NASHVILLE, Tenn., Sept. 2, 2021 /PRNewswire/ --
Second Quarter Fiscal 2022 Financial Summary
- Net sales increased 42% from last year to $555 million
- Net sales increased 14% over the second quarter two years ago
with stores open about 97% of days
- GAAP operating income increased 336% over second quarter two
years ago
- Non-GAAP operating income increased 346% over second quarter
two years ago
- E-commerce sales increased 97% from second quarter two years
ago
- GAAP EPS from continuing operations increased to $0.74 vs. ($1.33)
last year and $0.05 two years
ago
- Non-GAAP EPS from continuing operations increased to
$1.051 vs. ($1.23) last year and $0.15 two years ago
Genesco Inc. (NYSE: GCO) today reported GAAP earnings from
continuing operations per diluted share of $0.74 for the three months ended July 31, 2021, compared to a loss from continuing
operations per diluted share of ($1.33) in the second quarter last year and
earnings from continuing operations of $0.05 per diluted share two years ago.
Adjusted for the Excluded Items in all periods, the Company
reported second quarter earnings from continuing operations per
diluted share of $1.05, compared to a
loss from continuing operations per diluted share of ($1.23) last year and earnings from continuing
operations of $0.15 per diluted share
two years ago.
Mimi E. Vaughn, Genesco board
chair, president and chief executive officer, said, "We delivered
outstanding second quarter results highlighted by record second
quarter profitability for our footwear businesses that far exceeded
our expectations. Following a very strong start to Fiscal 2022, our
top-line accelerated even further ahead of pre-pandemic levels
fueled by robust full-priced selling, as our merchandise offerings,
exceptional service and differentiated shopping experiences
continue to resonate strongly with consumers. Our outperformance
was driven by better than anticipated results across the board with
all businesses exceeding pre-pandemic profits. The levels at which
the Company performed during the first half of the year following a
challenging Fiscal 2021 reflect the strong competitive positions of
our retail and branded concepts and the positive transformation we
are driving through our footwear focused strategy. Turning to the
current quarter, we have been pleased with our results to date as
sales tracked ahead of pre-pandemic levels in August, and we are
several weeks into the all-important back-to-school selling
season.
_____________________
|
1Excludes
professional fees related to the actions of a shareholder activist,
retail store asset impairments and expenses related to the
Company's new headquarters building, partially offset by an
insurance gain, net of tax effect in the second quarter of Fiscal
2022 ("Excluded Items"). A reconciliation of earnings/loss
and earnings/loss per share from continuing operations in
accordance with U.S. Generally Accepted Accounting Principles
("GAAP") with the adjusted earnings/loss and earnings/loss per
share numbers is set forth on Schedule B to this press release. The
Company believes that disclosure of earnings/loss and earnings/loss
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.
|
"Our exceptional year-to-date performance reinforces our
confidence in the strategic course we have set for the Company.
Our footwear focused strategy is working and is delivering
results. Our opportunity to unlock value in Genesco is to further
accelerate the digital and omnichannel potential in our retail
business and to meaningfully grow our branded side. In
addition, the pandemic has provided us the real opportunity to
transform our business at a faster pace, as we deliver improved
growth and operating margins. With a strong balance sheet, we
believe we are well positioned to further invest in this growth
while also returning capital to our shareholders going
forward."
Thomas A. George, Genesco interim
chief financial officer, commented, "We were very pleased that the
second quarter marked an acceleration in the sequential improvement
of our operating results since the onset of the pandemic. With much
stronger revenue, higher gross margins, and well managed expenses,
operating income far surpassed last year's levels and the second
quarter Fiscal 2020 two years ago, delivering record second quarter
adjusted EPS of $1.05 compared to
$0.15 in Fiscal 2020."
Store Re-Opening Update
As of August 31, 2021, the Company is operating
substantially all locations.
Second Quarter Review
Net sales for the second quarter
of Fiscal 2022 increased 42% to $555
million from $391 million in
the second quarter of Fiscal 2021 and increased 14% from
$487 million in the second quarter of
Fiscal 2020. The sales increase from Fiscal 2020 was driven by a
97% increase in e-commerce sales and increased wholesale sales,
with store sales just under Fiscal 2020 levels. As a result of
store closures 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 this year or last year, except for
comparable direct sales, as it feels that overall sales is a more
meaningful metric for these periods. Comparable direct sales for
the second quarter of Fiscal 2022 were down 23% compared to up 144%
for the second quarter of Fiscal 2021, and up 20% compared to the
second quarter of Fiscal 2020.
