0000950170-24-072730 | 10-Q | XBRL Viewer

$ 457,597

^[1]

$ 483,332

^[2]

(31,550)

(22,689)

^[3]

578

308

(32,128)

(22,997)

109

Loss from continuing operations before income taxes

890

1,651

(33,127)

(24,740)

1,307,417

^[4]

1,495,312

^[5]

$ 1,329,890

13,237

11,286

6,377

17,235

Journeys Group

259,445

^[1]

272,190

^[2]

Schuh Group

92,349

^[1]

93,105

^[2]

Johnston & Murphy Group

79,207

^[1]

82,627

^[2]

Genesco Brands Group

26,596

^[1]

35,410

^[2]

Operating Segments

Operating Segments | Journeys Group

459,594

483,789

259,445

272,190

(18,822)

(18,362)

^[3]

^[6]

(18,822)

(18,362)

Loss from continuing operations before income taxes

(18,822)

(18,362)

653,489

^[4]

765,064

^[5]

8,612

7,347

Operating Segments | Schuh Group

3,491

13,019

92,349

93,105

(5,896)

(1,790)

^[3]

(5,896)

(1,790)

Loss from continuing operations before income taxes

(5,896)

(1,790)

209,372

^[4]

212,579

^[5]

1,869

1,561

Operating Segments | Johnston & Murphy Group

733

2,151

79,207

82,630

2,355

4,806

^[3]

2,355

4,806

Loss from continuing operations before income taxes

2,355

4,806

153,890

^[4]

187,247

^[5]

1,382

1,120

Operating Segments | Genesco Brands Group

1,715

1,205

28,593

35,864

(986)

(32)

^[3]

(986)

(32)

Loss from continuing operations before income taxes

(986)

(32)

54,716

^[4]

78,313

^[5]

314

203

231

455

Corporate & Other

^[1]

^[2]

(8,201)

(7,311)

^[3]

578

308

(8,779)

(7,619)

109

Loss from continuing operations before income taxes

890

1,651

(9,778)

(9,362)

235,950

^[4]

252,109

^[5]

1,060

1,055

207

405

Intercompany Sales

Intercompany Sales | Journeys Group

(1,997)

(457)

Intercompany Sales | Schuh Group

Intercompany Sales | Johnston & Murphy Group

Intercompany Sales | Genesco Brands Group

(3)

$ (1,997)

$ (454)

[1]	Net sales in North America and in the U.K., which includes the ROI, accounted for 80% and 20%, respectively, of our net sales in the first quarter of Fiscal 2025
[2]	Net sales in North America and in the U.K., which includes the ROI, accounted for 81% and 19%, respectively, of our net sales for the first quarter of Fiscal 2024.
[3]	Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.
[4]	Of our $653.7 million of long-lived assets, $90.0 million and $11.9 million relate to long-lived assets in the U.K. and Canada, respectively.
[5]	Of our $717.1 million of long-lived assets, $91.2 million and $15.4 million relate to long-lived assets in the U.K. and Canada, respectively.
[6]	Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group

Long-Term Debt - Additional Information (Details) $ in Thousands, $ in Millions	3 Months Ended
	May 04, 2024 CAD ($)	May 04, 2024 USD ($)	Feb. 03, 2024 USD ($)
Debt Instrument [Line Items]
Carrying Amount		$ 59,444	$ 34,682
Long term debt description	The revolver borrowings outstanding under the Credit Facility as of May 4, 2024 included $56.3 million U.S. revolver borrowings and $3.1 million (C$4.3 million) related to GCO Canada ULC. We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of May 4, 2024. Excess availability under the Credit Facility was $200.1 million at May 4, 2024.
Revolving Credit Facility
Debt Instrument [Line Items]
Excess availability under credit facility		200,100
Genesco Canada Ulc \| Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Amount	$ 4.3	3,100
U.S. Revolver Borrowings
Debt Instrument [Line Items]
Carrying Amount		59,444	$ 34,682
U.S. Revolver Borrowings \| Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Amount		$ 56,300

