--Fourth Quarter Comps Increased 5%--
-- Fourth Quarter E-Commerce Sales Increased 15%--
--Johnston & Murphy and Schuh Achieve Record Sales in
FY23—
NASHVILLE, Tenn., March 9,
2023 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today
reported fourth quarter and full fiscal year results for the three
and twelve months ended January 28,
2023.
Fourth Quarter Fiscal 2023 Financial Summary
- Net sales of $725 million were
essentially flat with last year and increased 7% over Q4FY20
- Excluding the impact of lower exchange rates, net sales
increased 2% for Q4FY23 compared to Q4FY22
- Comps up 5%, with stores up 1% and direct up 21%
- E-commerce sales up 15% compared to Q4FY22 and up 57% compared
to Q4FY20
- E-commerce sales represented 25% of retail sales compared to
22% last year and increased from 17% of retail sales in Q4FY20
- GAAP EPS from continuing operations was $3.23 vs. $4.41
last year and $2.49 in Q4FY20
- Non-GAAP EPS from continuing operations was $3.061 vs. $3.48 last year and $3.09 in Q4FY20
Fiscal 2023 Financial Summary
- Net sales of $2.4 billion
decreased 2% compared to last year but increased 9% over FY20
- Excluding the impact of lower exchange rates, net sales
increased 1% for FY23 compared to FY22
- E-commerce sales down 5% compared to FY22 but up 67% compared
to FY20
- E-commerce sales represented 20% of retail sales, down from 21%
compared to last year but an increase from 13% of retail sales in
FY20
- GAAP EPS from continuing operations was $5.69 vs. $7.92
last year and $3.94 in FY20
- Non-GAAP EPS from continuing operations was $5.591 vs. $7.62 last year and $4.58 in FY20
- Repurchased $72.7 million of
stock during FY23, with $34.1 million
remaining on the current authorization
__________________________
|
1Excludes a charge for asset impairments
and expenses related to the Company's new headquarters building,
net of tax effect in the fourth quarter and year of Fiscal 2023,
and, additionally, a gain on the termination of the pension plan,
net of tax effect for the year 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.
|
Mimi E. Vaughn, Genesco board
chair, president and chief executive officer, said, "Many areas of
our business outperformed in Fiscal 2023 even as new headwinds
emerged and the consumer demand environment rapidly changed. Record
top-line results at Schuh and Johnston & Murphy helped mitigate
some of the pressures that weighed on Journeys following its record
sales and operating profit in Fiscal 2022. Our overall performance,
which included total quarterly comparable sales improving
sequentially through the year, demonstrates the resiliency of our
footwear focused strategy and the benefits of our multi-division,
multi-channel operating model.
For Fiscal 2024, we have a number of initiatives planned to
drive growth as well as more immediate actions to reshape our cost
structure to better align with consumer behavior. Given the
macroeconomic uncertainty, we believe it is prudent to adopt a
cautious view for the current year. That said, we believe that the
strong, strategic positioning of our businesses and our experienced
teams' proven ability to successfully execute in both favorable and
challenging markets, has the Company on course for delivering
increased profitability and greater shareholder value over the
longer term."
Thomas A. George, Genesco chief
financial officer, commented, "I am encouraged by the top-line
momentum we gained through Fiscal 2023 even as headwinds
strengthened, culminating in a 5% increase in fourth quarter total
comparable sales. Fiscal 2024 has started slowly as we lap a strong
prior year period that was marked by higher levels of consumer
discretionary spending, and higher retailer order books. With
some additional pressure expected on sales this year, especially in
the first half, we are balancing our focus on investing for the
future and driving down costs as we expect some of the recent cost
pressures to persist in the near-term. We believe we are taking the
necessary steps to best serve our customers and our shareholders in
this turbulent market. Therefore, we are forecasting adjusted
earnings per share for Fiscal 2024 to range between $5.10 and $5.90
with our best current expectation near the midpoint of that range
and with a greater percentage of this year's earnings coming in the
second half as compared with Fiscal 2023.
Fourth Quarter Review
Net sales for the fourth quarter of Fiscal 2023 of $725 million were essentially flat compared to
$728 million in the fourth quarter of
Fiscal 2022 and increased 7% from $678
million in the fourth quarter of Fiscal 2020, prior to the
pandemic. The sales decrease compared to last year was driven by
foreign exchange pressure in the Schuh business resulting from the
strengthening dollar and decreased wholesale sales, partially
offset by a 15% increase in e-commerce sales and a total comparable
sales increase of 5%. E-commerce sales increased 57% above
pre-pandemic levels. Excluding the impact of lower exchange rates,
net sales increased 2% for the fourth quarter of Fiscal 2023
compared to the fourth quarter of Fiscal 2022 despite having 15
fewer stores.
