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Jan 28, 2023
Genesco Q4 2023 Earnings Report
Genesco's Q4 2023 results were reported, revealing flat net sales compared to the previous year but a 5% increase in comparable sales and a 15% rise in e-commerce sales.
Key Takeaways
Genesco Inc. reported essentially flat net sales of $725 million for the fourth quarter of fiscal 2023 compared to the fourth quarter of fiscal 2022. However, the company saw a 5% increase in comparable sales and a 15% increase in e-commerce sales. GAAP EPS was $3.23, while non-GAAP EPS was $3.061.
Net sales were $725 million, essentially flat compared to last year, but increased 7% over Q4FY20.
Comparable sales increased by 5%, with stores up 1% and direct sales up 21%.
E-commerce sales rose by 15% compared to Q4FY22 and 57% compared to Q4FY20, representing 25% of retail sales.
GAAP EPS from continuing operations was $3.23, compared to $4.41 last year.
Non-GAAP EPS from continuing operations was $3.061, compared to $3.48 last year.
Revenue by Segment
Forward Guidance
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 are expected to be 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. Guidance assumes no further share repurchases and a tax rate of 26%.
Positive Outlook
- 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.
- Expectation that earnings per share for the year will be near the mid-point of the range.
- Guidance assumes no further share repurchases
- Guidance assumes a tax rate of 26%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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