false 0000018498 0000018498 2020-12-04 2020-12-04

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported): December 4, 2020  (December 4, 2020)

 

GENESCO INC.

(Exact name of registrant as specified in its charter)

 

Tennessee	1-3083		62-0211340
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
1415 Murfreesboro Pike	Nashville	Tennessee	37217-2895
(Address of Principal Executive Offices)			(Zip Code)

 

(615) 367-7000

Registrant's telephone number, including area code

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $1.00 par value	GCO	New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

 

 

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ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On December 4, 2020, Genesco Inc. issued a press release announcing results of operations for the fiscal third quarter ended October 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On December 4, 2020, the Company also posted on its website, www.genesco.com, a slide presentation with summary results.  A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the press release furnished herewith contains non-GAAP financial measures, including adjusted selling and administrative expense, operating income, pretax earnings, earnings from continuing operations and earnings per share from continuing operations, as discussed in the text of the release and as detailed on the reconciliation schedule attached to the press release. For consistency and ease of comparison with the adjusted results for the prior period announced last year, the Company believes that disclosure of the non-GAAP measures will be useful to investors.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(d)       Exhibits

The following exhibits are furnished herewith:

 

Exhibit Number		Description
99.1		Press Release issued by Genesco Inc. dated December 4, 2020
99.2		Genesco Inc. Third Fiscal Quarter Ended October 31, 2020 Summary Results
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		GENESCO INC.
Date: December 4, 2020		By:		/s/ Scott E. Becker
		Name:		Scott E. Becker
		Title:		Senior Vice President, Secretary and General Counsel

 

 

Exhibit 99.1

 

 

 

 

GENESCO INC. REPORTS FISCAL 2021 THIRD QUARTER RESULTS

-Company Reports Return to Profitability-

-Sequential Improvement in Both Revenue and Gross Margin-

 

 

Third Quarter Fiscal 2021 Financial Summary

 

NASHVILLE, Tenn., Dec. 4, 2020 --- Genesco Inc. (NYSE: GCO) today reported GAAP earnings from continuing operations per diluted share of $0.52 for the three months ended October 31, 2020, compared to $1.31 per diluted share in the third quarter last year.  Adjusted for the excluded items in both periods, the Company reported third quarter earnings from continuing operations per diluted share of $0.85, compared to $1.33 per diluted share last year.

 

Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, “We successfully navigated with executional excellence through a back-to-school season like none other to deliver sales results that exceeded expectations and returned the Company to profitability. Journeys and Schuh performed well despite recent pressures, underscoring the strong strategic market positions and tremendous customer loyalty both have built over time, along with the ability to pivot and capitalize on the accelerated shift to online spending. At the same time, Johnston & Murphy’s business has been slower to recover as the brand’s competitive space faces stronger headwinds from the pandemic. Total net revenue decreased 11%, a meaningful improvement compared with our second quarter performance, as more stores were open and digital sales remained robust. With the decisive cost cutting actions we took early in the outbreak and one-time expense relief benefits, combined with better gross margins, solid profitability in our ecommerce channel and a lower tax rate, we dramatically improved our bottom line on a sequential basis with adjusted earnings per share coming in at $0.85.

 

 

 

______________________

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 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 and earnings 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.

 

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“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 North America and the U.K., but most stores have since reopened at this time. For the Black Friday weekend, as expected, traffic was more subdued than usual, but for the month of November, sales were in line with our expectations with an even heavier mix of digital versus store sales. With the vast majority of the holiday season ahead of us, we believe we are well positioned to meet demand regardless of when and how the consumer decides to shop thanks to the technology investments we’ve made in our stores and ecommerce platforms.  It’s a privilege to lead a team that is facing the challenges brought by COVID-19 head on, adapting continuously to the dynamic retail environment. This is bolstering my optimism that we will successfully weather this storm and emerge strong to take advantage of the many opportunities the pandemic has created.”

 

Store Re-opening Update

As of December 4, 2020, the Company is operating in 97% of its locations, including approximately 1,150 Journeys, 170 Johnston & Murphy and 110 Schuh locations.

 

Third Quarter Review

Net sales for the third quarter of Fiscal 2021 decreased 11% to $479 million from $537 million in the third quarter of Fiscal 2020.  This sales decrease was driven by lower store comps reflecting decreased back-to-school sales, continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital comp growth of 62%. Stores were open about 95% of days. Although the Company has disclosed comparable sales for the third quarter Fiscal 2021, it believes that overall sales is a more meaningful metric during this period due to the impact of COVID-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

 

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landlords and savings from the government program in the U.K. to provide property tax relief, as well as reduced selling salaries and bonus expense.