Comparable Sales
|
|
|
|
Comparable Same Store and Direct
Sales:
|
4QFY23
|
4QFY22
|
Journeys
Group
|
(1) %
|
1 %
|
Schuh Group
|
20 %
|
(2) %
|
Johnston & Murphy
Group
|
23 %
|
38 %
|
Total Genesco
Comparable Sales
|
5 %
|
3 %
|
Same Store
Sales
|
1 %
|
10 %
|
Comparable Direct
Sales
|
21 %
|
(12) %
|
Overall sales for the fourth quarter of Fiscal 2023 compared to
the fourth quarter of Fiscal 2022 increased 7% at Schuh and 17% at
Johnston & Murphy, partially offset by a decrease of 2% at
Journeys and a decrease of 34%, or $16
million at Genesco Brands Group. On a constant
currency basis, Schuh sales were up 18% for the fourth quarter this
year.
Fourth quarter gross margin this year was 46.4%, down 250 basis
points compared with 48.9% last year and down 50 basis points
compared with Fiscal 2020 at 46.9%. The decrease as a
percentage of sales compared to Fiscal 2022 is due primarily to a
more normalized promotional environment compared to essentially
none last year, in addition to increased freight and warehouse
costs this year.
Selling and administrative expense for the fourth quarter this
year decreased 50 basis points as a percentage of sales compared
with last year and increased 90 basis points compared with the
fourth quarter of Fiscal 2020. Adjusted selling and
administrative expense for the fourth quarter this year decreased
40 basis points as a percentage of sales compared with last year
and increased 130 basis points compared with the fourth quarter of
Fiscal 2020. The fourth quarter of Fiscal 2022 included
one-time benefits for rent credits and government relief of
approximately 70 basis points. Excluding these one-time
benefits last year, leverage in performance-based compensation and
occupancy expenses more than offset the deleverage from
compensation and marketing expenses.
Genesco's GAAP operating income for the fourth quarter was
$49.8 million, or 6.9% of sales this
year, compared with $83.4 million, or
11.5% of sales in the fourth quarter last year and $45.3 million, or 6.7% of sales in the fourth
quarter of Fiscal 2020. Adjusted for the Excluded Items in
all periods, operating income for the fourth quarter was
$51.0 million this year compared to
$66.4 million last year and
$59.3 million in the fourth quarter
of Fiscal 2020. Adjusted operating margin was 7.0% of sales in the
fourth quarter of Fiscal 2023, 9.1% in the fourth quarter last year
and 8.8% in the fourth quarter of Fiscal 2020.
The effective tax rate for the quarter was 19.1% in Fiscal 2023
compared to 24.9% in the fourth quarter last year and 21.0% in the
fourth quarter of Fiscal 2020. The adjusted tax rate,
reflecting Excluded Items, was 25.2% in Fiscal 2023 compared to
25.3% in the fourth quarter last year and 25.3% in the fourth
quarter of Fiscal 2020.
GAAP earnings from continuing operations were $39.2 million in the fourth quarter of Fiscal
2023, compared to $62.2 million in
the fourth quarter last year and $35.5
million in the fourth quarter of Fiscal 2020. Adjusted
for the Excluded Items in all periods, fourth quarter earnings from
continuing operations were $37.1
million, or $3.06 per share,
in Fiscal 2023, compared to $49.1
million, or $3.48 per share,
in the fourth quarter last year and $44.1
million, or $3.09 per share,
in the fourth quarter of Fiscal 2020.
Full Year Review
Net sales for Fiscal 2023 decreased 2% to $2.38 billion from $2.42
billion in Fiscal 2022 but increased 9% from $2.20 billion in Fiscal 2020, prior to the
pandemic. The sales decrease compared to last year was mainly
driven by foreign exchange pressure in the Schuh business resulting
from the strengthening dollar and a decrease in e-commerce sales,
partially offset by increased store and wholesale sales. E-commerce
sales decreased 5% in Fiscal 2023 compared to Fiscal 2022, but
increased 67% above Fiscal 2020 pre-pandemic levels. Comparable
direct sales were flat in Fiscal 2023 compared to a 2% decrease in
Fiscal 2022. Excluding the impact of lower exchange rates, net
sales increased 1% for Fiscal 2023 compared to Fiscal 2022. The
Company has not disclosed comparable sales, except for comparable
direct sales, for Fiscal 2023 and Fiscal 2022, as it believes that
overall sales is a more meaningful metric during these periods due
to closed stores and the impact of COVID-19.
Overall sales for Fiscal 2023 compared to Fiscal 2022 increased
2% at Schuh and 24% at Johnston & Murphy, partially offset by a
decrease of 6% at Journeys and a decrease of 8% at Genesco Brands
Group. On a constant currency basis, Schuh sales were up 15%
for Fiscal 2023.
Gross margin for Fiscal 2023 was 47.6%, down 120 basis points
compared with 48.8% last year and down 80 basis points compared
with Fiscal 2020 at 48.4%. The decrease as a percentage of sales
compared to Fiscal 2022 is due primarily to a more normalized
promotional environment in the Journeys business and increased
freight and logistics costs in the Johnston & Murphy and
Genesco Brands Group businesses.
Selling and administrative expense for Fiscal 2023 increased 100
basis points as a percentage of sales compared with last year and
decreased 30 basis points compared with Fiscal 2020. Adjusted
selling and administrative expense as a percentage of sales for
Fiscal 2023 was 43.6%, up 110 basis points, compared to 42.5% last
year and decreased 30 basis points compared to 43.9% in Fiscal
2020. Fiscal 2022 included one-time benefits for rent credits
and government relief of approximately 130 basis points.
