Genesco Inc. Reports Fiscal 2021 Third Quarter Results
Third Quarter Fiscal 2021 Financial Summary
- Net sales decreased 11% from last year to
$479 million with stores open 95% of days - Highlighted by strong 62% e-commerce comp growth
- Inventory down 22%
- GAAP EPS from continuing operations was
$0.52 - Non-GAAP EPS from continuing operations was
$0.85 1 - Paid down
$178 million of debt
"We believe we have the right assortments and are ready for this holiday season; that said, consumer demand has been very different this year due to the pandemic, which has caused us to take a conservative approach to our outlook. In November, we faced headwinds from the re-closure of stores in
Store Re-opening Update
As of
Third Quarter Review
Net sales for the third quarter of Fiscal 2021 decreased 11% to
Comparable Sales |
||
|
3QFY21 |
3QFY20 |
|
(6)% |
4% |
|
1% |
3% |
|
(43)% |
(6)% |
Total Genesco Comparable Sales |
(9)% |
3% |
Same Store Sales |
(18)% |
1% |
Comparable Direct Sales |
62% |
19% |
Overall sales were down 10% for Journeys, 3% at Schuh, and 45% at J&M while sales were up 91% at Licensed Brands due to the Togast acquisition in the fourth quarter last year.
Third quarter gross margin this year was 47.1%, down 210 basis points, compared with 49.2% last year. The decrease as a percentage of sales is due primarily to the mix of our businesses, increased markdowns and inventory reserves at Johnston & Murphy and higher shipping and warehouse expense in all of our retail divisions driven by the increase in penetration of e-commerce, partially offset by decreased markdowns at Journeys.
Adjusted selling and administrative expense for the third quarter this year decreased 10 basis points as a percentage of net sales. On a dollar basis, expenses decreased 11% compared to the same period last year due primarily to reduced occupancy expense, driven by rent abatement agreements with landlords and savings from the government program in the
Genesco's GAAP operating income for the third quarter was
The effective tax rate for the quarter was -7.4% in Fiscal 2021 compared to 25.4% last year. The adjusted tax rate, reflecting excluded items, was 4.4% in Fiscal 2021 compared to 26.2% last year. The lower adjusted tax rate for this year primarily reflects the impact of the Company's performance in foreign jurisdictions for which no income tax benefit or expense is recorded in Fiscal 2021.
GAAP earnings from continuing operations were
Cash, Borrowings and Inventory
Cash and cash equivalents at
Capital Expenditures and Store Activity
For the third quarter, capital expenditures were
Share Repurchases
The Company did not repurchase any shares during the third quarter of Fiscal 2021.
Fiscal 2021 Outlook
Due to the continued uncertainty in the overall economy driven by COVID-19, the Company is not providing guidance at this time.
Conference Call, Management Commentary and Investor Presentation
The Company has posted detailed financial commentary and a supplemental financial presentation of third quarter results on its website, www.genesco.com, in the investor relations section. The Company's live conference call on
Safe Harbor Statement