 

Genesco’s GAAP operating income for the third quarter was $8.2 million, or 1.7% of sales this year compared to $25.9 million, or 4.8% of sales last year.  Adjusted for the excluded items in both periods, operating income for the third quarter was $13.9 million this year compared to $26.7 million last year.  Adjusted operating margin was 2.9% of sales in the third quarter of Fiscal 2021 and 5.0% last year.

 

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 $7.5 million in the third quarter of Fiscal 2021, compared to $19.0 million in the third quarter last year.  Adjusted for the excluded items in both periods, the third quarter earnings from continuing operations were $12.1 million, or $0.85 earnings per share in Fiscal 2021, compared to $19.4 million, or $1.33 earnings per share last year.

 

Cash, Borrowings and Inventory

Cash and cash equivalents at October 31, 2020, were $115.1 million, compared with $55.8 million at November 2, 2019.  Cash decreased $184.1 million during the third quarter driven primarily by a use of cash in financing activities of $177.8 million to pay down debt and $11.0 million for capital expenditures and other activities, partially offset by operating activities generating $4.7 million.  Total debt at the end of the third quarter of Fiscal 2021 was $32.9 million compared with $79.5 million at the end of last year’s third quarter. Total unused availability as of October 31, 2020 was $249.4 million.  Inventories decreased 22% in the third quarter of Fiscal 2021 on a year-over-year basis.  

 

Capital Expenditures and Store Activity

For the third quarter, capital expenditures were $8 million, related primarily to digital and omni-channel initiatives.  Depreciation and amortization was $11 million.  During the quarter, the Company opened seven new stores and closed seven stores.  The Company ended the quarter with 1,476 stores compared with 1,492 stores at the end of the third quarter last year, or a decrease of 1%.  Square footage was down 1% on a year-over-year basis.

 

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 December 4, 2020, 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.

 

 

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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 European Union and other sources of weakness in the U.K. market; 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, including for example, the COVID-19 coronavirus; 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 of certain leases; 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 eliminate stranded costs associated with dispositions, including the sale of the Lids Sport Group business; the Company’s ability to realize anticipated cost savings, including rent savings; 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; 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.

 

 

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About Genesco Inc.

Genesco Inc., a Nashville-based specialty retailer, sells footwear and accessories in more than 1,475 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Schuh, Schuh Kids, Little Burgundy, 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, and www.dockersshoes.com.   In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the licensed Dockers brand, the licensed Levi’s brand, the licensed Bass brand, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.

 

 

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

 

 

 

 

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GENESCO INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(Unaudited)

 

 

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GENESCO INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(Unaudited)

 

 

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GENESCO INC.

Sales/Earnings Summary by Segment

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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GENESCO INC.

Sales/Earnings Summary by Segment

(in thousands)

(Unaudited)

 

 

 

 

 

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GENESCO INC.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

 

 

 

 

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GENESCO INC.

Store Count Activity

 

 

 

 

 

 

 

GENESCO INC.

Store Count Activity

 

 

 

 

 

 

 

 

GENESCO INC.

Comparable Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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GENESCO INC.

COVID-19 Related Adjustments

Decrease (Increase) to Pretax Earnings

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

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Schedule B

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Three Months Ended October 31, 2020 and November 2, 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.

 

 

⁽¹⁾   The adjusted tax rate for the third quarter of Fiscal 2021 and 2020 is 4.4% and 26.2%, respectively.

 

 

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Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Three Months Ended October 31, 2020 and November 2, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

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Genesco Inc.

Adjustments to Reported Earnings (Loss) from Continuing Operations

Nine Months Ended October 31, 2020 and November 2, 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.

 

 

⁽¹⁾    The adjusted tax rate for the first nine months of Fiscal 2021 and 2020 is 29.2% and 29.5%, respectively.

 

 

 

 

 

 

 

 

 

 

 

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Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Nine Months Ended October 31, 2020 and November 2, 2019

 

 

 

 

FY21 Q3 GENESCO December 4, 2020 Summary Results Exhibit 99.2

This presentation 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 European Union and other sources of weakness in the U.K. market; 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, including for example, the COVID-19 coronavirus; 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 of certain leases; 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 eliminate stranded costs associated with dispositions, including the sale of the Lids Sport Group business; the Company’s ability to realize anticipated cost savings, including rent savings; 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; 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. Safe Harbor Statement 1

