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Apr 29, 2023
Genesco Q1 2024 Earnings Report
Genesco reported a challenging first quarter, with consumer demand at Journeys dropping significantly, offsetting record sales at Schuh and Johnston & Murphy. The company is taking actions to mitigate the consumer shift and revised its outlook for Fiscal 2024.
Key Takeaways
Genesco Inc. reported a 7% decrease in net sales to $483 million compared to Q1FY23. GAAP EPS was ($1.60) and non-GAAP EPS was ($1.59). The company is revising its outlook for the remainder of Fiscal 2024 due to ongoing uncertainty around near-term consumer behavior.
Net sales decreased 7% compared to Q1FY23, totaling $483 million.
Comparable sales were down 5%, with stores down 8% and direct sales up 7%.
E-commerce sales represented 21% of retail sales, compared to 19% last year.
GAAP EPS from continuing operations was ($1.60) vs. $0.37 last year, and Non-GAAP EPS from continuing operations was ($1.59) vs. $0.44 last year.
Revenue by Segment
Forward Guidance
For Fiscal 2024, the Company now expects sales to be down 4% to 5%, or down 5% to 6% excluding the 53rd week this year, compared to Fiscal 23. Adjusted diluted earnings per share from continuing operations are expected to be in the range of $2.00 to $2.50.
Positive Outlook
- Guidance assumes no further share repurchases
- Guidance assumes a tax rate of 25%
Challenges Ahead
- Sales to be down 4% to 5%, or down 5% to 6% excluding the 53rd week this year, compared to Fiscal 23
- Adjusted diluted earnings per share from continuing operations in the range of $2.00 to $2.50
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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