Overall sales for the second quarter this year compared to the
second quarter of Fiscal 2021 were up 25% at Journeys, up 48% at
Schuh, up 154% at Johnston & Murphy and up 122% at Licensed
Brands. Overall sales compared to the second quarter of Fiscal 2020
were up 10% at Journeys, up 15% at Schuh and up 260% at Licensed
Brands, partially offset by a 9% decrease in Johnston & Murphy
sales.
Second quarter gross margin this year was 49.1%, up 640 basis
points, compared with 42.7% last year and up 50 basis points
compared with 48.6% in the second quarter of Fiscal 2020. The
increase as a percentage of sales as compared to Fiscal 2020 is due
primarily to higher full price selling at Journeys, partially
offset by a mix shift towards Licensed Brands and higher shipping
and warehouse expense in our retail businesses driven by the
increase in penetration of e-commerce as compared to Fiscal
2020.
Adjusted selling and administrative expense for the second
quarter this year decreased 270 basis points as a percentage of
sales compared with last year and decreased 230 basis points
compared with the second quarter of Fiscal 2020. The decrease
from Fiscal 2020 is due primarily to reduced occupancy expense as
well as reduced selling salaries, partially offset by increased
performance-based compensation expense driven by improved
profitability and increased marketing expenses. The reduction in
occupancy expense is driven by the U.K. government property tax
relief program and benefits from our ongoing lease cost
initiative.
Genesco's GAAP operating income for the second quarter was
$12.9 million, or 2.3% of sales this
year, compared with an operating loss of $(22.0) million, or (5.6)% of sales last year,
and an operating income of $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 $21.1 million this year compared to an operating
loss of $(20.9) million last year and
an operating income of $4.7 million
in the second quarter of Fiscal 2020. Adjusted operating margin was
3.8% of sales in the second quarter of Fiscal 2022, (5.3)% last
year and 1.0% in the second quarter of Fiscal
2020.
The effective tax rate for the quarter was 11.1% in Fiscal 2022
compared to 20.3% last year and 70.7% in the second quarter of
Fiscal 2020. The adjusted effective tax rate, reflecting
Excluded Items, was 25.1% in the second quarter of Fiscal 2022
compared to 23.0% last year and 45.2% in the second quarter of
Fiscal 2020. The higher adjusted effective tax rate for this
year as compared to last year reflects the inability to recognize a
tax benefit for certain foreign losses and a higher mix of earnings
in jurisdictions where the Company generates taxable income.
GAAP earnings from continuing operations were $10.9 million in the second quarter of Fiscal
2022, compared to a loss from continuing operations of $(18.9) million in the second quarter last year
and earnings from continuing operations of $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 $15.3 million, or $1.05 per share, in Fiscal 2022, compared to a
loss from continuing operations of $(17.4)
million, or ($1.23) loss per
share, last year and earnings from continuing operations of
$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 31, 2021, were
$304.0 million, compared with
$299.1 million at August 1, 2020. Total debt at the end of
the second quarter of Fiscal 2022 was $20.0
million compared with $210.9
million at the end of last year's second quarter reflecting
increased borrowings in the second quarter last year as a result of
the COVID-19 pandemic. Inventories decreased 11% in the
second quarter of Fiscal 2022 on a year-over-year basis and
decreased 27% versus the second quarter of Fiscal 2020.
Capital Expenditures and Store Activity
For the second
quarter, capital expenditures were $8
million, related primarily to digital and omnichannel
initiatives. Depreciation and amortization was $11 million. During the quarter, the
Company opened three stores and closed eight stores. The
Company ended the quarter with 1,439 stores compared with 1,476
stores at the end of the second quarter last year, or a decrease of
3%. Square footage was down 2% on a year-over-year basis.
Share Repurchases
The Company did not repurchase any
shares during the second quarter of Fiscal 2022. The Company
currently has $90 million remaining
on the $100 million board
authorization from September
2019.
Fiscal 2022 Outlook
Due to the continued uncertainty
in the overall economy driven by the COVID-19 pandemic,
specifically the spread of the Delta variant, the Company is not
providing guidance at this time, but will provide commentary on its
outlook for the coming quarter in its prepared remarks on today's
earnings call.
