-- Profitability Exceeds Expectations --
-- Reaffirms Fiscal 2023 Outlook --
First Quarter Fiscal 2023 Financial Summary
NASHVILLE, Tenn., May 26, 2022 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported GAAP earnings from continuing operations per diluted share of $0.37 for the three months ended April 30, 2022, compared to $0.60 in the first quarter last year and $0.36 per diluted share three years ago, prior to the pandemic. Adjusted for the Excluded Items in all periods, the Company reported first quarter earnings from continuing operations per diluted share of $0.44, compared to $0.79 last year and $0.33 per diluted share pre-pandemic.
Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, "We are very pleased with our start to fiscal 2023, particularly our ability to exceed profitability expectations. While the year ago period posed a difficult comparison due to government stimulus-fueled consumer spending, especially for our Journeys business, our top and bottom line performance on a multi-year basis underscores the success of our footwear focused strategy and our conviction that our company is fundamentally stronger than prior to the pandemic. Importantly, our business accelerated sequentially in April and thus far in May versus last year as inventory levels improved. Our work on increasing digital penetration, improving store economics, and growing branded sales has put us in a great position to drive profitable growth across all channels. We believe these results are a good indication of the positive things to come as we move into the back to school and holiday selling seasons."
_____________________ |
1Excludes a gain related to the pension plan termination, retail store asset impairments and expenses related to the new headquarters building, net of tax effect in the first quarter of Fiscal 2023 ("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/loss and earnings/loss 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. |
Thomas A. George, Genesco chief financial officer, commented, "Our first quarter results were highlighted by strong full priced selling as we continue to experience healthy demand for our merchandise offerings. While sales would have been higher if not for inventory shortfalls, we are pleased that our top-line grew 5% versus the same pre-pandemic period three years ago with 90 fewer stores and adjusted operating income increased 14%. This combined with share repurchases, allowed us to achieve a 33% increase in adjusted EPS compared with pre-pandemic levels with the more efficient use of capital to drive these results. With this first quarter performance and updated outlook on the remainder of the year, we are reaffirming our expectations for adjusted earnings per share for Fiscal 2023 to range between $7.00 and $7.75. We still believe somewhere close to the middle of the range is where we will land.
Net sales for the first quarter of Fiscal 2023 decreased 3% to $521 million from $539 million in the first quarter of Fiscal 2022 and increased 5% from $496 million in the first quarter of Fiscal 2020, prior to the pandemic. The sales decrease compared to last year was driven by decreased comparable direct sales, partially offset by increased sales in the wholesale and store channels. The store channel increase was led by our Schuh business as their stores were only open 19% of possible days in the first quarter last year. As a result of store closures in response to the COVID-19 pandemic, the Company has not included first quarter comparable sales for this year or last year, except for comparable direct sales, as it believes that overall sales is a more meaningful metric for these periods. Comparable direct sales for the first quarter of Fiscal 2023 were down 26% compared to an increase of 43% for the first quarter of Fiscal 2022.
The overall sales decrease of 3% for the first quarter this year compared to the first quarter of Fiscal 2022 was led by Journeys where sales were down 16%, as Journeys was the biggest beneficiary of government stimulus in the first quarter last year and experienced a lack of inventory in the first quarter this year due to the impact of supply chain disruptions. The sales decrease in Journeys was partially offset by sales increases of 28% at Schuh, 46% at Johnston & Murphy and 5% at Licensed Brands.
First quarter gross margin this year was 48.3%, up 50 basis points, compared with 47.8% last year and down 110 basis points compared with 49.4% in Fiscal 2020. The increase as a percentage of sales as compared to Fiscal 2022 is due primarily to lower shipping and warehouse expense as a result of lower e-commerce penetration, increased full-priced selling and price increases partially offset by the channel mix impact of increased wholesale sales and increased freight and logistics costs.
Selling and administrative expense for the first quarter this year increased 230 basis points as a percentage of sales as compared with last year and decreased 90 basis points compared with Fiscal 2020. Adjusted selling and administrative expense for the first quarter this year increased 220 basis points as a percentage of sales compared with last year and decreased 120 basis points compared with Fiscal 2020. The increase as compared to Fiscal 2022 is due in large part to one-time benefits for rent credits and government tax relief in the first quarter of Fiscal 2022. In addition, increased selling salaries were partially offset by decreased performance-based compensation expense.