Excluding these one-time benefits last year, deleverage in selling
salaries, marketing expenses and compensation expenses more than
offset the leverage in performance-based compensation and occupancy
expenses.
Genesco's GAAP operating income for Fiscal 2023 was $93.2 million, or 3.9% of sales, compared to
$155.6 million, or 6.4% of sales last
year and $83.3 million, or 3.8% of
sales for Fiscal 2020. Adjusted for the Excluded Items in all
periods, operating income was $96.8
million this year compared to $151.5
million last year and operating income of $99.2 million in Fiscal 2020. Adjusted
operating margin was 4.1% of sales in Fiscal 2023 and 6.3% of sales
last year and 4.5% in Fiscal 2020.
The effective tax rate was 19.8% in Fiscal 2023 compared to
24.9% last year and 25.1% in Fiscal 2020. The adjusted tax
rate, reflecting Excluded Items, was 24.0% in Fiscal 2023 compared
to 25.8% last year and 26.9% in Fiscal 2020. The lower
adjusted tax rate for Fiscal 2023 as compared to Fiscal 2022
reflects a reduction in the effective tax rate the Company expects
for jurisdictions in which it is profitable.
GAAP earnings from continuing operations were $72.2 million in Fiscal 2023, compared to
$114.9 million last year and
$61.8 million in Fiscal 2020.
Adjusted for the Excluded Items in all periods, earnings from
continuing operations were $71.1
million, or $5.59 per share,
in Fiscal 2023, compared to $110.6
million, or $7.62 per share,
last year and $71.8 million, or
$4.58 per share, in Fiscal 2020.
Cash, Borrowings and Inventory
Cash as of January 28, 2023 was
$48.0 million, compared with
$320.5 million as of January 29, 2022. Total debt at the end of
the fourth quarter of Fiscal 2023 was $44.9
million compared with $15.7
million at the end of last year's fourth quarter.
During the past 12 months, our strong cash balances enabled us to
reinvest in our business for growth by replenishing about
$195 million of net inventory and
returning capital to shareholders with approximately $73 million of share repurchases. Inventories
increased 65% in the fourth quarter of Fiscal 2023 on a
year-over-year basis, as outsized stimulus demand and supply chain
limitations resulted in unusually low inventory last year.
Inventories increased 25% this year when compared to the fourth
quarter of Fiscal 2020, prior to the pandemic.
Capital Expenditures and Store Activity
For the fourth quarter, capital expenditures were $20 million, related primarily to retail stores
and digital and omnichannel initiatives. Depreciation and
amortization was $11 million.
For Fiscal 2023, capital expenditures were $50 million and depreciation and amortization was
$41 million not including
$8 million of net capital for our
corporate headquarters and related depreciation. During the
quarter, the Company opened 17 stores and closed eleven
stores. The Company ended the quarter with 1,410 stores
compared with 1,425 stores at the end of the fourth quarter last
year, or a decrease of 1%. Square footage was flat on a
year-over-year basis.
Share Repurchases
The Company did not repurchase any shares during the fourth
quarter of Fiscal 2023. The Company repurchased 1,380,272 shares,
or 10% of common shares outstanding, during Fiscal 2023 at a cost
of $72.7 million or an average of
$52.66 per share. The Company
currently has $34.1 million remaining
on its expanded share repurchase authorization announced in
February 2022.
Fiscal 2024 Outlook
For Fiscal 2024, the Company expects:
- Sales to be flat to up 2%, or down 1% to up 1%, excluding the
53rd week this year, compared to FY23
- Adjusted diluted earnings per share from continuing operations
in the range of $5.10 to $5.90, with an expectation that earnings per
share for the year will be near the mid-point of the
range.2
- Guidance assumes no further share repurchases and a tax rate of
26%
Please refer to the Q4FY23 conference call and Q4FY23 Summary
Results presentation for details regarding guidance
assumptions.