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 2, 2021, 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.
Safe Harbor Statement
This release contains
forward-looking statements, including those regarding the
performance outlook for the Company, expectations with respect to
returning capital to shareholders 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," "should," "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 store closures due to COVID-19 and expected timing for
store reopenings, weakness in store and shopping mall traffic,
timing of in person back-to-work and back-to-school and sales with
respect thereto, expectations regarding the COVID-19 vaccine
rollout and acceptance, 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 store 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; 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;
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 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 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; 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 retail and branded
company, sells footwear and accessories in more than 1,435 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.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
31,
|
%
of
|
|
Aug. 1,
|
% of
|
|
|
|
|
2021
|
Net
Sales
|
|
2020
|
Net Sales
|
|
|
|
Net sales
|
$
555,183
|
100.0%
|
|
$ 391,217
|
100.0%
|
|
|
|
Cost of
sales
|
282,661
|
50.9%
|
|
224,217
|
57.3%
|
|
|
|
Gross
margin
|
272,522
|
49.1%
|
|
167,000
|
42.7%
|
|
|
|
Selling and
administrative expenses
|
252,551
|
45.5%
|
|
187,261
|
47.9%
|
|
|
|
Asset impairments and
other, net
|
7,070
|
1.3%
|
|
1,733
|
0.4%
|
|
|
|
Operating income (loss)
|
12,901
|
2.3%
|
|
(21,994)
|
-5.6%
|
|
|
|
Other components of
net periodic benefit cost (income)
|
56
|
0.0%
|
|
(182)
|
0.0%
|
|
|
|
Interest expense,
net
|
617
|
0.1%
|
|
1,918
|
0.5%
|
|
|
|
Earnings (loss) from continuing operations
before
|
|
|
|
|
|
|
|
|
income
taxes
|
12,228
|
2.2%
|
|
(23,730)
|
-6.1%
|
|
|
|
Income tax expense
(benefit)
|
1,354
|
0.2%
|
|
(4,806)
|
-1.2%
|
|
|
|
Earnings (loss) from continuing operations
|
10,874
|
2.0%
|
|
(18,924)
|
-4.8%
|
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
63
|
0.0%
|
|
(112)
|
0.0%
|
|
|
|
Net
Earnings (Loss)
|
$
10,937
|
2.0%
|
|
$ (19,036)
|
-4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.76
|
|
|
$
(1.33)
|
|
|
|
|
Net earnings (loss)
|
$
0.76
|
|
|
$
(1.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
0.74
|
|
|
$
(1.33)
|
|
|
|
|
Net earnings (loss)
|
$
0.75
|
|
|
$
(1.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
14,339
|
|
|
14,179
|
|
|
|
|
Diluted
|
14,611
|
|
|
14,179
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
(in thousands,
except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
July
31,
|
%
of
|
|
Aug. 1,
|
% of
|
|
|
|
|
2021
|
Net
Sales
|
|
2020
|
Net Sales
|
|
|
|
Net sales
|
$
1,093,878
|
100.0%
|
|
$
670,449
|
100.0%
|
|
|
|
Cost of
sales
|
563,694
|
51.5%
|
|
383,305
|
57.2%
|
|
|
|
Gross
margin
|
530,184
|
48.5%
|
|
287,144
|
42.8%