Genesco's GAAP operating income for the first quarter was $8.2 million, or 1.6% of sales this year, compared with $15.5 million, or 2.9% of sales in the first quarter last year, and $9.1 million, or 1.8% of sales in the first quarter of Fiscal 2020. Adjusted for the Excluded Items in all periods, operating income for the first quarter was $9.5 million this year compared to $18.8 million last year and $8.4 million in the first quarter of Fiscal 2020. Adjusted operating margin was 1.8% of sales in the first quarter of Fiscal 2023, 3.5% in the first quarter last year and 1.7% in the first quarter of Fiscal 2020.
The effective tax rate for the quarter was 36.7% in Fiscal 2023 compared to 40.1% in the first quarter last year and 30.7% in the first quarter of Fiscal 2020. The adjusted tax rate, reflecting Excluded Items, was 34.7% in in the first quarter of Fiscal 2023 compared to 35.7% in the first quarter of last year and 31.3% in the first quarter of Fiscal 2020. The lower adjusted tax rate for Q1 this year as compared to Q1 last year reflects a reduction in the amount of foreign losses for which we are unable to recognize a tax benefit.
GAAP earnings from continuing operations were $5.0 million in the first quarter of Fiscal 2023, compared to $8.9 million in the first quarter last year and $6.5 million in the first quarter of Fiscal 2020. Adjusted for the Excluded Items in all periods, first quarter earnings from continuing operations were $5.9 million, or $0.44 per share, in Fiscal 2023, compared to $11.6 million, or $0.79 per share, in the first quarter of last year and $5.9 million, or $0.33 per share, in the first quarter of Fiscal 2020.
Cash and cash equivalents at April 30, 2022, were $200.6 million, compared with $258.0 million at May 1, 2021. Total debt at the end of the first quarter of Fiscal 2023 was $14.7 million compared with $44.2 million at the end of last year's first quarter. Inventories increased 33% in the first quarter of Fiscal 2023 on a year-over-year basis and increased 9% versus the first quarter of Fiscal 2020.
For the first quarter, capital expenditures excluding the new headquarters building were $11 million, related primarily to digital and omnichannel initiatives. Depreciation and amortization was $11 million. During the quarter, the Company opened four stores and closed 15 stores. The Company ended the quarter with 1,414 stores compared with 1,444 stores at the end of the first quarter last year, or a decrease of 2%. Square footage was down 2% on a year-over-year basis.
The Company repurchased 102,895 shares during the first quarter of Fiscal 2023 at a cost of $6.5 million or an average of $63.17 per share. The Company currently has $100.3 million remaining on its expanded share repurchase authorization announced in February 2022.
The Company reaffirms its Fiscal 2023 full year EPS guidance:
Please refer to the Q1FY23 conference call and Q1FY23 Summary Results presentation for details regarding guidance assumptions.
__________________________ |
2A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to GAAP is included in Schedule B to this press release. |
The Company has posted detailed financial commentary and a supplemental financial presentation of first quarter results on its website, www.genesco.com, in the investor relations section. The Company's live conference call on May 26, 2022, 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.
This release contains forward-looking statements, including those regarding future sales, earnings, gross margins, expenses, capital expenditures, depreciation and amortization, tax rates, stores openings and closures and all other statements not addressing solely historical facts or present conditions. Forward- looking statements are usually identified by or are associated with such words as "intend," "expect," "believe," "anticipate," "optimistic" and similar terminology. 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 those resulting from the effects of COVID-19 on the Company's business, including COVID-19 case spikes in locations in which the Company operates, additional stores closures due to COVID-19, weakness in store and shopping mall traffic, restrictions on operations imposed by government entities and/or landlords, changes in public safety and health requirements, and limitations on the Company's ability to adequately staff and operate stores. Differences from expectations could also result from 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; our ability to pass on price increases to our customers; the imposition of tariffs on product 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 or geopolitical events; 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 market weakness in the U.K. and Republic of Ireland; 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; 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; 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 realize anticipated cost savings, including rent savings; the amount and timing of share repurchases; the Company's ability to achieve expected digital gains and gain market share; 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; the Company's ability to realize any anticipated tax benefits; 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.