Conference Call, Management Commentary and Investor
Presentation
The Company has posted detailed financial commentary and a
supplemental financial presentation of fourth quarter results on
its website, www.genesco.com, in the investor relations
section. The Company's live conference call on March 9, 2023, 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 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 pandemics 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 4
|
|
Quarter 4
|
|
|
|
|
|
Jan. 28,
|
% of
|
|
Jan. 29,
|
% of
|
|
|
|
|
|
2023
|
Net Sales
|
|
2022
|
Net Sales
|
|
|
Net sales
|
|
|
$
725,020
|
100.0 %
|
|
$ 727,660
|
100.0 %
|
|
|
Cost of
sales
|
|
|
388,395
|
53.6 %
|
|
371,909
|
51.1 %
|
|
|
Gross
margin
|
|
|
336,625
|
46.4 %
|
|
355,751
|
48.9 %
|
|
|
Selling and
administrative expenses
|
|
|
285,776
|
39.4 %
|
|
290,478
|
39.9 %
|
|
|
Asset impairments and
other, net
|
|
|
1,009
|
0.1 %
|
|
(18,110)
|
-2.5 %
|
|
|
Operating
income
|
|
|
49,840
|
6.9 %
|
|
83,383
|
11.5 %
|
|
|
Other components of net
periodic benefit cost
|
|
|
50
|
0.0 %
|
|
56
|
0.0 %
|
|
|
Interest expense,
net
|
|
|
1,312
|
0.2 %
|
|
517
|
0.1 %
|
|
|
Earnings from continuing operations
before
|
|
|
|
|
|
|
|
|
|
income
taxes
|
|
|
48,478
|
6.7 %
|
|
82,810
|
11.4 %
|
|
|
Income tax
expense
|
|
|
9,280
|
1.3 %
|
|
20,612
|
2.8 %
|
|
|
Earnings from continuing
operations
|
|
|
39,198
|
5.4 %
|
|
62,198
|
8.5 %
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
(249)
|
0.0 %
|
|
(58)
|
0.0 %
|
|
|
Net Earnings
|
|
|
$
38,949
|
5.4 %
|
|
$
62,140
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
|
|
$
3.29
|
|
|
$ 4.53
|
|
|
|
Net
earnings
|
|
|
$
3.27
|
|
|
$ 4.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
|
|
$
3.23
|
|
|
$ 4.41
|
|
|
|
Net
earnings
|
|
|
$
3.21
|
|
|
$ 4.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,914
|
|
|
13,738
|
|
|
|
Diluted
|
|
|
12,124
|
|
|
14,106
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
|
Condensed Consolidated Statements of
Operations
|
|
(in thousands, except per share
data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year
Ended
|
|
|
|
|
|
Jan. 28,
|
% of
|
|
Jan. 29,
|
% of
|
|
|
|
|
|
2023
|
Net Sales
|
|
2022
|
Net Sales
|
|
|
Net sales
|
|
|
$
2,384,888
|
100.0 %
|
|
$ 2,422,084
|
100.0 %
|
|
|
Cost of
sales
|
|
|
1,248,698
|
52.4 %
|
|
1,240,948
|
51.2 %
|
|
|
Gross
margin
|
|
|
1,136,190
|
47.6 %
|
|
1,181,136
|
48.8 %
|
|
|
Selling and
administrative expenses
|
|
|
1,042,094
|
43.7 %
|
|
1,033,625
|
42.7 %
|
|
|
Asset impairments and
other, net
|
|
|
855
|
0.0 %
|
|
(8,056)
|
-0.3 %
|
|
|
Operating
income
|
|
|
93,241
|
3.9 %
|
|
155,567
|
6.4 %
|
|
|
Other components of net
periodic benefit cost
|
|
|
248
|
0.0 %
|
|
128
|
0.0 %
|
|
|
Interest expense,
net
|
|
|
2,920
|
0.1 %
|
|
2,448
|
0.1 %
|
|
|
Earnings from continuing operations
before
|
|
|
|
|
|
|
|
|
|
income
taxes
|
|
|
90,073
|
3.8 %
|
|
152,991
|
6.3 %
|
|
|
Income tax
expense
|
|
|
17,831
|
0.7 %
|
|
38,044
|
1.6 %
|
|
|
Earnings from continuing
operations
|
|
|
72,242
|
3.0 %
|
|
114,947
|
4.7 %
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
(327)
|
0.0 %
|
|
(97)
|
0.0 %
|
|
|
Net Earnings
|
|
|
$
71,915
|
3.0 %
|
|
$
114,850
|
4.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
|
|
$
5.80
|
|
|
$
8.11
|
|
|
|
Net
earnings
|
|
|
$
5.77
|
|
|
$
8.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
|
|
$
5.69
|
|
|
$
7.92
|
|
|
|
Net
earnings
|
|
|
$
5.66
|
|
|
$
7.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
12,457
|
|
|
14,170
|
|
|
|
Diluted
|
|
|
12,707
|
|
|
14,509
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
|
Sales/Earnings Summary by
Segment
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter 4
|
|
Quarter 4
|
|
|
|
|
|
Jan. 28,
|
% of
|
|
Jan. 29,
|
% of
|
|
|
|
|
|
2023
|
Net Sales
|
|
2022
|
Net Sales
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
|
$
465,807
|
64.2 %
|
|
$ 473,725
|
65.1 %
|
|
|
Schuh Group
|
|
|
137,516
|
19.0 %
|
|
128,979
|
17.7 %
|
|
|
Johnston & Murphy Group
|
|
|
89,311
|
12.3 %
|
|
76,099
|
10.5 %
|
|
|
Genesco Brands Group
|
|
|
32,386
|
4.5 %
|
|
48,857
|
6.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
$
725,020
|
100.0 %
|
|
$ 727,660
|
100.0 %
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
|
$
43,169
|
9.3 %
|
|
$
58,441
|
12.3 %
|
|
|
Schuh Group
|
|
|
12,341
|
9.0 %
|
|
9,780
|
7.6 %
|
|
|
Johnston & Murphy Group
|
|
|
7,108
|
8.0 %
|
|
4,617
|
6.1 %
|
|
|
Genesco Brands Group
|
|
|
(3,229)
|
-10.0 %
|
|
3,163
|
6.5 %
|
|
|
Corporate and Other(1)
|
|
|
(9,549)
|
-1.3 %
|
|
7,382
|
1.0 %
|
|
|
Operating income
|
|
|
49,840
|
6.9 %
|
|
83,383
|
11.5 %
|
|
|
Other components of net
periodic benefit cost
|
|
|
50
|
0.0 %
|
|
56
|
0.0 %
|
|
|
Interest,
net
|
|
|
1,312
|
0.2 %
|
|
517
|
0.1 %
|
|
|
Earnings from continuing operations
before
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
|
48,478
|
6.7 %
|
|
82,810
|
11.4 %
|
|
|
Income tax
expense
|
|
|
9,280
|
1.3 %
|
|
20,612
|
2.8 %
|
|
|
Earnings from
continuing operations
|
|
|
39,198
|
5.4 %
|
|
62,198
|
8.5 %
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
(249)
|
0.0 %
|
|
(58)
|
0.0 %
|
|
|
Net Earnings
|
|
|
$
38,949
|
5.4 %
|
|
$
62,140
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes a $1.0 million charge
in the fourth quarter of Fiscal 2023 for asset impairments.