|
|
|
|
Selling and
administrative expenses
|
492,016
|
45.0%
|
|
376,303
|
56.1%
|
|
|
|
Goodwill
impairment
|
-
|
0.0%
|
|
79,259
|
11.8%
|
|
|
|
Asset impairments and
other, net
|
9,740
|
0.9%
|
|
9,594
|
1.4%
|
|
|
|
Operating income (loss)
|
28,428
|
2.6%
|
|
(178,012)
|
-26.6%
|
|
|
|
Other components of
net periodic benefit cost (income)
|
17
|
0.0%
|
|
(306)
|
0.0%
|
|
|
|
Interest expense,
net
|
1,346
|
0.1%
|
|
2,774
|
0.4%
|
|
|
|
Earnings (loss) from continuing operations
before
|
|
|
|
|
|
|
|
|
income
taxes
|
27,065
|
2.5%
|
|
(180,480)
|
-26.9%
|
|
|
|
Income tax expense
(benefit)
|
7,297
|
0.7%
|
|
(26,932)
|
-4.0%
|
|
|
|
Earnings (loss) from continuing operations
|
19,768
|
1.8%
|
|
(153,548)
|
-22.9%
|
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
47
|
0.0%
|
|
(265)
|
0.0%
|
|
|
|
Net
Earnings (Loss)
|
$
19,815
|
1.8%
|
|
$(153,813)
|
-22.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
1.38
|
|
|
$
(10.86)
|
|
|
|
|
Net earnings (loss)
|
$
1.38
|
|
|
$
(10.87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share:
|
|
|
|
|
|
|
|
|
Before discontinued operations
|
$
1.35
|
|
|
$
(10.86)
|
|
|
|
|
Net earnings (loss)
|
$
1.35
|
|
|
$
(10.87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
14,313
|
|
|
14,145
|
|
|
|
|
Diluted
|
14,657
|
|
|
14,145
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Sales/Earnings
Summary by Segment
|
|
|
(in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
Quarter 2
|
|
|
|
|
July
31,
|
%
of
|
|
Aug. 1,
|
% of
|
|
|
|
|
2021
|
Net
Sales
|
|
2020
|
Net Sales
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
Journeys Group
|
$
346,275
|
62.4%
|
|
$ 276,631
|
70.7%
|
|
|
|
Schuh Group
|
106,079
|
19.1%
|
|
71,732
|
18.3%
|
|
|
|
Johnston & Murphy Group
|
61,159
|
11.0%
|
|
24,097
|
6.2%
|
|
|
|
Licensed Brands
|
41,670
|
7.5%
|
|
18,757
|
4.8%
|
|
|
|
Net Sales
|
$
555,183
|
100.0%
|
|
$ 391,217
|
100.0%
|
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
Journeys Group
|
$
30,368
|
8.8%
|
|
$
10,160
|
3.7%
|
|
|
|
Schuh Group
|
3,623
|
3.4%
|
|
(6,838)
|
-9.5%
|
|
|
|
Johnston & Murphy Group
|
3,951
|
6.5%
|
|
(18,243)
|
-75.7%
|
|
|
|
Licensed Brands
|
991
|
2.4%
|
|
(1,222)
|
-6.5%
|
|
|
|
Corporate and Other(1)
|
(26,032)
|
-4.7%
|
|
(5,851)
|
-1.5%
|
|
|
|
Operating income
(loss)
|
12,901
|
2.3%
|
|
(21,994)
|
-5.6%
|
|
|
|
Other components of
net periodic benefit cost (income)
|
56
|
0.0%
|
|
(182)
|
0.0%
|
|
|
|
Interest,
net
|
617
|
0.1%
|
|
1,918
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
from continuing operations
before
|
|
|
|
|
|
|
|
income taxes
|
12,228
|
2.2%
|
|
(23,730)
|
-6.1%
|
|
|
|
Income tax expense
(benefit)
|
1,354
|
0.2%
|
|
(4,806)
|
-1.2%
|
|
|
|
Earnings (loss) from
continuing operations
|
10,874
|
2.0%
|
|
(18,924)
|
-4.8%
|
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
63
|
0.0%
|
|
(112)
|
0.0%
|
|
|
|
Net Earnings
(Loss)
|
$
10,937
|
2.0%
|
|
$ (19,036)
|
-4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
Includes a
|
|
|
|
$1.7 million charge
in the second quarter of Fiscal 2021 for retail store asset
impairments.