Genesco Inc., a Nashville-based specialty retailer and branded company, sells footwear and accessories in more than 1,410 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.schuh.ie, www.schuh.eu, 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. Genesco is committed to progress in its diversity, equity and inclusion efforts, and the Company's environmental, social and governance stewardship. For more information on Genesco and its operating divisions, please visit www.genesco.com.
GENESCO INC. |
|||||||||
Condensed Consolidated Statements of Operations |
|||||||||
(in thousands, except per share data) |
|||||||||
(Unaudited) |
|||||||||
Quarter 1 |
Quarter 1 |
||||||||
April 30, |
% of |
May 1, |
% of |
||||||
2022 |
Net Sales |
2021 |
Net Sales |
||||||
Net sales |
$ 520,748 |
100.0% |
$ 538,695 |
100.0% |
|||||
Cost of sales |
269,304 |
51.7% |
281,033 |
52.2% |
|||||
Gross margin |
251,444 |
48.3% |
257,662 |
47.8% |
|||||
Selling and administrative expenses |
243,481 |
46.8% |
239,465 |
44.5% |
|||||
Asset impairments and other, net |
(283) |
-0.1% |
2,670 |
0.5% |
|||||
Operating income |
8,246 |
1.6% |
15,527 |
2.9% |
|||||
Other components of net periodic benefit cost (income) |
98 |
0.0% |
(39) |
0.0% |
|||||
Interest expense, net |
297 |
0.1% |
729 |
0.1% |
|||||
Earnings from continuing operations before |
|||||||||
income taxes |
7,851 |
1.5% |
14,837 |
2.8% |
|||||
Income tax expense |
2,882 |
0.6% |
5,943 |
1.1% |
|||||
Earnings from continuing operations |
4,969 |
1.0% |
8,894 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(22) |
0.0% |
(16) |
0.0% |
|||||
Net Earnings |
$ 4,947 |
0.9% |
$ 8,878 |
1.6% |
|||||
Basic earnings per share: |
|||||||||
Before discontinued operations |
$ 0.38 |
$ 0.62 |
|||||||
Net earnings |
$ 0.38 |
$ 0.62 |
|||||||
Diluted earnings per share: |
|||||||||
Before discontinued operations |
$ 0.37 |
$ 0.60 |
|||||||
Net earnings |
$ 0.37 |
$ 0.60 |
|||||||
Weighted-average shares outstanding: |
|||||||||
Basic |
12,961 |
14,287 |
|||||||
Diluted |
13,369 |
14,702 |
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GENESCO INC. |
|||||||||
Sales/Earnings Summary by Segment |
|||||||||
(in thousands) |
|||||||||
(Unaudited) |
|||||||||
Quarter 1 |
Quarter 1 |
||||||||
April 30, |
% of |
May 1, |
% of |
||||||
2022 |
Net Sales |
2021 |
Net Sales |
||||||
Sales: |
|||||||||
Journeys Group |
$ 314,445 |
60.4% |
$ 376,548 |
69.9% |
|||||
Schuh Group |
88,159 |
16.9% |
68,711 |
12.8% |
|||||
Johnston & Murphy Group |
71,016 |
13.6% |
48,762 |
9.1% |
|||||
Licensed Brands |
47,128 |
9.1% |
44,674 |
8.3% |
|||||
Net Sales |
$ 520,748 |
100.0% |
$ 538,695 |
100.0% |
|||||
Operating income (loss): |
|||||||||
Journeys Group |
$ 14,930 |
4.7% |
$ 33,124 |
8.8% |
|||||
Schuh Group |
(2,746) |
-3.1% |
(3,847) |
-5.6% |
|||||
Johnston & Murphy Group |
550 |
0.8% |
(3,180) |
-6.5% |
|||||
Licensed Brands |
3,793 |
8.0% |
2,561 |
5.7% |
|||||
Corporate and Other(1) |
(8,281) |
-1.6% |
(13,131) |
-2.4% |
|||||
Operating income |
8,246 |
1.6% |
15,527 |
2.9% |
|||||
Other components of net periodic benefit cost (income) |
98 |
0.0% |
(39) |
0.0% |
|||||
Interest expense, net |
297 |
0.1% |
729 |
0.1% |
|||||
Earnings from continuing operations before |
|||||||||
income taxes |
7,851 |
1.5% |
14,837 |
2.8% |
|||||
Income tax expense |
2,882 |
0.6% |
5,943 |
1.1% |
|||||
Earnings from continuing operations |
4,969 |
1.0% |
8,894 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(22) |
0.0% |
(16) |
0.0% |
|||||
Net Earnings |
$ 4,947 |
0.9% |
$ 8,878 |
1.6% |
|||||
