Genesco Inc. Unveils Financial Performance for the Fourth Quarter and Full Fiscal Year 2024

Genesco Inc. (NYSE: GCO) has released its financial results for the fourth quarter and full fiscal year ending on February 3, 2024.

Fourth Quarter Fiscal 2024 Highlights:

  • Net sales reached $739 million over 14 weeks, marking a 2% increase compared to the same period in Q4FY23 (13 weeks).
  • Comparable sales declined by 4%, with a 7% decrease in store sales and a 5% increase in direct sales.
  • E-commerce sales accounted for 27% of retail sales, up from 25% in the previous year.
  • GAAP EPS from continuing operations was $1.84, down from $3.23 in the previous year.
  • Non-GAAP EPS from continuing operations was $2.591, compared to $3.06 in the prior year.

Fiscal 2024 Overview:

  • Net sales for the full fiscal year amounted to $2.3 billion over 53 weeks, reflecting a 2.5% decrease compared to FY23 (52 weeks).
  • Comparable sales were down 4%, with a 7% decline in store sales and an 8% increase in direct sales.
  • E-commerce sales constituted 23% of retail sales, compared to 20% in the previous year.
  • GAAP EPS from continuing operations was ($2.10), a decrease from $5.69 in the prior year.
  • Non-GAAP EPS from continuing operations was $0.561, down from $5.59 in the previous year.

Mimi E. Vaughn, Genesco’s Board Chair, President, and CEO, noted the impact of shifting consumer behavior on Journeys but highlighted improvements throughout the fiscal year. Despite challenges in the core product assortment during Q4, record sales were achieved for Schuh and Johnston & Murphy.

Vaughn expressed confidence in the company’s ability to meet evolving consumer needs in Fiscal 2025. With strategic initiatives and a strong team in place at Journeys, Genesco aims to unlock the brand’s considerable earnings potential and value.

Thomas A. George, Genesco’s CFO, acknowledged the challenging operating environment in Q4. While sales aligned with recent guidance and gross margin exceeded expectations, disruptive winter storms and higher expenses at Journeys impacted bottom-line results. George emphasized ongoing efforts to enhance the core product assortment and acknowledged a sales dynamic as a significant headwind in the first half of Fiscal 2025.

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