All Genesco articles – Page 2
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ArticleSchuh Group posts strong sales growth
In the fourth quarter ended Jan. 29, Schuh Group, an operating unit of the U.S.-based Genesco, posted an operating profit of $9.8 million against an operating loss of $3.6 million. Total sales at the 123-door, U.K.-based retailer rose nearly 33 percent to $129.0 million from $97.0 million as digital penetration ...
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News briefs
Genesco doubles its share buyback program
Genesco’s board of directors has authorized a $100 million increase to its existing $100 million share repurchase authorization. Under the existing share repurchase authorization announced in September 2019, the U.S. footwear company has bought roughly 1.72 million shares at a total cost of about $99.0 million, at an average price ...
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News briefs
Genesco picks Syndic8 for data content delivery
Genesco has stepped up its e-commerce expansion with a new partnership. The Nashville-based footwear and accessories specialty retailer signed a deal with Syndic8 to use its product content management platform, the provider of cloud-based and collaborative, digital product distribution solutions. Syndic8 claims that its platform will enable Genesco’s sales ...
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ArticleShoe industry marked by IPOs and takeovers in Q4
The footwear industry witnessed further extraordinary finance transactions during the fourth quarter as companies continue to take advantage of the abundant liquidity injected into the financial system by central banks worldwide to shore up the economy after the Covid-19 outbreak last year. Allbirds, the loss-making California-based producer of Wool Runner ...
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Genesco to hold Etonic license in U.S., Canada
Genesco has signed a three-year licensing agreement with the running brand Etonic making it the exclusive footwear licensee in the U.S. and Canada. The deal includes two three-year renewal options, which would extend the partnership through to Jan. 31, 2030. Genesco will design and manufacture Etonic brand lifestyle footwear for ...
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ArticleGenesco sees supply chain problems lasting most of next year
Genesco’s operating margins have been hit by higher freight costs and it believes that supply chain disruptions will probably continue for most of next year. The strain on deliveries has helped reduce promotional activity but has also led to a depletion in inventories. During a conference call on the company’s ...
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ArticleFootwear stocks weaker in Q3 on profit-taking
Overall, the price of footwear stocks dropped in the third quarter of 2021 compared with the previous three months on profit-taking after the sector had enjoyed a strong rebound in the first half of the year with the re-opening of the economy, following the easing of Covid-19-related restrictions and the ...
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News briefs
Genesco obtains North American license for Starter
Genesco signed a three-year licensing agreement for the athletic brand Starter with Iconix Brand Group. With the agreement, Genesco becomes the exclusive footwear licensee in the U.S. and Canada. The deal includes a three-year renewal option, which would extend the partnership through Dec. 31, 2027. “Starter has been part of ...
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ArticleGenesco sees lower Q3 margins on higher freight costs after strong Q2
Genesco forecast that its margins will be squeezed in the third quarter of its 2022 fiscal year amid persistent supply chain challenges and resulting higher freight costs that are seen lasting at least until the end of the year. The warning comes after the American retailer posted better-than-expected profits and ...
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News briefs
Genesco wins board battle
The management of Genesco has won a battle for the control of the board of directors against the activist shareholder Legion Partners Asset Management , which owns 5.6 percent of the capital of the U.S. footwear company. Genesco said that shareholders voted ”overwhelmingly” to re-elect all nine of ...
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ArticleStocks of footwear firms benefit from the re-opening of the economy in Q2
In the second quarter, stocks of footwear companies were generally higher as they benefited from the reopening of the economy, following the easing of Covid-19 restrictions, and a subsequent rebound in the consumption of clothing and shoes. Large U.S. footwear companies, which had already posted strong gains in the first ...
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ArticleGenesco exceeds its expectations in Q1
In the first quarter ended on May 1, Genesco “meaningfully” exceeded its expectations by posting a 93 percent year-over-year increase in net sales to $539 million. Compared with two years ago, revenues were up by 9 percent despite the ongoing impact of the Covid-19 pandemic, especially in the U.K. ...
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ArticleGenesco names former Deckers CEO to its board, rebuffs Legion’s candidates
Genesco has decided not to nominate any of the seven board candidates presented by Legion Partners Asset Management , but did appoint Angel Martinez , who was chief executive officer of Deckers Brands from 2005 until his retirement in 2016, to its board. It added that its nominating ...
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News briefsGenesco names Parag Desai chief strategy and digital officer
Genesco has appointed Parag Desai senior vice president, chief strategy and digital officer. He previously served as senior vice president, strategy, and shared services since December 2014. In the newly created role, Desai “will continue to provide critical leadership in executing Genesco’s footwear focused strategy and building ...
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ArticleActivist shareholder seeks to take control of Genesco’s board
Legion Partners Asset Management , which owns 5.6 percent of Genesco ’s capital, is seeking to take control of the eight-member board of the American footwear firm with the intention of boosting the company’s earnings and share performance. Legion is proposing the election of seven nominees - Marjorie Bowen ...
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News briefs
Genesco upgrades ERP system
Genesco has selected Jesta ’s Vision Sourcing Demand software to upgrade its enterprise resource planning (ERP) system. Jesta already powers Genesco’s merchandising operations. The Vision Sourcing Demand ERP solution will be leveraged by several departments within Genesco’s wholesale and licensing business to scale ...
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News briefsSchuh reports strong holiday comparable sales
Genesco said that comparable sales, including both stores and direct sales, fell by 3 percent during the eight weeks ended Dec. 26, 2020. Same-store sales decreased by 14 percent, while e-commerce revenues surged by 49 percent on a comparable basis during the period. Comparable sales results exclude periods of ...
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ArticleGenesco returns to profits in Q3
Genesco delivered sales for the third quarter that exceeded expectations and returned to profits after posting losses in the second quarter. Schuh performed well, partly due to the accelerated shift to online spending, while Johnston Murphy’s business struggled. Sales for the third fiscal quarter ...
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News briefsGenesco’s CFO leaves
Melvin Tucker , Genesco ’s senior vice president and chief financial officer, has resigned, effective Nov. 27, in order to pursue an opportunity outside of the company. The American footwear retailer has started searching for a new CFO. In the interim, the position will be held by the company’s ...
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News briefsGenesco appoints an investment banker to its board
Genesco has appointed John F. Lambros to its board of directors. Lambros is president of GCA-U.S ., a global investment bank. He serves as the head of GCA’s digital media banking practice, is a member of its board of directors and executive committee, and is the head of ...
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