Genesco Inc. (NYSE: GCO) today reported GAAP earnings from continuing operations per diluted share of $0.60 for the three months ended May 1, 2021
Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, “Fiscal 2022 is off to a very strong start with a first quarter that meaningfully exceeded our expectations. Our momentum has been building each quarter following the disruption from COVID-19 last year and trends accelerated as the first quarter progressed. Our outperformance was driven by better than anticipated results at every division, led by record first quarter revenue and profitability at Journeys. The momentum from the first quarter has continued into May. Even as the pandemic continued to impact our business to varying degrees, our exceptional performance reflects the strong competitive positions of our retail and branded concepts and the traction we are experiencing with the footwear focused strategy we embarked on a couple of years ago, combined with a boost from U.S. government stimulus and pent-up demand as the economy reopened.”
First Quarter Fiscal 2022 Financial Summary
- Net sales increased 93% from last year to $539 million
- Net sales increased 9% over the first quarter two years ago with stores open about 90% of days
- GAAP operating income increased 71% over first quarter two years ago
- Non-GAAP operating income increased 125% over first quarter two years ago
- Comparable direct sales increased 43%
- Inventory down 23%
- GAAP EPS from continuing operations was $0.60 vs. ($9.54) last year and $0.36 two years ago
- Non-GAAP EPS from continuing operations was $0.791 vs. ($3.65) last year and $0.33two years ago
Thomas A. George, Genesco interim chief financial officer, commented, “We were very pleased that the first quarter continued the sequential improvement of our operating results since the onset of the pandemic, as our top and bottom lines far outpaced last year’s levels and exceeded first quarter fiscal 2020 two years ago.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer and branded company, sells footwear and accessories in more than 1,440 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, 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, www.nashvilleshoewarehouse.com, and www.dockersshoes.com. In addition, Genesco sells footwear at wholesale under its Johnston & Murphy brand, the licensed Levi’s brand, the licensed Dockers brand, the licensed Bass brand, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.