Includes an $18.1 million gain in the fourth
|
|
|
quarter of Fiscal 2022 for the sale of a distribution
warehouse.
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
|
Sales/Earnings Summary by
Segment
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year
Ended
|
|
|
|
|
|
Jan. 28,
|
% of
|
|
Jan. 29,
|
% of
|
|
|
|
|
|
2023
|
Net Sales
|
|
2022
|
Net Sales
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
|
$
1,482,203
|
62.1 %
|
|
$ 1,576,475
|
65.1 %
|
|
|
Schuh Group
|
|
|
432,002
|
18.1 %
|
|
423,560
|
17.5 %
|
|
|
Johnston & Murphy Group
|
|
|
314,759
|
13.2 %
|
|
252,855
|
10.4 %
|
|
|
Genesco Brands Group
|
|
|
155,924
|
6.5 %
|
|
169,194
|
7.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
$
2,384,888
|
100.0 %
|
|
$ 2,422,084
|
100.0 %
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
Journeys Group
|
|
|
$
94,404
|
6.4 %
|
|
$
165,336
|
10.5 %
|
|
|
Schuh Group
|
|
|
17,601
|
4.1 %
|
|
19,257
|
4.5 %
|
|
|
Johnston & Murphy Group
|
|
|
14,364
|
4.6 %
|
|
7,029
|
2.8 %
|
|
|
Genesco Brands Group
|
|
|
(678)
|
-0.4 %
|
|
6,583
|
3.9 %
|
|
|
Corporate and Other(1)
|
|
|
(32,450)
|
-1.4 %
|
|
(42,638)
|
-1.8 %
|
|
|
Operating income
|
|
|
93,241
|
3.9 %
|
|
155,567
|
6.4 %
|
|
|
Other components of net
periodic benefit cost
|
|
|
248
|
0.0 %
|
|
128
|
0.0 %
|
|
|
Interest,
net
|
|
|
2,920
|
0.1 %
|
|
2,448
|
0.1 %
|
|
|
Earnings from continuing operations
before
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
|
90,073
|
3.8 %
|
|
152,991
|
6.3 %
|
|
|
Income tax
expense
|
|
|
17,831
|
0.7 %
|
|
38,044
|
1.6 %
|
|
|
Earnings from
continuing operations
|
|
|
72,242
|
3.0 %
|
|
114,947
|
4.7 %
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
(327)
|
0.0 %
|
|
(97)
|
0.0 %
|
|
|
Net Earnings
|
|
|
$
71,915
|
3.0 %
|
|
$
114,850
|
4.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes a $0.9 million charge
in Fiscal 2023 which includes $1.6 million for asset impairments,
partially offset by a $0.7 million gain on the
|
|
|
termination of the pension plan.