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
Sales/Earnings
Summary by Segment
|
|
|
(in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
July
31,
|
%
of
|
|
Aug. 1,
|
% of
|
|
|
|
|
2021
|
Net
Sales
|
|
2020
|
Net Sales
|
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
Journeys Group
|
$
722,823
|
66.1%
|
|
$
445,556
|
66.5%
|
|
|
|
Schuh Group
|
174,790
|
16.0%
|
|
118,897
|
17.7%
|
|
|
|
Johnston & Murphy Group
|
109,921
|
10.0%
|
|
62,946
|
9.4%
|
|
|
|
Licensed Brands
|
86,344
|
7.9%
|
|
43,050
|
6.4%
|
|
|
|
Net Sales
|
$
1,093,878
|
100.0%
|
|
$
670,449
|
100.0%
|
|
|
|
Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
Journeys Group
|
$
63,492
|
8.8%
|
|
$
(26,923)
|
-6.0%
|
|
|
|
Schuh Group
|
(224)
|
-0.1%
|
|
(21,924)
|
-18.4%
|
|
|
|
Johnston & Murphy Group
|
771
|
0.7%
|
|
(27,827)
|
-44.2%
|
|
|
|
Licensed Brands
|
3,552
|
4.1%
|
|
(3,723)
|
-8.6%
|
|
|
|
Corporate and Other(1)
|
(39,163)
|
-3.6%
|
|
(18,356)
|
-2.7%
|
|
|
|
Goodwill Impairment
|
-
|
0.0%
|
|
(79,259)
|
-11.8%
|
|
|
|
Operating income
(loss)
|
28,428
|
2.6%
|
|
(178,012)
|
-26.6%
|
|
|
|
Other components of
net periodic benefit cost (income)
|
17
|
0.0%
|
|
(306)
|
0.0%
|
|
|
|
Interest,
net
|
1,346
|
0.1%
|
|
2,774
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
from continuing operations
before
|
|
|
|
|
|
|
|
income taxes
|
27,065
|
2.5%
|
|
(180,480)
|
-26.9%
|
|
|
|
Income tax expense
(benefit)
|
7,297
|
0.7%
|
|
(26,932)
|
-4.0%
|
|
|
|
Earnings (loss) from
continuing operations
|
19,768
|
1.8%
|
|
(153,548)
|
-22.9%
|
|
|
|
Gain (loss) from
discontinued operations, net of tax
|
47
|
0.0%
|
|
(265)
|
0.0%
|
|
|
|
Net Earnings
(Loss)
|
$
19,815
|
1.8%
|
|
$(153,813)
|
-22.9%
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
Includes a $9.6
|
|
|
|
million charge in the
first six months of Fiscal 2021 which includes a $5.3 million
charge for trademark impairment and a $4.7 million
charge
|
|
|
|
for retail store
asset impairments, partially offset by a $0.4 million gain for the
release of an earnout related to the Togast acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
(in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31,
2021
|
|
Aug. 1,
2020
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
304,039
|
|
$
299,144
|
|
|
|
Accounts
receivable
|
31,872
|
|
54,793
|
|
|
|
Inventories
|
326,477
|
|
365,267
|
|
|
|
Other current
assets(1)
|
91,554
|
|
58,454
|
|
|
|
Total
current assets
|
753,942
|
|
777,658
|
|
|
|
Property and
equipment
|
202,711
|
|
220,458
|
|
|
|
Operating lease right
of use assets
|
610,188
|
|
670,323
|
|
|
|
Goodwill and other
intangibles
|
69,850
|
|
67,939
|
|
|
|
Other non-current
assets
|
21,929
|
|
33,650
|
|
|
|
Total
Assets
|
$
1,658,620
|
|
$
1,770,028
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Accounts
payable
|
$
186,593
|
|
$
178,541
|
|
|
|
Current portion
long-term debt
|
-
|
|
24,860
|
|
|
|
Current portion
operating lease liabilities
|
156,562
|
|
199,392
|
|
|
|
Other current
liabilities
|
134,407
|
|
88,047
|
|
|
|
Total
current liabilities
|
477,562
|
|
490,840
|
|
|
|
Long-term
debt
|
20,022
|
|
186,049
|
|
|
|
Long-term operating
lease liabilities
|
524,857
|
|
593,723
|
|
|
|
Other long-term
liabilities
|
48,082
|
|
38,552
|
|
|
|
Equity
|
588,097
|
|
460,864
|
|
|
|
Total
Liabilities and Equity
|
$
1,658,620
|
|
$
1,770,028
|
|
|
|
|
|
|
|
|
|
|
(1)Includes prepaid income taxes of $60.8
million at July 31, 2021.
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
Balance
|
|
02/01/20
|
Open
|
Close
|
|
01/30/21
|
|
Open
|
Close
|
|
07/31/21
|
Journeys
Group
|
1,171
|
8
|
20
|
|
1,159
|
|
3
|
20
|
|
1,142
|
Schuh
Group
|
129
|
1
|
7
|
|
123
|
|
0
|
0
|
|
123
|
Johnston & Murphy
Group
|
180
|
4
|
6
|
|
178
|
|
1
|
5
|
|
174
|
Total Retail
Units
|
1,480
|
13
|
33
|
|
1,460
|
|
4
|
25
|
|
1,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
|
|
|
|
Store Count
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
|
Balance
|
|
|
|
|
|
|
05/01/21
|
Open
|
Close
|
|
07/31/21
|
|
|
|
|
|
Journeys
Group
|
1,143
|
3
|
4
|
|
1,142
|
|
|
|
|
|
Schuh
Group
|
123
|
0
|
0
|
|
123
|
|
|
|
|
|
Johnston & Murphy
Group
|
178
|
0
|
4
|
|
174
|
|
|
|
|
|
Total Retail
Units
|
1,444
|
3
|
8
|
|
1,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESCO
INC.