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Non-Redeemable Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Shares
Beginning balance at Jan. 28, 2023	$ 606,966	$ 815	$ 13,089	$ 305,260	$ 346,870	$ (41,211)	$ (17,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(18,890)				(18,890)
Other comprehensive income (loss)	474					474
Share-based compensation expense	3,772			3,772
Restricted stock issuance	0		234	(234)
Restricted shares withheld for taxes	(449)		(13)	13	(449)
Shares repurchased	(9,170)		(255)		(8,915)
Other	(78)	(3)	(3)	6	(78)
Ending balance at Apr. 29, 2023	582,625	812	13,052	308,817	318,538	(40,737)	(17,857)
Beginning balance at Feb. 03, 2024	571,202	813	11,961	319,143	296,766	(39,624)	(17,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(24,347)				(24,347)
Other comprehensive income (loss)	(935)					(935)
Share-based compensation expense	3,307			3,307
Restricted stock issuance	0		198	(198)
Restricted shares withheld for taxes	(773)		(29)	29	(773)
Other	(1)	(1)	(8)	7	1
Ending balance at May. 04, 2024	$ 548,453	$ 812	$ 12,122	$ 322,288	$ 271,647	$ (40,559)	$ (17,857)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Long-Term Debt

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Note 5

Long-Term Debt

The revolver borrowings outstanding under the Credit Facility as of May 4, 2024 included $56.3 million U.S. revolver borrowings and $3.1 million (C$4.3 million) related to GCO Canada ULC. We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of May 4, 2024. Excess availability under the Credit Facility was $200.1 million at May 4, 2024.

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount for the Journeys Group Segment (Details) $ in Thousands	3 Months Ended
	May 04, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 9,565
Effect of foreign currency exchange rates	(148)
Goodwill, ending balance	$ 9,417

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Accounts receivable, net of allowances of $2,545 at May 4, 2024, $4,266 at January 28, 2023 and $4,051 at April 29, 2023

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

May 04, 2024

Feb. 03, 2024

Apr. 29, 2023

Current Assets:

Cash

$ 19,247

$ 35,155

$ 31,786

50,119

53,618

54,068

Inventories

392,671

378,967

470,763

Prepaids and other current assets

46,003

39,611

42,325

Total current assets

508,040

507,351

598,942

Property and equipment, net

233,601

240,266

239,120

Operating lease right of use assets

420,133

436,896

477,962

Non-current prepaid income taxes

57,441

56,839

54,567

Goodwill

9,417

9,565

37,928

Other intangibles

26,914

27,250

27,538

Deferred income taxes

26,119

26,230

28,729

Other noncurrent assets

25,752

25,493

30,526

Total Assets

1,307,417

^[1]

1,329,890

1,495,312

^[2]

Current Liabilities:

Accounts payable

108,847

114,621

143,814

Current portion - operating lease liabilities

125,450

129,189

131,830

Other accrued liabilities

73,888

75,727

75,992

Total current liabilities

308,185

319,537

351,636

Long-term debt

59,444

34,682

118,151

Long-term operating lease liabilities

345,670

359,073

399,374

Other long-term liabilities

45,665

45,396

43,526

Total liabilities

758,964

758,688

912,687

Commitments and contingent liabilities

Equity

Non-redeemable preferred stock

812

813

812

Common equity:

Common stock, $1 par value: Authorized; 80,000,000 shares Issued common stock

12,122

11,961

13,052

Additional paid-in capital

322,288

319,143

308,817

Retained earnings

271,647

296,766

318,538

Accumulated other comprehensive loss

(40,559)

(39,624)

(40,737)

Treasury shares, at cost (488,464 shares)

(17,857)