(1) Includes a $0.3 million gain in the first quarter of Fiscal 2023 which includes a $0.7 million gain on the termination of the pension plan, |
|||||||||
partially offset by $0.4 million for retail store asset impairments. Includes a $2.7 million charge in the first quarter of Fiscal 2022 which |
|||||||||
includes $2.3 million for legal fees related to the shareholder activist and $0.4 million for retail store asset impairments. |
|||||||||
GENESCO INC. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
April 30, 2022 |
May 1, 2021 |
||||||
Assets |
|||||||
Cash and cash equivalents |
$ 200,623 |
$ 258,044 |
|||||
Accounts receivable |
48,868 |
45,891 |
|||||
Inventories |
401,479 |
301,017 |
|||||
Other current assets (1) |
74,609 |
117,467 |
|||||
Total current assets |
725,579 |
722,419 |
|||||
Property and equipment |
219,421 |
208,759 |
|||||
Operating lease right of use assets |
508,986 |
639,575 |
|||||
Goodwill and other intangibles |
66,785 |
70,056 |
|||||
Other non-current assets |
27,671 |
21,558 |
|||||
Total Assets |
$ 1,548,442 |
$ 1,662,367 |
|||||
Liabilities and Equity |
|||||||
Accounts payable |
$ 243,224 |
$ 164,975 |
|||||
Current portion operating lease liabilities |
137,770 |
158,295 |
|||||
Other current liabilities |
83,882 |
112,648 |
|||||
Total current liabilities |
464,876 |
435,918 |
|||||
Long-term debt |
14,712 |
44,169 |
|||||
Long-term operating lease liabilities |
430,606 |
555,204 |
|||||
Other long-term liabilities |
37,910 |
48,068 |
|||||
Equity |
600,338 |
579,008 |
|||||
Total Liabilities and Equity |
$ 1,548,442 |
$ 1,662,367 |
|||||
(1) Includes prepaid income taxes of $47.1 million and $92.1 million at April 30, 2022 and |
|||||||
May 1, 2021, respectively. |
|||||||
GENESCO INC. |
|||||||||||
Store Count Activity |
|||||||||||
Balance |
Balance |
Balance |
|||||||||
01/30/21 |
Open |
Close |
01/29/22 |
Open |
Close |
04/30/22 |
|||||
Journeys Group |
1,159 |
5 |
29 |
1,135 |
3 |
8 |
1,130 |
||||
Schuh Group |
123 |
0 |
0 |
123 |
1 |
2 |
122 |
||||
Johnston & Murphy Group |
178 |
1 |
12 |
167 |
0 |
5 |
162 |
||||
Total Retail Stores |
1,460 |
6 |
41 |
1,425 |
4 |
15 |
1,414 |
||||
GENESCO INC. |
||||||||||
Comparable Sales |
||||||||||
Quarter 1 |
||||||||||
Apr. 30, |
May 1, |
|||||||||
2022(1) |
2021(1) |
|||||||||
Comparable Direct Sales |
-26% |
43% |
||||||||
(1) As a result of store closures in response to the COVID-19 pandemic during the first quarter of Fiscal 2022, and the |
||||||||||
Company's policy of removing any store closed for seven consecutive days from comparable sales, the Company has |
||||||||||
not included comparable sales for both the first quarter this year and last year, except for comparable direct sales, as it |
||||||||||
felt that overall sales is a more meaningful metric during these periods. |
Schedule B |
|||||||||||||
Genesco Inc. |
|||||||||||||
Adjustments to Reported Earnings from Continuing Operations |
|||||||||||||
Three Months Ended April 30, 2022, May 1, 2021 and May 4, 2019 |
|||||||||||||
The Company believes 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. |
|||||||||||||
April 30, 2022 |
May 1, 2021 |
May 4, 2019 |
|||||||||||
Net of |
Per Share |
Net of |
Per Share |
Net of |
Per Share |
||||||||
In Thousands (except per share amounts) |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
||||
Earnings from continuing operations, as reported |
$ 4,969 |
$0.37 |
$ 8,894 |
$0.60 |
$ 6,470 |
$0.36 |
|||||||
Asset impairments and other adjustments: |
|||||||||||||
Retail store asset impairment charges |
$ 412 |
