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Genesco Inc. (NYSE: GCO) shares stumbled Friday, on reporting results for the three months ended August 3.
Total net sales increased to $525 million; comparable sales decreased 2%. Comparable e-commerce sales increased 8%; comparable store sales decreased 4%. E-commerce sales represented 22% of retail sales compared to 21% last year. GAAP EPS was ($0.91) and Non-GAAP EPS was ($0.83)
Inventory decreased 8% year-over-year. The company also repurchased $9.3 million of stock with $42.8 million remaining on the expanded share repurchase authorization announced in June 2023. It also increased fiscal 2025 sales and reaffirmed EPS outlook
In the words of CEO Mimi E. Vaughn, “We delivered another quarter that surpassed our top- and bottom-line expectations, as the improvement in our Journeys business continues to gain traction. Armed with a more elevated and diversified product assortment, Journeys capitalized on the early Back-to-School demand, which drove a positive inflection in comparable sales as the quarter progressed. Thus far in the third quarter, Journeys’ store traffic and sales trends have accelerated further, bolstering our confidence in the product pipeline for the back half and the initiatives underway to enhance the Journeys brand and experience for our consumers.”
GCO shares dropped $4.20, 14.2%, to $25.29.
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