Total equity

548,453

571,202

582,625

Total Liabilities and Equity

$ 1,307,417

$ 1,329,890

$ 1,495,312

[1]	Of our $653.7 million of long-lived assets, $90.0 million and $11.9 million relate to long-lived assets in the U.K. and Canada, respectively.
[2]	Of our $717.1 million of long-lived assets, $91.2 million and $15.4 million relate to long-lived assets in the U.K. and Canada, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	May 04, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2024, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 27, 2024. The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 1, 2025 ("Fiscal 2025"), which is a 52-week year, and of the fiscal year ended February 3, 2024 ("Fiscal 2024"), which was a 53-week year. All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of February 3, 2024 has been derived from the audited financial statements at that date.
Nature of Operations	Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys®, Journeys Kidz®, Little Burgundy® and Johnston & Murphy® banners and under the Schuh® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com as well as catalogs. We also source, design, market and distribute footwear and accessories at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's® brand, the licensed Dockers® brand, the licensed G.H. Bass® brand and other brands that we license for footwear. At May 4, 2024, we operated 1,321 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three months ended May 4, 2024 and April 29, 2023, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Genesco Brands Group, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear.
Selling and Administrative Expenses	Selling and Administrative Expenses Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $2.4 million and $3.5 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. Retail occupancy costs recorded in selling and administrative expenses were $75.5 million and $76.4 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively.
Advertising Costs	Advertising Costs Advertising costs were $23.7 million and $23.6 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively.
Vendor Allowances	Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $1.9 million and $4.7 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. During the first three months of each of Fiscal 2025 and Fiscal 2024, our cooperative advertising reimbursements received were not in excess of the costs incurred.
New Accounting Pronouncements	New Accounting Pronouncements We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations and financial reporting. As of May 4, 2024, there were no other new pronouncements or interpretations, other than those disclosed in the Annual Report on Form 10-K for the fiscal year ended February 3, 2024, that had or were expected to have a significant impact on our financial reporting.

Commitments - Additional Information (Details) $ in Millions	May 04, 2024 USD ($)
Samsung
Loss Contingencies [Line Items]
Historical cost of inventory	$ 7.8

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (24,347)	$ (18,890)
Other comprehensive income (loss):
Postretirement liability adjustments, net of tax	38	29
Foreign currency translation adjustments	(973)	445
Total other comprehensive income (loss)	(935)	474
Comprehensive Loss	$ (25,282)	$ (18,416)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Commitments and Contingencies Disclosure [Abstract]

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 12, 2024	May 04, 2024	Apr. 29, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded		0.2	0.2
Stock repurchased during period (in shares)		0	255,000
Shares repurchased			$ 9,170
Share price			$ 35.96
Remaining authorized repurchase amount		$ 52,100
Subsequent Event [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchased during period (in shares)	7,700
Shares repurchased	$ 200
Share price	$ 24.9

Commitments

3 Months Ended

May 04, 2024

Commitments

Note 8

Commitments

As part of our Genesco Brands Group business, we have a commitment to Samsung C&T America, Inc. (“Samsung”) related to the ultimate sale and valuation of any inventories owned by Samsung. If product is sold below Samsung’s cost, we are required to pay to Samsung the difference between the sales price and its cost. At May 4, 2024, the inventory owned by Samsung had a historical cost of $7.8 million. As of May 4, 2024, we believe that we have appropriately accounted for any differences between the fair value of the Samsung inventory and Samsung's historical cost.

Asset Impairments and Other Charges - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

May 04, 2024

Apr. 29, 2023

Restructuring Cost And Reserve [Line Items]

^[1]

$ (578)

$ (308)

[1]	Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Earnings Per Share - Summary of Weighted-Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Weighted-average number of shares - basic (in shares)	10,930	11,818
Common stock equivalents (in shares)	0	0
Weighted-average number of shares - diluted (in shares)	10,930	11,818

Inventories

3 Months Ended

May 04, 2024

Inventory Disclosure [Abstract]

Inventories

Note 3

Inventories


(In thousands)	May 4, 2024		February 3, 2024
Wholesale finished goods	$	44,268	$	57,678
Retail merchandise		348,403		321,289
Total Inventories	$	392,671	$	378,967