This release contains forward-looking statements, including those regarding the performance outlook for the Company and all other statements not addressing solely historical facts or present conditions. 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 as a result of the effects of COVID-19 on the Company's business including whether there are periods of increases in the number of COVID-19 cases in locations in which the Company operates, further closures of stores due to COVID-19, weakness in store and shopping mall traffic, restrictions on operations imposed by government entities and landlords, changes in public safety and health requirements, the Company's ability to adequately staff stores, limitations on the Company's ability to provide adequate personal protective equipment to employees, and the Company's ability to maintain social distancing requirements; stores 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 products 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
About
______________________
1Excludes retail store asset impairment charges and a change in vacation policy, net of tax effect in the third quarter of Fiscal 2021 ("Excluded Items"). A reconciliation of earnings/loss and earnings/loss per share from continuing operations in accordance with
|
||||||||||
Condensed Consolidated Statements of Operations |
||||||||||
(in thousands, except per share data) |
||||||||||
(Unaudited) |
||||||||||
Quarter 3 |
Quarter 3 |
|||||||||
|
% of |
|
% of |
|||||||
2020 |
|
2019 |
|
|||||||
Net sales |
$ 479,280 |
100.0% |
|
100.0% |
||||||
Cost of sales |
253,776 |
52.9% |
273,061 |
50.8% |
||||||
Gross margin |
225,504 |
47.1% |
264,202 |
49.2% |
||||||
Selling and administrative expenses |
210,961 |
44.0% |
237,460 |
44.2% |
||||||
Asset impairments and other, net |
6,359 |
1.3% |
799 |
0.1% |
||||||
Operating income |
8,184 |
1.7% |
25,943 |
4.8% |
||||||
Other components of net periodic benefit income |
(182) |
0.0% |
(92) |
0.0% |
||||||
Interest expense, net |
1,404 |
0.3% |
602 |
0.1% |
||||||
Earnings from continuing operations before |
||||||||||
income taxes |
6,962 |
1.5% |
25,433 |
4.7% |
||||||
Income tax expense (benefit) |
(514) |
-0.1% |
6,454 |
1.2% |
||||||
Earnings from continuing operations |
7,476 |
1.6% |
18,979 |
3.5% |
||||||
Loss from discontinued operations, net of tax |
(10) |
0.0% |
(80) |
0.0% |
||||||
Net Earnings |
$ 7,466 |
1.6% |
$ 18,899 |
3.5% |
||||||
Basic earnings per share: |
||||||||||
Before discontinued operations |
$ 0.52 |
$ 1.31 |
||||||||
Net earnings |
$ 0.52 |
$ 1.31 |
||||||||
Diluted earnings per share: |
||||||||||
Before discontinued operations |
$ 0.52 |
$ 1.31 |
||||||||
Net earnings |
$ 0.52 |
$ 1.30 |
||||||||
Weighted-average shares outstanding: |
||||||||||
Basic |
14,283 |
14,465 |
||||||||
Diluted |
14,362 |
14,529 |
||||||||
|
|||||||||
Condensed Consolidated Statements of Operations |
|||||||||
(in thousands, except per share data) |
|||||||||
(Unaudited) |
|||||||||
Nine Months Ended |
Nine Months Ended |
||||||||
|
% of |
|
% of |
||||||
2020 |
|
2019 |
|
||||||
Net sales |
|
100.0% |
|
100.0% |
|||||
Cost of sales |
637,081 |
55.4% |
773,844 |
50.9% |
|||||
Gross margin |
512,648 |
44.6% |
745,643 |
49.1% |
|||||
Selling and administrative expenses |
587,264 |
51.1% |
705,811 |
46.5% |
|||||
|
79,259 |
6.9% |
- |
0.0% |
|||||
Asset impairments and other, net |
15,953 |
1.4% |
1,843 |
0.1% |
|||||
Operating income (loss) |
(169,828) |
-14.8% |
37,989 |
2.5% |
|||||
Other components of net periodic benefit income |
(488) |
0.0% |
(271) |
0.0% |
|||||
Interest expense, net |
4,178 |
0.4% |
783 |
0.1% |
|||||
Earnings (loss) from continuing operations before |
|||||||||
income taxes |