|
|
|
|
|
|
|
|
|
|
Includes an $8.1 million gain in Fiscal 2022 which includes an
$18.1 million gain on the sale of a distribution warehouse and a
$0.6 million
|
|
|
insurance gain, partially offset by $8.6 million for professional
fees related to the actions of a shareholder activist and $2.0
million for asset
|
|
|
impairments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
|
|
Condensed Consolidated Balance
Sheets
|
|
|
(in thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 28, 2023
|
|
Jan. 29,
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash
|
|
|
$
47,990
|
|
$
320,525
|
|
|
Accounts
receivable
|
|
|
40,818
|
|
39,509
|
|
|
Inventories
|
|
|
458,017
|
|
278,200
|
|
|
Other current
assets(1)
|
|
|
25,844
|
|
71,564
|
|
|
Total
current assets
|
|
|
572,669
|
|
709,798
|
|
|
Property and
equipment
|
|
|
233,733
|
|
216,308
|
|
|
Operating lease right
of use assets
|
|
|
470,991
|
|
543,789
|
|
|
Goodwill and other
intangibles
|
|
|
65,553
|
|
68,411
|
|
|
Non-current prepaid
income taxes
|
|
|
54,111
|
|
-
|
|
|
Other non-current
assets
|
|
|
59,369
|
|
23,793
|
|
|
Total Assets
|
|
|
$
1,456,426
|
|
$ 1,562,099
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
144,998
|
|
$
152,484
|
|
|
Current portion
operating lease liabilities
|
|
|
134,458
|
|
145,088
|
|
|
Other current
liabilities
|
|
|
81,327
|
|
134,156
|
|
|
Total
current liabilities
|
|
|
360,783
|
|
431,728
|
|
|
Long-term
debt
|
|
|
44,858
|
|
15,679
|
|
|
Long-term operating
lease liabilities
|
|
|
401,113
|
|
471,878
|
|
|
Other long-term
liabilities
|
|
|
42,706
|
|
40,346
|
|
|
Equity
|
|
|
606,966
|
|
602,468
|
|
|
Total Liabilities and
Equity
|
|
|
$
1,456,426
|
|
$ 1,562,099
|
|
|
|
|
|
|
|
|
|
|
(1) Includes prepaid income taxes
of $53.4 million at January 29, 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
Store Count Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
Balance
|
|
01/30/21
|
Open
|
Close
|
|
01/29/22
|
|
Open
|
Close
|
|
1/28/23
|
Journeys
Group
|
1,159
|
5
|
29
|
|
1,135
|
|
22
|
27
|
|
1,130
|
Schuh Group
|
123
|
0
|
0
|
|
123
|
|
4
|
5
|
|
122
|
Johnston & Murphy
Group
|
178
|
1
|
12
|
|
167
|
|
2
|
11
|
|
158
|
Total Retail
Stores
|
1,460
|
6
|
41
|
|
1,425
|
|
28
|
43
|
|
1,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
Store Count Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
10/29/22
|
Open
|
Close
|
|
1/28/23
|
|
Journeys
Group
|
1,123
|
14
|
7
|
|
1,130
|
|
Schuh Group
|
122
|
2
|
2
|
|
122
|
|
Johnston & Murphy
Group
|
159
|
1
|
2
|
|
158
|
|
Total Retail
Stores
|
1,404
|
17
|
11
|
|
1,410
|
|
|
|
|
|
|
|
|
GENESCO INC.
|
Comparable Sales(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter 4
|
|
|
Fiscal Year Ended
|
|
|
|
Jan. 28,
|
|
Jan. 29,
|
|
|
Jan. 28,
|
|
Jan. 29,
|
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
Journeys
Group
|
|
|
-1 %
|
|
1 %
|
|
|
NA
|
|
NA
|
Schuh Group
|
|
|
20 %
|
|
-2 %
|
|
|
NA
|
|
NA
|
Johnston & Murphy
Group
|
|
|
23 %
|
|
38 %
|
|
|
NA
|
|
NA
|
Total Comparable
Sales
|
|
|
5 %
|
|
3 %
|
|
|
NA
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
Sales
|
|
|
1 %
|
|
10 %
|
|
|
NA
|
|
NA
|
Comparable Direct
Sales
|
|
|
21 %
|
|
-12 %
|
|
|
0 %
|
|
-2 %
|
|
|
|
|
|
|
|
|
|
|
|
(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 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
January 28, 2023, January 29, 2022 and February 1, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 4
|
|
Quarter
4
|
|
Quarter
4
|
|
|
|
January 28, 2023
|
|
January 29,
2022
|
|
February 1,
2020
|
|
|
|
|
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
|
|
|
$
39,198
|
$3.23
|
|
|
$62,198
|
$4.41
|
|
|
$35,515
|
$2.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
1,009
|
729
|
0.06
|
|
$
-
|
6
|
0.00
|
|
$
1,258
|
965
|
0.07
|
|
Fees related to
shareholder activist
|
|
-
|
(5)
|
0.00
|
|
(25)
|
23
|
0.00
|
|
-
|
-
|
0.00
|
|
Expenses related
to new HQ building
|
|
112
|
100
|
0.01
|
|
1,093
|
794
|
0.05
|
|
-
|
-
|
0.00
|
|
Gain on sale of
warehouse
|
|
-
|
-
|
0.00
|
|
(18,085)
|
(12,893)
|
(0.91)
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
-
|
(3)
|
0.00
|
|
-
|
-
|
0.00
|
|
Pension
settlement
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
11,510
|
8,409
|
0.59
|
|