Fair Value - Additional Information (Details) - USD ($) $ in Millions	May 04, 2024	Apr. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	$ 653.7	$ 717.1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets	0.7
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held	$ 6.5

Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

May 04, 2024

Apr. 29, 2023

Income Statement [Abstract]

Selling and administrative expenses

$ 457,597

^[1]

$ 483,332

^[2]

Cost of sales

241,316

254,524

Gross margin

216,281

228,808

247,831

251,497

^[3]

578

308

(32,128)

(22,997)

109

Loss from continuing operations before income taxes

890

1,651

(33,127)

(24,740)

Income tax benefit

(8,839)

(5,865)

Loss from continuing operations

(24,288)

(18,875)

Loss from discontinued operations, net of tax

(59)

(15)

Net Loss

$ (24,347)

$ (18,890)

Basic loss per common share:

Continuing operations (in dollars per share)

$ (2.22)

$ (1.6)

Discontinued operations (in dollars per share)

(0.01)

Net loss (in dollars per share)

(2.23)

(1.6)

Diluted loss per common share:

Continuing operations (in dollars per share)

(2.22)

(1.6)

Discontinued operations (in dollars per share)

(0.01)

Net loss (in dollars per share)

$ (2.23)

$ (1.6)

Weighted average shares outstanding:

Basic (in shares)

10,930

11,818

Diluted (in shares)

10,930

11,818

[1]	Net sales in North America and in the U.K., which includes the ROI, accounted for 80% and 20%, respectively, of our net sales in the first quarter of Fiscal 2025
[2]	Net sales in North America and in the U.K., which includes the ROI, accounted for 81% and 19%, respectively, of our net sales for the first quarter of Fiscal 2024.
[3]	Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Current Assets:
Allowances on accounts receivable	$ 2,545	$ 4,266	$ 4,051
Common equity:
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, shares authorized (in shares)	80,000,000	80,000,000	80,000,000
Treasury Stock, Shares	488,464	488,464	488,464

Business Segment Information (Tables)

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Schedule of Business Segment Information


Three Months Ended May 4, 2024
(In thousands)	Journeys Group			Schuh Group			Johnston & Murphy Group		Genesco Brands Group			Corporate & Other			Consolidated
Sales	$	259,445		$	92,349		$	79,207	$	28,593		$	—		$	459,594
Intercompany sales		—			—			—		(1,997	)		—			(1,997	)
Net sales to external customers(1)		259,445			92,349			79,207		26,596			—			457,597
Segment operating income (loss)		(18,822	)		(5,896	)		2,355		(986	)		(8,201	)		(31,550	)
Asset impairments and other(2)		—			—			—		—			578			578
Operating income (loss)		(18,822	)		(5,896	)		2,355		(986	)		(8,779	)		(32,128	)
Other components of net periodic benefit cost		—			—			—		—			109			109
Interest expense, net		—			—			—		—			890			890
Earnings (loss) from continuing operations before income taxes	$	(18,822	)	$	(5,896	)	$	2,355	$	(986	)	$	(9,778	)	$	(33,127	)
Total assets (3)	$	653,489		$	209,372		$	153,890	$	54,716		$	235,950		$	1,307,417
Depreciation and amortization		8,612			1,869			1,382		314			1,060			13,237
Capital expenditures		3,491			733			1,715		231			207			6,377

(1) Net sales in North America and in the U.K., which includes the ROI, accounted for 80% and 20%, respectively, of our net sales in the first quarter of Fiscal 2025.

(2) Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.

(3) Of our $653.7 million of long-lived assets, $90.0 million and $11.9 million relate to long-lived assets in the U.K. and Canada, respectively.


