|
2 %
|
|
25 %
|
|
|
NA
|
|
NA
|
|
Comparable Direct
Sales
|
|
|
6 %
|
|
7 %
|
|
|
-9 %
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 nine 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
October 29, 2022, October 30, 2021 and November 2, 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
3
|
|
Quarter
3
|
|
Quarter
3
|
|
|
|
October 29,
2022
|
|
October 30,
2021
|
|
November 2,
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
|
|
|
$
20,424
|
$1.66
|
|
|
$ 32,981
|
$2.26
|
|
|
$ 18,979
|
$1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
-
|
(3)
|
0.00
|
|
$
225
|
162
|
0.01
|
|
$
799
|
633
|
0.04
|
|
Fees related to
shareholder activist
|
|
-
|
(2)
|
0.00
|
|
89
|
85
|
0.00
|
|
-
|
-
|
0.00
|
|
Expenses related
to new HQ building
|
|
257
|
200
|
0.01
|
|
1,157
|
824
|
0.06
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
-
|
(1)
|
0.00
|
|
-
|
-
|
0.00
|
|
Loss on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
-
|
3
|
0.00
|
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
-
|
(3)
|
0.00
|
|
Total asset
impairments and other adjustments
|
|
$
257
|
195
|
0.01
|
|
$
1,471
|
1,070
|
0.07
|
|
$
799
|
633
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact share
based awards
|
|
|
28
|
0.00
|
|
|
-
|
0.00
|
|
|
-
|
0.00
|
|
Other tax
items
|
|
|
(251)
|
(0.02)
|
|
|
419
|
0.03
|
|
|
(245)
|
(0.02)
|
|
Total income tax
expense adjustments
|
|
|
(223)
|
(0.02)
|
|
|
419
|
0.03
|
|
|
(245)
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing operations (1) and
(2)
|
|
|
$
20,396
|
$1.65
|
|
|
$ 34,470
|
$2.36
|
|
|
$ 19,367
|
$1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The adjusted tax rate for the third
quarter of Fiscal 2023, 2022 and 2020 is 19.6%, 22.7% and 26.2%,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
EPS reflects 12.3 million, 14.6 million
and 14.5 million share count for the third 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
October 29, 2022, October 30, 2021 and November 2, 2019
|
|
|
|
|
|
|
|
Quarter 3 -
October 29, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
27,083
|
$
-
|
$
27,083
|
Schuh Group
|
|
5,912
|
-
|
5,912
|
Johnston & Murphy
Group
|
|
3,494
|
-
|
3,494
|
Licensed
Brands
|
|
(1,927)
|
-
|
(1,927)
|
Corporate and
Other
|
|
(8,489)
|
257
|
(8,232)
|
Total Operating
Income
|
|
$
26,073
|
$
257
|
$
26,330
|
% of
sales
|
|
4.3 %
|
|
4.4 %
|
|
|
|
|
|
|
|
Quarter 3 -
October 30, 2021
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
43,403
|
$
-
|
$
43,403
|
Schuh Group
|
|
9,701
|
-
|
9,701
|
Johnston & Murphy
Group
|
|
1,641
|
-
|
1,641
|
Licensed
Brands
|
|
(132)
|
-
|
(132)
|
Corporate and
Other
|
|
(10,857)
|
1,471
|
(9,386)
|
Total Operating
Income
|
|
$
43,756
|
$
1,471
|
$
45,227
|
% of
sales
|
|
7.3 %
|
|
7.5 %
|
|
|
|
|
|
|
|
Quarter 3 -
November 2, 2019
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
28,955
|
$
-
|
$
28,955
|
Schuh Group
|
|
4,369
|
-
|
4,369
|
Johnston & Murphy
Group
|
|
3,715
|
-
|
3,715
|
Licensed
Brands
|
|
(27)
|
-
|
(27)
|
Corporate and
Other
|
|
(11,069)
|
799
|
(10,270)
|
Total Operating
Income
|
|
$
25,943
|
$
799
|
$
26,742
|
% of
sales
|
|
4.8 %
|
|
5.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
3
|
In Thousands
|
|
Oct. 29,
2022
|
Oct. 30,
2021
|
Nov. 2,
2019
|
Selling and
administrative expenses, as reported
|
|
$
267,734
|
$ 251,131
|
$
237,460
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(257)
|
(1,157)
|
-
|
Total
adjustments
|
|
(257)
|
(1,157)
|
-
|
Adjusted selling and
administrative expenses
|
|
$
267,477
|
$ 249,974
|
$
237,460
|
% of
sales
|
|
44.3 %
|
41.6 %
|
44.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule B
|
|
Genesco Inc.