359 |
0.03 |
$ 414 |
326 |
0.02 |
$ 307 |
212 |
0.01 |
||||
Gain on pension termination |
(695) |
(511) |
(0.04) |
- |
- |
0.00 |
- |
- |
0.00 |
||||
Fees related to shareholder activist |
- |
- |
0.00 |
2,256 |
1,600 |
0.11 |
- |
- |
0.00 |
||||
Expenses related to new HQ building |
1,526 |
1,122 |
0.08 |
597 |
424 |
0.03 |
- |
- |
0.00 |
||||
Gain on lease termination |
- |
- |
0.00 |
- |
- |
0.00 |
(1,000) |
(689) |
(0.04) |
||||
Gain on Hurricane Maria |
- |
- |
0.00 |
- |
- |
0.00 |
(38) |
(26) |
0.00 |
||||
Total asset impairments and other adjustments |
$ 1,243 |
970 |
0.07 |
$ 3,267 |
2,350 |
0.16 |
$ (731) |
(503) |
(0.03) |
||||
Income tax expense adjustments: |
|||||||||||||
Other tax items |
(3) |
(0.00) |
400 |
0.03 |
(58) |
0.00 |
|||||||
Total income tax expense adjustments |
(3) |
(0.00) |
400 |
0.03 |
(58) |
0.00 |
|||||||
Adjusted earnings from continuing operations (1) and (2) |
$ 5,936 |
$0.44 |
$ 11,644 |
$0.79 |
$ 5,909 |
$0.33 |
|||||||
(1) The adjusted tax rate for the first quarter of Fiscal 2023, 2022 and 2020 is 34.7%, 35.7% and 31.3%, respectively. |
|||||||||||||
(2) EPS reflects 13.4 million, 14.7 million and 17.9 million share count for the first quarter of Fiscal 2023, 2022 and 2020, respectively, which includes common stock equivalents in all periods. |
Genesco Inc. |
||||
Adjustments to Reported Operating Income and Selling and Administrative Expenses |
||||
Three Months Ended April 30, 2022, May 1, 2021 and May 4, 2019 |
||||
April 30, 2022 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 14,930 |
$ - |
$ 14,930 |
|
Schuh Group |
(2,746) |
- |
(2,746) |
|
Johnston & Murphy Group |
550 |
- |
550 |
|
Licensed Brands |
3,793 |
- |
3,793 |
|
Corporate and Other |
(8,281) |
1,243 |
(7,038) |
|
Total Operating Income |
$ 8,246 |
$ 1,243 |
$ 9,489 |
|
% of sales |
1.6% |
1.8% |
||
May 1, 2021 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 33,124 |
$ - |
$ 33,124 |
|
Schuh Group |
(3,847) |
- |
(3,847) |
|
Johnston & Murphy Group |
(3,180) |
- |
(3,180) |
|
Licensed Brands |
2,561 |
- |
2,561 |
|
Corporate and Other |
(13,131) |
3,267 |
(9,864) |
|
Total Operating Income |
$ 15,527 |
$ 3,267 |
$ 18,794 |
|
% of sales |
2.9% |
3.5% |
||
May 4, 2019 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 18,976 |
$ - |
$ 18,976 |
|
Schuh Group |
(5,428) |
- |
(5,428) |
|
Johnston & Murphy Group |
5,106 |
- |
5,106 |
|
Licensed Brands |
429 |
- |
429 |
|
Corporate and Other |
(9,999) |
(731) |
(10,730) |
|
Total Operating Income |
$ 9,084 |
$ (731) |
$ 8,353 |
|
% of sales |
1.8% |
1.7% |
||
In Thousands |
April 30, 2022 |
May 1, 2021 |
May 4, 2019 |
|
Selling and administrative expenses, as reported |
$ 243,481 |
$ 239,465 |
$ 236,555 |
|
Expenses related to new HQ building |
(1,526) |
(597) |
- |
|
Total adjustments |
(1,526) |
(597) |
- |
|
Adjusted selling and administrative expenses |
$ 241,955 |
$ 238,868 |
$ 236,555 |
|
% of sales |
46.5% |
44.3% |
47.7% |
Schedule B |
|||||
Genesco Inc. |
|||||
Adjustments to Forecasted Earnings from Continuing Operations |
|||||
Fiscal Year Ending January 28, 2023 |
|||||
In millions (except per share amounts) |
High Guidance |
Low Guidance |
|||
Fiscal 2023 |
Fiscal 2023 |
||||
Net of Tax |
Per Share |
Net of Tax |
Per Share |
||
Forecasted earnings from continuing operations |
$ 102.0 |
$ 7.59 |
$ 91.6 |
$ 6.81 |
|
Asset impairments and other adjustments: |
|||||
Retail store asset impairments and other matters |
0.6 |
0.04 |
0.9 |
0.07 |
|
New building costs |
1.6 |
0.12 |
1.6 |
0.12 |
|
Total asset impairments and other adjustments (1) |