(173,518) |
-15.1% |
37,477 |
2.5% |
|||||
Income tax expense (benefit) |
(27,446) |
-2.4% |
11,235 |
0.7% |
|||||
Earnings (loss) from continuing operations |
(146,072) |
-12.7% |
26,242 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(275) |
0.0% |
(420) |
0.0% |
|||||
Net Earnings (Loss) |
$ (146,347) |
-12.7% |
$ 25,822 |
1.7% |
|||||
Basic earnings (loss) per share: |
|||||||||
Before discontinued operations |
$ (10.29) |
$ 1.64 |
|||||||
Net earnings (loss) |
$ (10.31) |
$ 1.61 |
|||||||
Diluted earnings (loss) per share: |
|||||||||
Before discontinued operations |
$ (10.29) |
$ 1.63 |
|||||||
Net earnings (loss) |
$ (10.31) |
$ 1.60 |
|||||||
Weighted-average shares outstanding: |
|||||||||
Basic |
14,191 |
16,023 |
|||||||
Diluted |
14,191 |
16,136 |
|||||||
|
|||||||||
Sales/Earnings Summary by Segment |
|||||||||
(in thousands) |
|||||||||
(Unaudited) |
|||||||||
Quarter 3 |
Quarter 3 |
||||||||
|
% of |
|
% of |
||||||
2020 |
|
2019 |
|
||||||
Sales: |
|||||||||
|
$ 317,682 |
66.3% |
|
66.1% |
|||||
|
90,021 |
18.8% |
92,899 |
17.3% |
|||||
|
39,655 |
8.3% |
72,703 |
13.5% |
|||||
Licensed Brands |
31,922 |
6.7% |
16,726 |
3.1% |
|||||
Corporate and Other |
- |
0.0% |
15 |
0.0% |
|||||
|
$ 479,280 |
100.0% |
|
100.0% |
|||||
Operating income (loss): |
|||||||||
|
$ 24,035 |
7.6% |
$ 28,955 |
8.2% |
|||||
|
6,766 |
7.5% |
4,369 |
4.7% |
|||||
|
(11,137) |
-28.1% |
3,715 |
5.1% |
|||||
Licensed Brands |
792 |
2.5% |
(27) |
-0.2% |
|||||
Corporate and Other(1) |
(12,272) |
-2.6% |
(11,069) |
-2.1% |
|||||
Operating income |
8,184 |
1.7% |
25,943 |
4.8% |
|||||
Other components of net periodic benefit income |
(182) |
0.0% |
(92) |
0.0% |
|||||
Interest, net |
1,404 |
0.3% |
602 |
0.1% |
|||||
Earnings from continuing operations before |
|||||||||
income taxes |
6,962 |
1.5% |
25,433 |
4.7% |
|||||
Income tax expense (benefit) |
(514) |
-0.1% |
6,454 |
1.2% |
|||||
Earnings from continuing operations |
7,476 |
1.6% |
18,979 |
3.5% |
|||||
Loss from discontinued operations, net of tax |
(10) |
0.0% |
(80) |
0.0% |
|||||
Net Earnings |
$ 7,466 |
1.6% |
$ 18,899 |
3.5% |
|||||
(1)Includes a |
|||||||||
the third quarter of Fiscal 2020 for retail store and intangible asset impairments. |
|||||||||
|
|||||||||
Sales/Earnings (Loss) Summary by Segment |
|||||||||
(in thousands) |
|||||||||
(Unaudited) |
|||||||||
Nine Months Ended |
Nine Months Ended |
||||||||
|
% of |
|
% of |
||||||
2020 |
|
2019 |
|
||||||
Sales: |
|||||||||
|
$ 763,238 |
66.4% |
$ 994,067 |
65.4% |
|||||
|
208,918 |
18.2% |
262,219 |
17.3% |
|||||
|
102,601 |
8.9% |
214,704 |
14.1% |
|||||
Licensed Brands |
74,972 |
6.5% |
48,392 |
3.2% |
|||||
Corporate and Other |
- |
0.0% |
105 |
0.0% |
|||||
|
|
100.0% |
|
100.0% |
|||||
Operating income (loss): |
|||||||||
Journeys Group |
$ (2,888) |
-0.4% |
$ 59,260 |
6.0% |
|||||
|
(15,158) |
-7.3% |
(1,020) |
-0.4% |
|||||
|
(38,964) |
-38.0% |
10,339 |
4.8% |
|||||
Licensed Brands |
(2,931) |
-3.9% |
151 |
0.3% |
|||||
Corporate and Other(1) |
(30,628) |
-2.7% |
(30,741) |
-2.0% |
|||||
Goodwill Impairment |
(79,259) |
-6.9% |
- |
0.0% |
|||||
Operating income (loss) |
(169,828) |
-14.8% |
37,989 |
2.5% |
|||||
Other components of net periodic benefit income |
(488) |
0.0% |
(271) |
0.0% |
|||||
Interest, net |
4,178 |
0.4% |
783 |
0.1% |
|||||
Earnings (loss) from continuing operations before |
|||||||||
income taxes |
(173,518) |
-15.1% |
37,477 |
2.5% |
|||||