|
Adjustments to Reported
Earnings from Continuing Operations
|
Nine Months Ended
October 29, 2022, October 30, 2021 and November 2, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months
|
|
Nine
Months
|
|
Nine
Months
|
|
|
|
October 29,
2022
|
|
October 30,
2021
|
|
November 2,
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
|
|
|
$
33,044
|
$2.56
|
|
|
$ 52,749
|
$3.60
|
|
|
$ 26,242
|
$1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
541
|
454
|
0.04
|
|
$
2,049
|
1,688
|
0.12
|
|
$
1,837
|
1,296
|
0.08
|
|
Gain on pension
termination
|
|
(695)
|
(520)
|
(0.04)
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Fees related to
shareholder activist
|
|
-
|
-
|
0.00
|
|
8,583
|
6,078
|
0.42
|
|
-
|
-
|
0.00
|
|
Expenses related
to new HQ building
|
|
2,545
|
1,905
|
0.15
|
|
2,911
|
2,061
|
0.14
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
(578)
|
(409)
|
(0.03)
|
|
-
|
-
|
0.00
|
|
Loss on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
44
|
31
|
0.00
|
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(38)
|
(27)
|
0.00
|
|
Total asset
impairments and other adjustments
|
|
$
2,391
|
1,839
|
0.15
|
|
$ 12,965
|
9,418
|
0.65
|
|
$
1,843
|
1,300
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact share
based awards
|
|
|
(635)
|
(0.05)
|
|
|
(1,747)
|
(0.12)
|
|
|
(54)
|
0.00
|
|
Other tax
items
|
|
|
(250)
|
(0.02)
|
|
|
1,015
|
0.07
|
|
|
244
|
0.01
|
|
Total income tax
expense adjustments
|
|
|
(885)
|
(0.07)
|
|
|
(732)
|
(0.05)
|
|
|
190
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing operations (1) and
(2)
|
|
|
$
33,998
|
$2.64
|
|
|
$ 61,435
|
$4.20
|
|
|
$ 27,732
|
$1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The adjusted tax rate for the first nine
months of Fiscal 2023, 2022 and 2020 is 22.7%, 26.1% and 29.5%,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
EPS reflects 12.9 million, 14.6 million
and 16.1 million share count for the first nine 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
|
Nine Months Ended
October 29, 2022, October 30, 2021 and November 2, 2019
|
|
|
|
|
|
|
|
Nine Months
October 29, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
51,235
|
$
-
|
$
51,235
|
Schuh Group
|
|
5,260
|
-
|
5,260
|
Johnston & Murphy
Group
|
|
7,256
|
-
|
7,256
|
Licensed
Brands
|
|
2,551
|
-
|
2,551
|
Corporate and
Other
|
|
(22,901)
|
2,391
|
(20,510)
|
Total Operating
Income
|
|
$
43,401
|
$
2,391
|
$
45,792
|
% of
sales
|
|
2.6 %
|
|
2.8 %
|
|
|
|
|
|
|
|
Nine Months
October 30, 2021
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$ 106,895
|
$
-
|
$
106,895
|
Schuh Group
|
|
9,477
|
-
|
9,477
|
Johnston & Murphy
Group
|
|
2,412
|
-
|
2,412
|
Licensed
Brands
|
|
3,420
|
-
|
3,420
|
Corporate and
Other
|
|
(50,020)
|
12,965
|
(37,055)
|
Total Operating
Income
|
|
$
72,184
|
$
12,965
|
$
85,149
|
% of
sales
|
|
4.3 %
|
|
5.0 %
|
|
|
|
|
|
|
|
Nine Months
November 2, 2019
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
59,260
|
$
-
|
$
59,260
|
Schuh Group
|
|
(1,020)
|
-
|
(1,020)
|
Johnston & Murphy
Group
|
|
10,339
|
-
|
10,339
|
Licensed
Brands
|
|
151
|
-
|
151
|
Corporate and
Other
|
|
(30,741)
|
1,843
|
(28,898)
|
Total Operating
Income
|
|
$
37,989
|
$
1,843
|
$
39,832
|
% of
sales
|
|
2.5 %
|
|
2.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months
|
In Thousands
|
|
Oct. 29,
2022
|
Oct. 30,
2021
|
Nov. 2,
2019
|
Selling and
administrative expenses, as reported
|
|
$
756,318
|
$ 743,147
|
$
705,811
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(2,545)
|
(2,911)
|
-
|
Total
adjustments
|
|
(2,545)
|
(2,911)
|
-
|
Adjusted selling and
administrative expenses
|
|
$
753,773
|
$ 740,236
|
$
705,811
|
% of
sales
|
|
45.4 %
|
43.7 %
|
46.5 %
|
|
|
|
|
|
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
|
|
$
72.9
|
$ 5.74
|
$ 67.4
|
$ 5.31
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
Asset impairments and
other matters
|
|
0.2
|
0.01
|
0.6
|
0.04
|
New building
costs
|
|
1.9
|
0.15
|
1.9
|
0.15
|
Total asset impairments
and other adjustments (1)
|
|
2.1
|
0.16
|
2.5
|
0.19
|
|
|
|
|
|
|
Adjusted forecasted
earnings from continuing operations (2)
|
$
75.0
|
$ 5.90
|
$ 69.9
|
$ 5.50
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
All adjustments are net of tax where
applicable. The forecasted tax rate for Fiscal 2023 is
approximately 25%.
|
|
|
|
|
|
|
|
(2)
EPS reflects 12.7 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-third-quarter-results-301692172.html
SOURCE Genesco Inc.