Non-GAAP We report consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). However, to supplement these consolidated financial results our presentation includes certain non-GAAP financial measures such as earnings and earnings per share and operating income. This supplemental information should not be considered in isolation as a substitute for related GAAP measures. We believe that disclosure of earnings and earnings per share from continuing operations and operating income 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. Reconciliations of the non-GAAP supplemental information to the comparable GAAP measures can be found in the Appendix. Financial Measures 2

Q3 FY21 Key Earnings Highlights NON-GAAP EPS $479 MILLION IN SALES $178 MILLION OF DEBT PAID DOWN IN Q3 +62% GROWTH IN E-COMMERCE COMP SALES $0.85 3

Q3 FY21 Key Earnings Highlights 4

YTD FY21 Key Earnings Highlights 5

Total and Comparable Sales FOR PLACEMENT ONLY Q3 FY21 6 GENESCO INC. Comparable Sales Quarter 3 Quarter 3 Total Sales Comparable Sales October 31, October 31, November 2, 2020 2020 (1) 2019 Journeys Group -0.1 -0.06 0.04 Schuh Group -0.03 0.01 0.03 Johnston & Murphy Group -0.45 -0.43 -0.06 Licensed Brands 0.91 NA NA Total Sales/ Comparable Sales -0.11 -0.09 0.03 Same Store Sales -0.18 0.01 Comparable Direct Sales 0.62 0.19 (1) Although the Company has disclosed comparable sales for the third quarter of Fiscal 2021, it believes that overall sales is a more meaningful metric during this period due to the impact of COVID-19.

Q3 FY21 Sales by Segment Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands 7

YTD FY21 Sales by Segment Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands 8

Adjusted Operating Income (Loss) by Segment 1 FOR PLACEMENT ONLY Q3 FY21 9 ($ in millions) Income Statement Summary - Segment Non-Gaap OI Quarter 3 - October 31, 2020 Quarter 3 - November 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $24 $-0.3 $23.8 $29 $0 $29 Schuh Group 6.8 0 6.8 4.4000000000000004 0 4.4000000000000004 Johnston & Murphy Group -11.1 -0.1 -11.2 3.7 0 3.7 Licensed Brands 0.8 0 0.8 0 0 0 Entered numbers in these schedules so rounds agreed to the tables in release. Corporate and Other -12.3 6.1 -6.1 -11.1 0.8 -10.299999999999999 Total Operating Income $8.2000000000000028 $5.6999999999999993 $13.9 $25.9 $0.8 $26.7 % of sales 1.7% 2.9% 4.8% 0.05 (1) See GAAP to Non-GAAP adjustments in appendix. Nine Months Ended - October 31, 2020 Nine Months Ended - November 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $-2.9 $-0.8 $-3.7 $59.3 $0 $59.3 Schuh Group -15.2 0 -15.2 -1 0 -1 Johnston & Murphy Group -39 -0.3 -39.299999999999997 10.3 0 10.3 Licensed Brands -2.9 -0.1 -3 0.2 0 0.2 Corporate and Other -,109.9 94.6 -15.300000000000011 -30.7 1.8 -28.9 Total Operating Income (Loss) $-,169.8 $93.399999999999991 $-76.5 $38 $1.8 $39.799999999999997 % of sales -0.14799999999999999 -6.7% 2.5% 2.6% (1) See GAAP to Non-GAAP adjustments in appendix.

Adjusted Operating Income (Loss) by Segment 1 FOR PLACEMENT ONLY YTD FY21 10 ($ in millions) Income Statement Summary - Segment Non-Gaap OI Quarter 3 - October 31, 2020 Quarter 3 - November 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $24 $-0.3 $23.8 $29 $0 $29 Schuh Group 6.8 0 6.8 4.4000000000000004 0 4.4000000000000004 Johnston & Murphy Group -11.1 -0.1 -11.2 3.7 0 3.7 Licensed Brands 0.8 0 0.8 0 0 0 Entered numbers in these schedules so rounds agreed to the tables in release. Corporate and Other -12.3 6.1 -6.1 -11.1 0.8 -10.299999999999999 Total Operating Income $8.2000000000000028 $5.6999999999999993 $13.9 $25.9 $0.8 $26.7 % of sales 1.7% 2.9% 4.8% 0.05 (1) See GAAP to Non-GAAP adjustments in appendix. Nine Months Ended - October 31, 2020 Nine Months Ended - November 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $-2.9 $-0.8 $-3.7 $59.3 $0 $59.3 Schuh Group -15.2 0 -15.2 -1 0 -1 Johnston & Murphy Group -39 -0.3 -39.299999999999997 10.3 0 10.3 Licensed Brands -2.9 -0.1 -3 0.2 0 0.2 Corporate and Other -,109.9 94.6 -15.300000000000011 -30.7 1.8 -28.9 Total Operating Income (Loss) $-,169.8 $93.399999999999991 $-76.5 $38 $1.8 $39.799999999999997 % of sales -0.14799999999999999 -6.7% 2.5% 2.6% (1) See GAAP to Non-GAAP adjustments in appendix.

