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Apr 30, 2022
Genesco Q1 2023 Earnings Report
Profitability exceeded expectations and Fiscal 2023 outlook was reaffirmed.
Key Takeaways
Genesco Inc. reported GAAP earnings from continuing operations per diluted share of $0.37 for the three months ended April 30, 2022. Net sales decreased 3% to $521 million. The company reaffirmed its Fiscal 2023 full year EPS guidance.
Net sales decreased by 3% year-over-year to $521 million, but increased 5% over Q1FY20.
Gross margin increased 50 basis points compared to the previous year.
GAAP operating income decreased 47% from last year.
Non-GAAP EPS from continuing operations was $0.441, compared to $0.79 last year.
Genesco
Genesco
Genesco Revenue by Segment
Revenue by Segment
Journeys Group Revenue
CapyFin.comSchuh Group Revenue
CapyFin.comJohnston & Murphy Group Revenue
CapyFin.com Forward Guidance
The Company reaffirms its Fiscal 2023 full year EPS guidance. Adjusted diluted earnings per share from continuing operations in the range of $7.00 to $7.75, with an expectation that earnings per share for the year will be near the mid-point of the range.
Positive Outlook
- Sales to be up 1% to 3%, compared to FY22, incorporating the impact of the lower exchange rates with a stronger U.S. dollar.
- Adjusted diluted earnings per share from continuing operations in the range of $7.00 to $7.75
- Earnings per share for the year will be near the mid-point of the range.
- Sequential retail sales improvement in April and May to-date compared with last year
- Strong full priced selling
Challenges Ahead
- Difficult comparison due to government stimulus-fueled consumer spending, especially for our Journeys business
- Journeys experienced a lack of inventory in the first quarter this year due to the impact of supply chain disruptions
- Sales would have been higher if not for inventory shortfalls
- Lower exchange rates with a stronger U.S. dollar
- Increased freight and logistics costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income