Income tax expense (benefit) |
(27,446) |
-2.4% |
11,235 |
0.7% |
|||||
Earnings (loss) from continuing operations |
(146,072) |
-12.7% |
26,242 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(275) |
0.0% |
(420) |
0.0% |
|||||
Net Earnings (Loss) |
$ (146,347) |
-12.7% |
$ 25,822 |
1.7% |
|||||
(1)Includes a |
|||||||||
million charge for retail store asset impairments, partially offset by a |
|||||||||
acquisition. Includes a |
|||||||||
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
|
||||||
Assets |
|||||||
Cash and cash equivalents |
$ 115,061 |
$ 55,826 |
|||||
Accounts receivable |
35,592 |
34,849 |
|||||
Inventories |
370,699 |
473,940 |
|||||
Other current assets |
62,606 |
36,179 |
|||||
Total current assets |
583,958 |
600,794 |
|||||
Property and equipment |
210,834 |
261,281 |
|||||
Operating lease right of use assets |
640,078 |
750,855 |
|||||
|
67,793 |
122,803 |
|||||
Other non-current assets |
33,837 |
49,759 |
|||||
Total Assets |
$ 1,536,500 |
$ 1,785,492 |
|||||
Liabilities and Equity |
|||||||
Accounts payable |
$ 151,978 |
$ 195,906 |
|||||
Current portion long-term debt |
- |
17,146 |
|||||
Current portion operating lease liabilities |
196,603 |
145,788 |
|||||
Other current liabilities |
84,061 |
89,684 |
|||||
Total current liabilities |
432,642 |
448,524 |
|||||
Long-term debt |
32,850 |
62,368 |
|||||
Long-term operating lease liabilities |
560,082 |
663,168 |
|||||
Other long-term liabilities |
40,954 |
37,984 |
|||||
Equity |
469,972 |
573,448 |
|||||
Total Liabilities and Equity |
$ 1,536,500 |
$ 1,785,492 |
|||||
|
||||||||||||
Store Count Activity |
||||||||||||
Balance |
Balance |
Balance |
||||||||||
|
Open |
Close |
|
Open |
Close |
|
||||||
|
1,193 |
8 |
30 |
1,171 |
8 |
11 |
1,168 |
|||||
|
136 |
1 |
8 |
129 |
1 |
3 |
127 |
|||||
|
183 |
3 |
6 |
180 |
4 |
3 |
181 |
|||||
Total Retail Units |
1,512 |
12 |
44 |
1,480 |
13 |
17 |
1,476 |
|||||
|
||||||||||||
Store Count Activity |
||||||||||||
Balance |
Balance |
|||||||||||
|
Open |
Close |
|
|||||||||
|
1,169 |
5 |
6 |
1,168 |
||||||||
|
127 |
0 |
0 |
127 |
||||||||
|
180 |
2 |
1 |
181 |
||||||||
Total Retail Units |
1,476 |
7 |
7 |
1,476 |
||||||||
|
||||||||||||
Comparable Sales |
||||||||||||
Quarter 3 |
Nine Months |
|||||||||||
|
|
|
|
|||||||||
2020(1) |
2019 |
2020(1) |
2019 |
|||||||||
|
(6)% |
4% |
NA |
5% |
||||||||
|
1% |
3% |
NA |
2% |
||||||||
|
(43)% |
(6)% |
NA |
(2)% |
||||||||
Total Comparable Sales |
(9)% |
3% |
NA |
4% |
||||||||
Same Store Sales |
(18)% |
1% |
NA |
2% |
||||||||
Comparable Direct Sales |
62% |
19% |
88% |
18% |
||||||||
(1)As a result of store closures in the first half of the year in response to the COVID-19 pandemic, the Company has not |
||||||||||||
included year to date Fiscal 2021 comparable sales, except for comparable direct sales, as it believes that overall net |
||||||||||||
sales is a more meaningful metric during this period. |
|
|||||||
COVID-19 Related Pretax Adjustments |
|||||||
Decrease (Increase) to Pretax Earnings |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
Quarter 3 |
Nine Months |
||||||
|
|
||||||
Schuh goodwill impairment |
$ - |
$ 79,259 |
|||||
Incremental retail store asset impairment(1) |
5,828 |
9,564 |
|||||
Trademark impairment(1) |
- |
5,260 |
|||||
Release of Togast earnout(1) |
- |
(441) |
|||||
Adjustments for excess inventory(2) |
1,051 |
5,328 |
|||||
Non-productive compensation(3) and (4) |
2,574 |
7,262 |
|||||