Gain on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(502)
|
(366)
|
(0.03)
|
|
Acquisition
expenses
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
2,474
|
1,808
|
0.13
|
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(149)
|
(110)
|
(0.01)
|
|
Gain on sale of
Lids building
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(586)
|
(428)
|
(0.03)
|
|
Total asset
impairments and other adjustments
|
|
$
1,121
|
824
|
0.07
|
|
$(17,017)
|
(12,073)
|
(0.86)
|
|
$14,005
|
10,278
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other tax
items
|
|
|
(2,939)
|
(0.24)
|
|
|
(998)
|
(0.07)
|
|
|
(1,719)
|
(0.12)
|
|
Total income tax
expense adjustments
|
|
|
(2,939)
|
(0.24)
|
|
|
(998)
|
(0.07)
|
|
|
(1,719)
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing
operations (1) and (2)
|
|
|
$
37,083
|
$3.06
|
|
|
$49,127
|
$3.48
|
|
|
$44,074
|
$3.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The adjusted tax rate for the
fourth quarter of Fiscal 2023, 2022 and 2020 is 25.2%, 25.3% and
25.3%, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) EPS reflects 12.1 million, 14.1
million and 14.3 million share count for the fourth 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
January 28, 2023, January 29, 2022 and February 1, 2020
|
|
|
|
|
|
|
|
Quarter 4 - January 28,
2023
|
|
|
Operating
|
Asset Impair
|
Adj Operating
|
In
Thousands
|
|
Income (Loss)
|
& Other Adj
|
Income (Loss)
|
Journeys
Group
|
|
$
43,169
|
$
-
|
$
43,169
|
Schuh Group
|
|
12,341
|
-
|
12,341
|
Johnston & Murphy
Group
|
|
7,108
|
-
|
7,108
|
Genesco Brands
Group
|
|
(3,229)
|
-
|
(3,229)
|
Corporate and
Other
|
|
(9,549)
|
1,121
|
(8,428)
|
Total Operating
Income
|
|
$
49,840
|
$
1,121
|
$
50,961
|
% of
sales
|
|
6.9 %
|
|
7.0 %
|
|
|
|
|
|
|
|
Quarter 4 -
January 29, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
58,441
|
$
-
|
$
58,441
|
Schuh Group
|
|
9,780
|
-
|
9,780
|
Johnston & Murphy
Group
|
|
4,617
|
-
|
4,617
|
Genesco Brands
Group
|
|
3,163
|
-
|
3,163
|
Corporate and
Other
|
|
7,382
|
(17,017)
|
(9,635)
|
Total Operating
Income
|
|
$
83,383
|
$
(17,017)
|
$
66,366
|
% of
sales
|
|
11.5 %
|
|
9.1 %
|
|
|
|
|
|
|
|
Quarter 4 -
February 1, 2020
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
55,685
|
$
-
|
$
55,685
|
Schuh Group
|
|
5,679
|
-
|
5,679
|
Johnston & Murphy
Group
|
|
7,363
|
-
|
7,363
|
Genesco Brands
Group
|
|
(849)
|
-
|
(849)
|
Corporate and
Other
|
|
(22,549)
|
14,005
|
(8,544)
|
Total Operating
Income
|
|
$
45,329
|
$
14,005
|
$
59,334
|
% of
sales
|
|
6.7 %
|
|
8.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter 4
|
In Thousands
|
|
Jan. 28, 2023
|
Jan. 29,
2022
|
Feb. 1,
2020
|
Selling and
administrative expenses, as reported
|
|
$
285,776
|
$
290,478
|
$
260,612
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(112)
|
(1,093)
|
-
|
Acquisition
expenses
|
|
|
|
(2,474)
|
Total
adjustments
|
|
(112)
|
(1,093)
|
(2,474)
|
Adjusted selling and
administrative expenses
|
|
$
285,664
|
$
289,385
|
$
258,138
|
% of
sales
|
|
39.4 %
|
39.8 %
|
38.1 %
|
Genesco
Inc.
|
Adjustments to
Reported Earnings from Continuing Operations
|
Fiscal Year Ended
January 28, 2023, January 29, 2022 and February 1, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year
Ended
|
|
Fiscal Year
Ended
|
|
|
|
January 28, 2023
|
|
January 29,
2022
|
|
February 1,
2020
|
|
|
|
|
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
|
|
|
$
72,242
|
$5.69
|
|
|
$114,947
|
$7.92
|
|
|
$61,757
|
$3.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
$
1,550
|
1,183
|
0.09
|
|
$ 2,049
|
1,694
|
0.12
|
|
$
3,095
|
2,261
|
0.14
|
|
Gain on pension
termination
|
|
(695)
|
(525)
|
(0.04)
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Fees related to
shareholder activist
|
|
-
|
-
|
0.00
|
|
8,558
|
6,101
|
0.42
|
|
-
|
-
|
0.00
|
|
Expenses related
to new HQ building
|
|
2,657
|
2,005
|
0.16
|
|
4,004
|
2,855
|
0.20
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
|
-
|
-
|
0.00
|
|
(578)
|
(412)
|
(0.03)
|
|
-
|
-
|
0.00
|
|
Gain on sale of
warehouse
|
|
-
|
-
|
0.00
|
|
(18,085)
|
(12,893)
|
(0.89)
|
|
-
|
-
|
0.00
|
|
Pension
settlement
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
11,510
|
8,409
|
0.54
|
|
Acquisition
expenses
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