Three Months Ended April 29, 2023
(In thousands)	Journeys Group			Schuh Group			Johnston & Murphy Group			Genesco Brands Group			Corporate & Other			Consolidated
Sales	$	272,190		$	93,105		$	82,630		$	35,864		$	—		$	483,789
Intercompany sales		—			—			(3	)		(454	)		—			(457	)
Net sales to external customers(1)		272,190			93,105			82,627			35,410			—			483,332
Segment operating income (loss)		(18,362	)		(1,790	)		4,806			(32	)		(7,311	)		(22,689	)
Asset impairments and other (2)		—			—			—			—			308			308
Operating income (loss)		(18,362	)		(1,790	)		4,806			(32	)		(7,619	)		(22,997	)
Other components of net periodic benefit cost		—			—			—			—			92			92
Interest expense, net		—			—			—			—			1,651			1,651
Earnings (loss) from continuing operations before income taxes	$	(18,362	)	$	(1,790	)	$	4,806		$	(32	)	$	(9,362	)	$	(24,740	)
Total assets (3)	$	765,064		$	212,579		$	187,247		$	78,313		$	252,109		$	1,495,312
Depreciation and amortization		7,347			1,561			1,120			203			1,055			11,286
Capital expenditures		13,019			2,151			1,205			455			405			17,235

(1) Net sales in North America and in the U.K., which includes the ROI, accounted for 81% and 19%, respectively, of our net sales for the first quarter of Fiscal 2024.

(2) Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group.

(3) Of our $717.1 million of long-lived assets, $91.2 million and $15.4 million relate to long-lived assets in the U.K. and Canada, respectively.

Fair Value - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 59,444	$ 34,682
Fair Value	59,595	34,638
U.S. Revolver Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	59,444	34,682
Fair Value	$ 59,595	$ 34,638

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Summary of Significant Accounting Policies

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Inventories
Wholesale finished goods	$ 44,268	$ 57,678
Retail merchandise	348,403	321,289
Total Inventories	$ 392,671	$ 378,967	$ 470,763

Summary of Significant Accounting Policies

3 Months Ended

May 04, 2024

Accounting Policies [Abstract]

Note 1

Summary of Significant Accounting Policies

Basis of Presentation

These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2024, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 27, 2024. The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 1, 2025 ("Fiscal 2025"), which is a 52-week year, and of the fiscal year ended February 3, 2024 ("Fiscal 2024"), which was a 53-week year. All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of February 3, 2024 has been derived from the audited financial statements at that date.

Nature of Operations

Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys®, Journeys Kidz®, Little Burgundy® and Johnston & Murphy® banners and under the Schuh® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com as well as catalogs. We also source, design, market and distribute footwear and accessories at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's® brand, the licensed Dockers® brand, the licensed G.H. Bass® brand and other brands that we license for footwear. At May 4, 2024, we operated 1,321 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI.

During the three months ended May 4, 2024 and April 29, 2023, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Genesco Brands Group, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear.

Selling and Administrative Expenses

Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $2.4 million and $3.5 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively.

Retail occupancy costs recorded in selling and administrative expenses were $75.5 million and $76.4 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively.

Advertising Costs

Advertising costs were $23.7 million and $23.6 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively.

Vendor Allowances

Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $1.9 million and $4.7 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. During the first three months of each of Fiscal 2025 and Fiscal 2024, our cooperative advertising reimbursements received were not in excess of the costs incurred.

Note 1

Summary of Significant Accounting Policies, Continued

New Accounting Pronouncements

We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations and financial reporting. As of May 4, 2024, there were no other new pronouncements or interpretations, other than those disclosed in the Annual Report on Form 10-K for the fiscal year ended February 3, 2024, that had or were expected to have a significant impact on our financial reporting.

Legal Proceedings

3 Months Ended

May 04, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Note 7

Legal Proceedings

Environmental Matters

The Company has legacy obligations including environmental monitoring and reporting costs related to: (i) a 2016 Consent Judgment entered into with the United States Environmental Protection Agency involving the site of a knitting mill operated by a former subsidiary from 1965 to 1969 in Garden City, New York; and (ii) a 2010 Consent Decree with the Michigan Department of Natural Resources and Environment relating to our former Volunteer Leather Company facility in Whitehall, Michigan. We do not expect that future obligations related to either of these sites will have a material effect on our consolidated financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, we had accrued $2.0 million as of May 4, 2024, $2.0 million as of February 3, 2024 and $1.7 million as of April 29, 2023. All such provisions reflect our estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities for discontinued operations are included in other accrued liabilities and other long-term liabilities on the accompanying Condensed Consolidated Balance Sheets because they relate to former facilities operated by us. We have made pretax accruals for certain of these contingencies which were not material for the first quarter of Fiscal 2025 or Fiscal 2024. These charges are included in loss from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations and represent changes in estimates.