|
(3,922) |
(9,412) |
|||||
Rent abatements and temporary rent concessions(3) and (5) |
(8,224) |
(11,153) |
|||||
Incremental bad debt reserve(3) |
(67) |
2,998 |
|||||
Other(3) and (6) |
275 |
1,169 |
|||||
Total COVID-19 related pretax adjustments |
$ (2,485) |
$ 89,834 |
|||||
(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. 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, |
|||||||
(5)Estimated impact of abatements from prior periods as well as temporary rent savings agreements that are |
|||||||
being recognized when executed. |
|||||||
(6)Includes primarily severance and increased cleaning and personal protective equipment expenses in |
|||||||
the third quarter and first nine months of Fiscal 2021 and is partially offset by the reversal of |
|||||||
percentage rent for the first nine months of Fiscal 2021. |
|||||||
Schedule B |
|||||||||
|
|||||||||
Adjustments to Reported Earnings from Continuing Operations |
|||||||||
Three Months Ended |
|||||||||
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 3 |
|||||||||
October 31, 2020 |
November 2, 2021 |
||||||||
Net of |
Per Share |
Net of |
Per Share |
||||||
In Thousands (except per share amounts) |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
|||
Earnings from continuing operations, as reported |
$ 7,476 |
|
$ 18,979 |
|
|||||
Asset impairments and other adjustments: |
|||||||||
Retail store and intangible asset impairment charges |
$ 6,359 |
4,337 |
0.30 |
$ 799 |
633 |
0.04 |
|||
Loss on lease terminations |
- |
- |
0.00 |
- |
3 |
0.00 |
|||
Change in vacation policy |
(616) |
(394) |
(0.02) |
- |
- |
0.00 |
|||
Gain on Hurricane Maria |
- |
- |
0.00 |
- |
(3) |
0.00 |
|||
Total asset impairments and other adjustments |
$ 5,743 |
3,943 |
0.28 |
$ 799 |
633 |
0.04 |
|||
Income tax expense adjustments: |
|||||||||
Other tax items |
728 |
0.05 |
(245) |
(0.02) |
|||||
Total income tax expense adjustments |
728 |
0.05 |
(245) |
(0.02) |
|||||
Adjusted earnings from continuing operations(1)and(2) |
$ 12,147 |
|
$ 19,367 |
|
|||||
(1)The adjusted tax rate for the third quarter of Fiscal 2021 and 2020 is 4.4% and 26.2%, respectively. |
|||||||||
(2)EPS reflects 14.4 million and 14.5 million share count for the third quarter of Fiscal 2021 and 2020, respectively, which includes common stock equivalents |
|||||||||
in each period. |
|||||||||
|
|||||||||
Adjustments to Reported Operating Income (Loss) |
|||||||||
Three Months Ended |
|||||||||
Quarter 3 - October 31, 2020 |
|||||||||
Operating |
Asset Impair |
Adj Operating |
|||||||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
||||||
|
$ 24,035 |
$ (263) |
$ 23,772 |
||||||
|
6,766 |
- |
6,766 |
||||||
|
(11,137) |
(96) |
(11,233) |
||||||
Licensed Brands |
792 |
(39) |
753 |
||||||
Corporate and Other |
(12,272) |
6,141 |
(6,131) |
||||||
Total Operating Income |
$ 8,184 |
$ 5,743 |
$ 13,927 |
||||||
% of sales |
1.7% |
2.9% |
|||||||
Quarter 3 - November 2, 2019 |
|||||||||
Operating |
Asset Impair |
Adj Operating |
|||||||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
||||||
|
$ 28,955 |
$ - |
$ 28,955 |
||||||
|
4,369 |
- |
4,369 |
||||||
|
3,715 |
- |
3,715 |
||||||
Licensed Brands |
(27) |
- |
(27) |
||||||
Corporate and Other |
(11,069) |
799 |
(10,270) |
||||||
Total Operating Income |
$ 25,943 |
$ 799 |
$ 26,742 |
||||||
% of sales |
4.8% |
5.0% |
|
||||||||||
Adjustments to Reported Earnings (Loss) from Continuing Operations |
||||||||||