|
|
Comparable
Sales(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
|
Six
Months
|
|
|
|
July
31,
|
|
Aug. 1,
|
|
|
July
31,
|
|
Aug. 1,
|
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
Comparable Direct
Sales
|
|
-23%
|
|
144%
|
|
|
3%
|
|
105%
|
|
|
|
|
|
|
|
|
|
|
|
(1)As a
result of store closures 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 and six months this year and last year, except for
comparable direct sales, as it felt that overall
sales
|
was a
more meaningful metric during these periods.
|
|
GENESCO
INC.
|
|
|
|
COVID-19 Related
Items
|
|
|
|
Decrease
(Increase) to Pretax Earnings
|
|
|
|
(in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
2
|
|
Six
Months
|
|
|
|
|
July 31,
2021
|
Aug. 1,
2020
|
|
July 31,
2021
|
Aug. 1,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
impairment
|
$
-
|
$
-
|
|
$
-
|
$
79,259
|
|
|
|
Incremental retail
store asset impairment(1)
|
-
|
1,002
|
|
-
|
3,736
|
|
|
|
Trademark
impairment(1)
|
-
|
-
|
|
-
|
5,260
|
|
|
|
Release of Togast
earnout(1)
|
-
|
-
|
|
-
|
(441)
|
|
|
|
Excess
inventory(2)
|
(1,826)
|
2,469
|
|
(1,826)
|
4,277
|
|
|
|
Non-productive
compensation(3) and (4)
|
(917)
|
1,443
|
|
(200)
|
4,688
|
|
|
|
UK property tax
relief(3)
|
(3,126)
|
(3,934)
|
|
(7,801)
|
(5,489)
|
|
|
|
Other governmental
relief(3) and (5)
|
(1,163)
|
-
|
|
(4,387)
|
-
|
|
|
|
Rent abatements and
temporary rent concessions(3) and (6)
|
(2,426)
|
-
|
|
(8,574)
|
-
|
|
|
|
Incremental bad debt
reserve(3)
|
-
|
643
|
|
-
|
3,065
|
|
|
|
Other(3)
|
-
|
1,092
|
|
-
|
894
|
|
|
|
|
|
|
|
|
|
|
|
|
Total COVID-19
Related Items
|
$
(9,458)
|
$
2,715
|
|
$
(22,788)
|
$
95,249
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Included in asset impairments and
other, net on the Condensed Consolidated Statements of
Operations.
|
|
|
|
(2)Estimated impact of COVID-19 upon
permanent markdowns and inventory markdown reserves as well as sell
through of inventory previously reserved.
|
|
|
|
Included in cost of sales on the Condensed Consolidated Statements
of Operations.
|
|
|
|
(3)Included in selling and administrative
expenses on the Condensed Consolidated Statements of
Operations.
|
|
|
|
(4)Certain
compensation paid to furloughed workers and commission based
associates, net of the CARES Act, and UK, ROI and
Canadian
|
|
|
|
government
relief.
|
|
|
|
(5)Includes UK and ROI Relief Grants and
Canadian rent subsidy.
|
|
|
|
(6)Estimated impact of abatements and
temporary rent savings agreements that are being recognized when
executed if they pertain to a prior period.
|
|
|
|
|
|
|
|
|
|
|
|
Schedule B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesco
Inc.