2,474
|
1,808
|
0.12
|
|
Gain on sale of
Lids building
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(586)
|
(428)
|
(0.03)
|
|
Gain on lease
terminations
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(458)
|
(335)
|
(0.02)
|
|
Gain on
Hurricane Maria
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
(187)
|
(137)
|
(0.01)
|
|
Total asset
impairments and other adjustments
|
|
$
3,512
|
2,663
|
0.21
|
|
$(4,052)
|
(2,655)
|
(0.18)
|
|
$15,848
|
11,578
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact share
based awards
|
|
|
(635)
|
(0.05)
|
|
|
(1,747)
|
(0.12)
|
|
|
(54)
|
0.00
|
|
Other tax
items
|
|
|
(3,188)
|
(0.26)
|
|
|
17
|
0.00
|
|
|
(1,475)
|
(0.10)
|
|
Total income tax
expense adjustments
|
|
|
(3,823)
|
(0.31)
|
|
|
(1,730)
|
(0.12)
|
|
|
(1,529)
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings from
continuing
operations (1) and (2)
|
|
|
$
71,082
|
$5.59
|
|
|
$110,562
|
$7.62
|
|
|
$71,806
|
$4.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The adjusted tax rate for
Fiscal 2023, 2022 and 2020 is 24.0%, 25.8% and 26.9%,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) EPS reflects 12.7 million, 14.5
million and 15.7 million share count for 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
|
Fiscal Year Ended
January 28, 2023, January 29, 2022 and February 1, 2020
|
|
|
|
|
|
|
|
Fiscal Year Ended January 28,
2023
|
|
|
Operating
|
Asset Impair
|
Adj Operating
|
In
Thousands
|
|
Income (Loss)
|
& Other Adj
|
Income (Loss)
|
Journeys
Group
|
|
$
94,404
|
$
-
|
$
94,404
|
Schuh Group
|
|
17,601
|
-
|
17,601
|
Johnston & Murphy
Group
|
|
14,364
|
-
|
14,364
|
Genesco Brands
Group
|
|
(678)
|
-
|
(678)
|
Corporate and
Other
|
|
(32,450)
|
3,512
|
(28,938)
|
Total Operating
Income
|
|
$
93,241
|
$
3,512
|
$
96,753
|
% of
sales
|
|
3.9 %
|
|
4.1 %
|
|
|
|
|
|
|
|
Fiscal Year
Ended January 29, 2022
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
165,336
|
$
-
|
$
165,336
|
Schuh Group
|
|
19,257
|
-
|
19,257
|
Johnston & Murphy
Group
|
|
7,029
|
-
|
7,029
|
Genesco Brands
Group
|
|
6,583
|
-
|
6,583
|
Corporate and
Other
|
|
(42,638)
|
(4,052)
|
(46,690)
|
Total Operating
Income
|
|
$
155,567
|
$
(4,052)
|
$
151,515
|
% of
sales
|
|
6.4 %
|
|
6.3 %
|
|
|
|
|
|
|
|
Fiscal Year
Ended February 1, 2020
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
Journeys
Group
|
|
$
114,945
|
$
-
|
$
114,945
|
Schuh Group
|
|
4,659
|
-
|
4,659
|
Johnston & Murphy
Group
|
|
17,702
|
-
|
17,702
|
Genesco Brands
Group
|
|
(698)
|
-
|
(698)
|
Corporate and
Other
|
|
(53,290)
|
15,848
|
(37,442)
|
Total Operating
Income
|
|
$
83,318
|
$
15,848
|
$
99,166
|
% of
sales
|
|
3.8 %
|
|
4.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
In Thousands
|
|
Jan. 28, 2023
|
Jan. 29,
2022
|
Feb. 1,
2020
|
Selling and
administrative expenses, as reported
|
|
$
1,042,094
|
$
1,033,625
|
$
966,423
|
|
|
|
|
|
Expenses related
to new HQ building
|
|
(2,657)
|
(4,004)
|
-
|
Acquisition
expenses
|
|
-
|
-
|
(2,474)
|
Total
adjustments
|
|
(2,657)
|
(4,004)
|
(2,474)
|
Adjusted selling and
administrative expenses
|
|
$
1,039,437
|
$
1,029,621
|
$
963,949
|
% of
sales
|
|
43.6 %
|
42.5 %
|
43.9 %
|
Schedule B
|
|
|
|
|
|
|
Genesco
Inc.
|
Adjustments to
Forecasted Earnings from Continuing Operations
|
Fiscal Year Ending
February 3, 2024
|
|
|
|
|
|
|
In millions (except per
share amounts)
|
|
High
Guidance
|
Low
Guidance
|
|
|
Fiscal
2024
|
Fiscal
2024
|
|
|
Net of Tax
|
Per Share
|
Net of Tax
|
Per Share
|
Forecasted earnings
from continuing operations
|
|
$ 70.9
|
$ 5.82
|
$ 60.7
|
$ 4.99
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
Asset impairments and
other matters
|
|
1.0
|
0.08
|
1.4
|
0.11
|
Total asset impairments
and other adjustments (1)
|
|
1.0
|
0.08
|
1.4
|
0.11
|
|
|
|
|
|
|
Adjusted forecasted
earnings from continuing operations (2)
|
|
$ 71.9
|
$ 5.90
|
$ 62.1
|
$ 5.10
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) All adjustments are net of tax
where applicable. The forecasted tax rate for Fiscal 2024 is
approximately 26%.
|
|
|
|
|
|
|
|
(2) EPS reflects 12.2 million share
count for Fiscal 2024 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-fourth-quarter-and-full-year-results-301767491.html
SOURCE Genesco Inc.