In addition to the matters specifically described in this Note, we are a party to other legal and regulatory proceedings and claims arising in the ordinary course of our business. While management does not believe that our liability with respect to any of these other matters is likely to have a material effect on our condensed consolidated financial statements, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could have a material adverse impact on our condensed consolidated financial statements.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

May 04, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount for the Journeys Group Segment

The changes in the carrying amount of goodwill for the Journeys Group segment were as follows:


(In thousands)	Total Goodwill
Balance, February 3, 2024	$	9,565
Effect of foreign currency exchange rates		(148	)
Balance, May 4, 2024	$	9,417

Summary of Other Intangible Assets

Other intangibles by major classes were as follows:


	Trademarks				Customer Lists						Other						Total
(In thousands)	May 4, 2024		Feb. 3, 2024		May 4, 2024			Feb. 3, 2024			May 4, 2024			Feb. 3, 2024			May 4, 2024			Feb. 3, 2024
Gross other intangibles	$	24,270	$	24,464	$	6,490		$	6,501		$	400		$	400		$	31,160		$	31,365
Accumulated amortization		—		—		(3,846	)		(3,715	)		(400	)		(400	)		(4,246	)		(4,115	)
Net Other Intangibles	$	24,270	$	24,464	$	2,644		$	2,786		$	—		$	—		$	26,914		$	27,250

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of Fair Values of Financial Instruments

Fair Value (Tables)

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

The carrying amounts and fair values of our financial instruments at May 4, 2024 and February 3, 2024 are:



(In thousands)	May 4, 2024				February 3, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	59,444	$	59,595	$	34,682	$	34,638
Total Long-Term Debt	$	59,444	$	59,595	$	34,682	$	34,638

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (24,347)	$ (18,890)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,237	11,286
Deferred income taxes	399	16
Impairment of long-lived assets	244	308
Share-based compensation expense	3,307	3,772
Other	72	315
Changes in working capital and other assets and liabilities:
Accounts receivable	3,573	(13,367)
Inventories	(14,466)	(11,789)
Prepaids and other current assets	(6,415)	(16,364)
Accounts payable	(5,816)	359
Other accrued liabilities	(2,158)	(4,843)
Other assets and liabilities	(1,374)	(11,248)
Net cash used in operating activities	(33,744)	(60,445)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,377)	(17,235)
Proceeds from asset sales	0	87
Net cash used in investing activities	(6,377)	(17,148)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	83,374	152,569
Payments on revolving credit facility	(58,573)	(79,469)
Shares repurchased related to share repurchase plan	0	(9,170)
Shares repurchased related to taxes for share-based awards	(773)	(449)
Change in overdraft balances	214	(1,698)
Net cash provided by financing activities	24,242	61,783
Effect of foreign exchange rate fluctuations on cash	(29)	(394)
Net decrease in cash	(15,908)	(16,204)
Cash at beginning of period	35,155	47,990
Cash at end of period	19,247	31,786
Supplemental information:
Interest paid	761	1,147
Income taxes paid	$ 1,116	$ 626

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	May 04, 2024 USD ($) Segment Store	Apr. 29, 2023 USD ($) Segment
Summary of Accounting Policies [Line Items]
Number of retail stores operated by company \| Store	1,321
Number of reportable business segments \| Segment	4	4
Selling and administrative expenses	$ 247,831	$ 251,497
Advertising costs	23,700	23,600
Vendor reimbursements of cooperative advertising costs	1,900	4,700
Wholesale Costs of Distribution
Summary of Accounting Policies [Line Items]
Selling and administrative expenses	2,400	3,500
Retail Occupancy Costs
Summary of Accounting Policies [Line Items]
Selling and administrative expenses	$ 75,500	$ 76,400