|
Adjustments to
Reported Earnings (Loss) from Continuing Operations
|
Three Months Ended
July 31, 2021, August 1, 2020 and August 3, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes
that disclosure of earnings (loss) and earnings (loss) per share
from continuing operations and operating income (loss) 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 31,
2021
|
|
August 1,
2020
|
|
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 (loss) from
continuing operations, as reported
|
|
$
10,874
|
$0.74
|
|
|
$(18,924)
|
($1.33)
|
|
|
$
793
|
$0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail store
asset impairment charges
|
$
1,410
|
1,200
|
0.08
|
|
$1,733
|
1,313
|
0.09
|
|
$
731
|
451
|
0.03
|
|
Professional
fees related to the actions of a shareholder activist
|
6,238
|
4,393
|
0.30
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Expenses
related to new HQ building
|
1,157
|
813
|
0.06
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
(578)
|
(408)
|
(0.03)
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Change in
vacation policy
|
-
|
-
|
0.00
|
|
(616)
|
(463)
|
(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
|
$
8,227
|
5,998
|
0.41
|
|
$1,117
|
850
|
0.06
|
|
$1,775
|
1,170
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact
share based awards
|
|
(1,747)
|
(0.12)
|
|
|
1,129
|
0.08
|
|
|
(54)
|
0.00
|
|
Other tax
items
|
|
196
|
0.02
|
|
|
(471)
|
(0.04)
|
|
|
547
|
0.03
|
|
Total income
tax expense adjustments
|
|
(1,551)
|
(0.10)
|
|
|
658
|
0.04
|
|
|
493
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) from continuing operations(1)and(2)
|
|
$
15,321
|
$1.05
|
|
|
$(17,416)
|
($1.23)
|
|
|
$2,456
|
$0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The
adjusted tax rate for the second quarter of Fiscal 2022, 2021 and
2020 is 25.1%, 23.0% and 45.2%, respectively.
|
|
|
|
(2)EPS
reflects 14.6 million, 14.2 million and 16.0 million share count
for the second quarter of Fiscal 2022, 2021 and 2020, respectively,
which includes common stock equivalents in the second quarter of
Fiscal 2022 and Fiscal 2020 and excludes common stock equivalents
in the second quarter of Fiscal 2021 due to the loss from
continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesco
Inc.
|
|
|
|
|
|
|
|
|
|
Adjustments to
Reported Operating Income (Loss) and Selling and Administrative
Expenses
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31, 2021, August 1, 2020 and August 3, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 1, 2020
|
|
|
|
|
|
|
|
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
|
|
|
|
|
|
|
|
|
In
Thousands
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
Journeys
Group
|
$
10,160
|
$
(263)
|
$
9,897
|
|
|
|
|
|
|
|
|
|
Schuh
Group
|
(6,838)
|
-
|
(6,838)
|
|
|
|
|
|
|
|
|
|
Johnston & Murphy
Group
|
(18,243)
|
(96)
|
(18,339)
|
|
|
|
|
|
|
|
|
|
Licensed
Brands
|
(1,222)
|
(39)
|
(1,261)
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
(5,851)
|
1,515
|
(4,336)
|
|
|
|
|
|
|
|
|
|
Total Operating
Loss
|
$
(21,994)
|
$
1,117
|
$
(20,877)
|
|
|
|
|
|
|
|
|
|
% of
sales
|
-5.6%
|
|
-5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 31,
2021
|
August 1,
2020
|
August 3,
2019
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses, as reported
|
$
252,551
|
$
187,261
|
$
231,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
related to new HQ building
|
(1,157)
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Change in
vacation policy
|
-
|
616
|
-
|
|
|
|
|
|
|
|
|
|
Total
adjustments
|
(1,157)
|
616
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted selling and
administrative expenses
|
$
251,394
|
$
187,877
|
$
231,796
|
|
|
|
|
|
|
|
|
|
% of
sales
|
45.3%
|
48.0%
|
47.6%
|
|
|
|
|
|
|
|
|
|
Schedule B
|
|
Genesco
Inc.