Q3 FY21 Inventory/Sales Change by Segment 11 ($ in millions) Inventory - Oct FY 2021 Oct. 31, 2020 Nov. 2, 2019 % Change Sales change Journeys 230 321.60000000000002 -0.28482587064676623 -0.1 Schuh 51.4 65.8 -0.21884498480243159 -0.03 J&M 78.39 76.400000000000006 2.6047120418848099E-2 -0.45 Licensed Brands 10.9 10.1 7.9207920792079278E-2 0.91 Consol Adjustments 0 0 0 Total Genesco 370.68999999999994 473.90000000000009 -0.21778856298797242 -0.11 Schuh* 51.2 65.8 -0.22188449848024308 -0.08 *On constant currency basis Oct. 31, 2020 Q3 FY21 Total Inventory $370.7 $479.3 % Change from prior year -0.21778856298797242 -0.11 Oct. 31, 2020 Q3 FY21 Segment Inventory/Sales Inventory Sales Journeys Group -0.28482587064676623 -0.1 Schuh Group (1) -0.22188449848024308 -0.08 Johnston & Murphy Group 2.6047120418848099E-2 -0.45 Licensed Brands 7.9207920792079278E-2 0.91 Total $370.7 $479.3 % Change from prior year -0.21778856298797242 -0.11 (1) On a constant currency basis.

Q3 FY21 Retail Stores Summary 12 Total Stores Aug. 1, Oct. 31, 2020 Open Close 2020 Journeys Group 1,169 5 6 1,168 Journeys stores (U.S.) 852 2 6 848 Journeys stores (Canada) 47 0 0 47 Journeys Kidz stores 232 3 0 235 Little Burgundy 38 0 0 38 Schuh Group 127 0 0 127 Johnston & Murphy Group 180 2 1 181 Total Stores 1,476 7 7 1,476 Aug. 1, Net Oct. 31, Square Footage: 2020 Change 2020 % Change Journeys Group 2,316 -1 2,315 .-43177892918825559 Schuh Group 616 0 616 0.0% Johnston & Murphy Group 342 2 344 .6% Total Square Footage 3,274 1 3,275 30543677458766036.3% Year over year change in retail inventory per square foot -0.18 -0.25

Q3 FY21 Retail Square Footage FOR PLACEMENT ONLY 13 (square feet in thousands) Total Stores Aug. 1, Oct. 31, 2020 Open Close 2020 Journeys Group 1,169 5 6 1,168 Journeys stores (U.S.) 852 2 6 848 Journeys stores (Canada) 47 0 0 47 Journeys Kidz stores 232 3 0 235 Little Burgundy 38 0 0 38 Schuh Group 127 0 0 127 Johnston & Murphy Group 180 2 1 181 Total Stores 1,476 7 7 1,476 Aug. 1, Net Oct. 31, Square Footage: 2020 Change 2020 % Change Journeys Group 2,316 -1 2,315 .-43177892918825559 Schuh Group 616 0 616 0.0% Johnston & Murphy Group 342 2 344 .6% Total Square Footage 3,274 1 3,275 30543677458766036.3% Year over year change in retail inventory per square foot -0.18 -0.25

FY21 Projected Retail Store Count FOR PLACEMENT ONLY 14 Total Stores - Proj FY21 Actual Proj Proj Proj 2020 Open Close 2021 Journeys Group 1,171 9 14 1,166 Journeys stores (U.S.) 853 5 10 848 Journeys stores (Canada) 46 1 1 46 Journeys Kidz stores 233 3 2 234 Little Burgundy 39 0 1 38 Schuh Group 129 1 7 123 Johnston & Murphy Group 180 4 10 174 Total Stores 1,480 14 31 1,463 Estimated change in square feet -0.01

Q3 FY21 Projected Capital Spending FY21 Projected Depreciation & Amortization = $47 Million Omni-channel, IT, DC & Other New Stores & Remodels 40% 60% Projected FY21 CapEx $25-30 Million 15

Appendix 16

Q3 FY21 Non-GAAP Reconciliation 17

YTD FY21 Non-GAAP Reconciliation 18

FY21 Q3 GENESCO December 4, 2020 Summary Results