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (24,347)	$ (18,890)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 04, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Other intangibles by major classes
Gross other intangibles	$ 31,160	$ 31,365
Accumulated amortization	(4,246)	(4,115)
Net Other Intangibles	26,914	27,250	$ 27,538
Trademarks
Other intangibles by major classes
Gross other intangibles	24,270	24,464
Accumulated amortization	0	0
Net Other Intangibles	24,270	24,464
Customer Lists
Other intangibles by major classes
Gross other intangibles	6,490	6,501
Accumulated amortization	(3,846)	(3,715)
Net Other Intangibles	2,644	2,786
Other
Other intangibles by major classes
Gross other intangibles	400	400
Accumulated amortization	(400)	(400)
Net Other Intangibles	$ 0	$ 0

Cover Page - shares	3 Months Ended
Cover Page - shares	May 04, 2024	May 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
Document Transition Report	false
Entity File Number	1-3083
Entity Registrant Name	Genesco Inc
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-0211340
Entity Address, Address Line One	535 Marriott Drive
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37214
City Area Code	615
Local Phone Number	367-7000
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	GCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		11,626,195
Entity Central Index Key	0000018498
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-01

Business Segment Information - Schedule of Business Segment Information (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

May 04, 2024

Apr. 29, 2023

^[1]

$ 578

$ 308

Long-lived assets

653,700

717,100

(31,550)

(22,689)

U.K.

Long-lived assets

90,000

91,200

Canada

GeographicConcentrationRiskMember | SalesRevenueNetMember | U.K.

Long-lived assets

$ 11,900

$ 15,400

ConcentrationRiskPercentage1

20.00%

19.00%

GeographicConcentrationRiskMember | SalesRevenueNetMember | NorthAmerica

ConcentrationRiskPercentage1

80.00%

81.00%

Retail Store Asset Impairments | Journeys Group

$ 300

Employee Severance

Business Segment Information

$ 300

[1]	Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.

Business Segment Information

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Note 9

Business Segment Information


Three Months Ended May 4, 2024
(In thousands)	Journeys Group			Schuh Group			Johnston & Murphy Group		Genesco Brands Group			Corporate & Other			Consolidated
Sales	$	259,445		$	92,349		$	79,207	$	28,593		$	—		$	459,594
Intercompany sales		—			—			—		(1,997	)		—			(1,997	)
Net sales to external customers(1)		259,445			92,349			79,207		26,596			—			457,597
Segment operating income (loss)		(18,822	)		(5,896	)		2,355		(986	)		(8,201	)		(31,550	)
Asset impairments and other(2)		—			—			—		—			578			578
Operating income (loss)		(18,822	)		(5,896	)		2,355		(986	)		(8,779	)		(32,128	)
Other components of net periodic benefit cost		—			—			—		—			109			109
Interest expense, net		—			—			—		—			890			890
Earnings (loss) from continuing operations before income taxes	$	(18,822	)	$	(5,896	)	$	2,355	$	(986	)	$	(9,778	)	$	(33,127	)
Total assets (3)	$	653,489		$	209,372		$	153,890	$	54,716		$	235,950		$	1,307,417
Depreciation and amortization		8,612			1,869			1,382		314			1,060			13,237
Capital expenditures		3,491			733			1,715		231			207			6,377

(1) Net sales in North America and in the U.K., which includes the ROI, accounted for 80% and 20%, respectively, of our net sales in the first quarter of Fiscal 2025.

(2) Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group and $0.3 million for severance.

(3) Of our $653.7 million of long-lived assets, $90.0 million and $11.9 million relate to long-lived assets in the U.K. and Canada, respectively.