|
Adjustments to
Reported Earnings (Loss) from Continuing Operations
|
Six Months Ended July
31, 2021, August 1, 2020 and August 3, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes
that disclosure of earnings (loss) and earnings (loss) per share
from continuing operations and operating income (loss) 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 31,
2021
|
|
August 1,
2020
|
|
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 (loss) from
continuing operations, as reported
|
|
|
$
19,768
|
$1.35
|
|
|
$(153,548)
|
($10.86)
|
|
|
$7,263
|
$0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments and
other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail store
asset impairment charges
|
|
$
1,824
|
1,526
|
0.10
|
|
$
4,775
|
3,541
|
0.25
|
|
$1,038
|
663
|
0.04
|
|
Professional
fees related to the actions of a shareholder activist
|
8,494
|
5,993
|
0.41
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Expenses
related to new HQ building
|
|
1,754
|
1,237
|
0.09
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Insurance
gain
|
|
(578)
|
(408)
|
(0.03)
|
|
-
|
-
|
0.00
|
|
-
|
-
|
0.00
|
|
Trademark
impairment
|
|
-
|
-
|
0.00
|
|
5,260
|
5,153
|
0.36
|
|
-
|
-
|
0.00
|
|
Goodwill
impairment
|
|
-
|
-
|
0.00
|
|
79,259
|
79,259
|
5.60
|
|
-
|
-
|
0.00
|
|
Release Togast
earnout
|
|
-
|
-
|
0.00
|
|
(441)
|
(323)
|
(0.02)
|
|
-
|
-
|
0.00
|
|
Change in
vacation policy
|
|
-
|
-
|
0.00
|
|
(1,232)
|
(914)
|
(0.06)
|
|
-
|
-
|
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
|
|
$
11,494
|
8,348
|
0.57
|
|
$87,621
|
86,716
|
6.13
|
|
$1,044
|
667
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact
share based awards
|
|
|
(1,747)
|
(0.12)
|
|
|
1,129
|
0.08
|
|
|
(54)
|
0.00
|
|
Other tax
items
|
|
|
596
|
0.04
|
|
|
(3,161)
|
(0.22)
|
|
|
489
|
0.02
|
|
Total income
tax expense adjustments
|
|
|
(1,151)
|
(0.08)
|
|
|
(2,032)
|
(0.14)
|
|
|
435
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) from continuing operations(1)and(2)
|
|
$
26,965
|
$1.84
|
|
|
$
(68,864)
|
($4.87)
|
|
|
$8,365
|
$0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The
adjusted tax rate for the first six months of Fiscal 2022, 2021 and
2020 is 30.1%, 25.8% and 36.1%, respectively.
|
|
|
|
(2)EPS
reflects 14.7 million, 14.1 million and 16.9 million share count
for the first six months of Fiscal 2022, 2021 and 2020,
respectively, which includes common stock equivalents in the first
six months of Fiscal 2022 and Fiscal 2020 and excludes common stock
equivalents in the first six months of Fiscal 2021 due to the loss
from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesco
Inc.
|
|
|
|
|
|
|
|
|
|
Adjustments to
Reported Operating Income (Loss) and Selling and Administrative
Expenses
|
|
|
|
|
|
|
|
|
|
Six Months Ended July
31, 2021, August 1, 2020 and August 3, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 1, 2020
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
Asset
Impair
|
Adj
Operating
|
|
|
|
|
|
|
|
|
|
In
Thousands
|
|
Income
(Loss)
|
& Other
Adj
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
Journeys
Group
|
|
$
(26,923)
|
$
(526)
|
$
(27,449)
|
|
|
|
|
|
|
|
|
|
Schuh
Group
|
|
(21,924)
|
-
|
(21,924)
|
|
|
|
|
|
|
|
|
|
Johnston & Murphy
Group
|
|
(27,827)
|
(192)
|
(28,019)
|
|
|
|
|
|
|
|
|
|
Licensed
Brands
|
|
(3,723)
|
(78)
|
(3,801)
|
|
|
|
|
|
|
|
|
|
Goodwill
Impairment
|
|
(79,259)
|
79,259
|
-
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
(18,356)
|
9,158
|
(9,198)
|
|
|
|
|
|
|
|
|
|
Total Operating
Loss
|
|
$
(178,012)
|
$
87,621
|
$
(90,391)
|
|
|
|
|
|
|
|
|
|
% of
sales
|
|
-26.6%
|
|
-13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 31,
2021
|
August 1,
2020
|
August 3,
2019
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses, as reported
|
|
$
492,016
|
$
376,303
|
$
468,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
related to new HQ building
|
|
(1,754)
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Change in
vacation policy
|
|
-
|
1,232
|
-
|
|
|
|
|
|
|
|
|
|
Total
adjustments
|
|
(1,754)
|
1,232
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted selling and
administrative expenses
|
|
$
490,262
|
$
377,535
|
$
468,351
|
|
|
|
|
|
|
|
|
|
% of
sales
|
|
44.8%
|
56.3%
|
47.7%
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/genesco-inc-reports-fiscal-2022-second-quarter-results-301367991.html
SOURCE Genesco Inc.