Nine Months Ended |
||||||||||
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. |
||||||||||
Nine Months |
||||||||||
October 31, 2020 |
November 2, 2019 |
|||||||||
Net of |
Per Share |
Net of |
Per Share |
|||||||
In Thousands (except per share amounts) |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
||||
Earnings (loss) from continuing operations, as reported |
$ (146,072) |
( |
$ 26,242 |
|
||||||
Asset impairments and other adjustments: |
||||||||||
Retail store and intangible asset impairment charges |
$ 11,134 |
7,878 |
0.55 |
$ 1,837 |
1,296 |
0.08 |
||||
Trademark impairment |
5,260 |
5,153 |
0.36 |
- |
- |
0.00 |
||||
|
79,259 |
79,259 |
5.58 |
- |
- |
0.00 |
||||
Loss on lease terminations |
- |
- |
0.00 |
44 |
31 |
0.00 |
||||
Release Togast earnout |
(441) |
(323) |
(0.02) |
- |
- |
0.00 |
||||
Change in vacation policy |
(1,848) |
(1,308) |
(0.09) |
- |
- |
0.00 |
||||
Gain on Hurricane Maria |
- |
- |
0.00 |
(38) |
(27) |
0.00 |
||||
Total asset impairments and other adjustments |
$ 93,364 |
90,659 |
6.38 |
$ 1,843 |
1,300 |
0.08 |
||||
Income tax expense adjustments: |
||||||||||
Tax impact share based awards |
1,129 |
0.08 |
(54) |
0.00 |
||||||
Other tax items |
(2,433) |
(0.17) |
244 |
0.01 |
||||||
Total income tax expense adjustments |
(1,304) |
(0.09) |
190 |
0.01 |
||||||
Adjusted earnings (loss) from continuing operations(1) and (2) |
$ (56,717) |
( |
$ 27,732 |
|
||||||
(1)The adjusted tax rate for the first nine months of Fiscal 2021 and 2020 is 29.2% and 29.5%, respectively. |
||||||||||
(2)EPS reflects 14.2 million and 16.1 million share count for the first nine months of Fiscal 2021 and 2020, respectively, which excludes common stock equivalents |
||||||||||
in the first nine months of Fiscal 2021 due to the loss from continuing operations and includes common stock equivalents in the first nine months of Fiscal 2020. |
||||||||||
|
||||||||||
Adjustments to Reported Operating Income (Loss) |
||||||||||
Nine Months Ended |
||||||||||
Nine Months - October 31, 2020 |
||||||||||
Operating |
Asset Impair |
Adj Operating |
||||||||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|||||||
|
$ (2,888) |
$ (789) |
$ (3,677) |
|||||||
|
(15,158) |
- |
(15,158) |
|||||||
|
(38,964) |
(288) |
(39,252) |
|||||||
Licensed Brands |
(2,931) |
(117) |
(3,048) |
|||||||
Corporate and Other |
(109,887) |
94,558 |
(15,329) |
|||||||
Total Operating Loss |
$ (169,828) |
$ 93,364 |
$ (76,464) |
|||||||
% of sales |
-14.8% |
-6.7% |
||||||||
Nine Months - November 2, 2019 |
||||||||||
Operating |
Asset Impair |
Adj Operating |
||||||||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|||||||
|
$ 59,260 |
$ - |
$ 59,260 |
|||||||
|
(1,020) |
- |
(1,020) |
|||||||
|
10,339 |
- |
10,339 |
|||||||
Licensed Brands |
151 |
- |
151 |
|||||||
Corporate and Other |
(30,741) |
1,843 |
(28,898) |
|||||||
Total Operating Income |
$ 37,989 |
$ 1,843 |
$ 39,832 |
|||||||
% of sales |
2.5% |
2.6% |
View original content:http://www.prnewswire.com/news-releases/genesco-inc-reports-fiscal-2021-third-quarter-results-301186291.html
SOURCE
Genesco Inc. Financial Contacts: Mimi E. Vaughn, Board Chair, President and Chief Executive Officer, (615) 367-7386/mvaughn@genesco.com; Dave Slater, Vice President, Financial Planning & Analysis and IR, (615) 367-7604/dslater@genesco.com; Genesco Inc. Media Contact: Claire S. McCall, Director, Corporate Relations, (615) 367-8283/cmccall@genesco.com