Three Months Ended April 29, 2023
(In thousands)	Journeys Group			Schuh Group			Johnston & Murphy Group			Genesco Brands Group			Corporate & Other			Consolidated
Sales	$	272,190		$	93,105		$	82,630		$	35,864		$	—		$	483,789
Intercompany sales		—			—			(3	)		(454	)		—			(457	)
Net sales to external customers(1)		272,190			93,105			82,627			35,410			—			483,332
Segment operating income (loss)		(18,362	)		(1,790	)		4,806			(32	)		(7,311	)		(22,689	)
Asset impairments and other (2)		—			—			—			—			308			308
Operating income (loss)		(18,362	)		(1,790	)		4,806			(32	)		(7,619	)		(22,997	)
Other components of net periodic benefit cost		—			—			—			—			92			92
Interest expense, net		—			—			—			—			1,651			1,651
Earnings (loss) from continuing operations before income taxes	$	(18,362	)	$	(1,790	)	$	4,806		$	(32	)	$	(9,362	)	$	(24,740	)
Total assets (3)	$	765,064		$	212,579		$	187,247		$	78,313		$	252,109		$	1,495,312
Depreciation and amortization		7,347			1,561			1,120			203			1,055			11,286
Capital expenditures		13,019			2,151			1,205			455			405			17,235

(1) Net sales in North America and in the U.K., which includes the ROI, accounted for 81% and 19%, respectively, of our net sales for the first quarter of Fiscal 2024.

(2) Asset impairments and other includes a $0.3 million charge for asset impairments in Journeys Group.

(3) Of our $717.1 million of long-lived assets, $91.2 million and $15.4 million relate to long-lived assets in the U.K. and Canada, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Summary of Weighted-Average Number of Shares

Earnings Per Share (Tables)

3 Months Ended

May 04, 2024

Earnings Per Share [Abstract]

Weighted-average number of shares used to calculate earnings per share are as follows:


	Three Months Ended
(Shares in thousands)	May 4, 2024		April 29, 2023
Weighted-average number of shares - basic		10,930		11,818
Common stock equivalents		-		-
Weighted-average number of shares - diluted		10,930		11,818

Goodwill and Other Intangible Assets

3 Months Ended

May 04, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 2

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the Journeys Group segment were as follows:


(In thousands)	Total Goodwill
Balance, February 3, 2024	$	9,565
Effect of foreign currency exchange rates		(148	)
Balance, May 4, 2024	$	9,417

Other intangibles by major classes were as follows:


	Trademarks				Customer Lists						Other						Total
(In thousands)	May 4, 2024		Feb. 3, 2024		May 4, 2024			Feb. 3, 2024			May 4, 2024			Feb. 3, 2024			May 4, 2024			Feb. 3, 2024
Gross other intangibles	$	24,270	$	24,464	$	6,490		$	6,501		$	400		$	400		$	31,160		$	31,365
Accumulated amortization		—		—		(3,846	)		(3,715	)		(400	)		(400	)		(4,246	)		(4,115	)
Net Other Intangibles	$	24,270	$	24,464	$	2,644		$	2,786		$	—		$	—		$	26,914		$	27,250

Inventories (Tables)

3 Months Ended

May 04, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories


(In thousands)	May 4, 2024		February 3, 2024
Wholesale finished goods	$	44,268	$	57,678
Retail merchandise		348,403		321,289
Total Inventories	$	392,671	$	378,967

Fair Value

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 4

Fair Value

Fair Value of Financial Instruments

The carrying amounts and fair values of our financial instruments at May 4, 2024 and February 3, 2024 are:



(In thousands)	May 4, 2024				February 3, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	59,444	$	59,595	$	34,682	$	34,638
Total Long-Term Debt	$	59,444	$	59,595	$	34,682	$	34,638

Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 within the fair value hierarchy. We did not have any debt classified as current portion as of May 4, 2024 or February 3, 2024.

As of May 4, 2024, we have $0.7 million of long-lived assets held and used which were measured using Level 3 inputs within the fair value hierarchy. As of May 4, 2024, we have $6.5 million of investments held and used which were measured using Level 1 inputs within the fair value hierarchy.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.