2.2 |
0.16 |
2.5 |
0.19 |
|
Adjusted forecasted earnings from continuing operations (2) |
$ 104.2 |
$ 7.75 |
$ 94.1 |
$ 7.00 |
|
(1) All adjustments are net of tax where applicable. The forecasted tax rate for Fiscal 2023 is approximately 27%. |
|||||
(2) EPS reflects 13.4 million share count for Fiscal 2023 which includes common stock equivalents. |
|||||
This reconciliation reflects estimates and current expectations of future results. Actual results may vary materially from these |
|||||
expectations and estimates, for reasons including those included in the discussion of forward-looking statements elsewhere in |
|||||
this release. The Company disclaims any obligation to update such expectations and estimates. |
SOURCE Genesco Inc.
-- Рентабельность Превышает Ожидания --
-- Подтверждает Прогноз на 2023 финансовый год --
Финансовая сводка за Первый квартал 2023 финансового года
НЭШВИЛЛ, штат Теннесси, 26 мая 2022 г. /PRNewswire/ -- Genesco Inc. (NYSE: GCO) сегодня сообщила о прибыли по GAAP от продолжающейся деятельности на разводненную акцию в размере 0,37 доллара США за три месяца, закончившихся 30 апреля 2022 г., по сравнению с 0,60 доллара США в первом квартале прошлого года и 0,36 доллара США на разводненную акцию три года назад, до пандемии. Скорректированная на исключенные статьи во всех периодах, Компания сообщила о прибыли за первый квартал от продолжающейся деятельности в расчете на разводненную акцию в размере 0,44 доллара США по сравнению с 0,79 доллара США в прошлом году и 0,33 доллара США на разводненную акцию до пандемии.
Мими Э. Вон, председатель правления Genesco, президент и главный исполнительный директор, сказала: "Мы очень довольны началом 2023 финансового года, особенно нашей способностью превзойти ожидания по прибыльности. В то время как прошлогодний период представлял собой трудное сравнение из-за стимулируемых правительством потребительских расходов, особенно для нашего туристического бизнеса, наши показатели прибыли и прибыли на многолетней основе подчеркивают успех нашей стратегии, ориентированной на обувь, и нашу убежденность в том, что наша компания фундаментально сильнее, чем до пандемии. Важно отметить, что наш бизнес последовательно ускорился в апреле и до сих пор в мае по сравнению с прошлым годом, поскольку уровень запасов улучшился. Наша работа по увеличению проникновения цифровых технологий, улучшению экономики магазинов и росту продаж под брендом позволила нам добиться выгодного роста по всем каналам. Мы считаем, что эти результаты являются хорошим показателем того, что нас ждут позитивные перемены по мере приближения сезона распродаж "Назад в школу" и "каникулы"".
_____________________ |
1Excludes a gain related to the pension plan termination, retail store asset impairments and expenses related to the new headquarters building, net of tax effect in the first quarter of Fiscal 2023 ("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/loss and earnings/loss 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. |
Томас А. Джордж, финансовый директор Genesco, прокомментировал: "Наши результаты за первый квартал были отмечены высокими продажами по полной цене, поскольку мы продолжаем испытывать здоровый спрос на наши товары. Хотя продажи были бы выше, если бы не нехватка запасов, мы рады, что наша выручка выросла на 5% по сравнению с тем же периодом до пандемии три года назад, когда магазинов стало на 90 меньше, а скорректированный операционный доход увеличился на 14%. Это в сочетании с выкупом акций позволило нам добиться увеличения скорректированной прибыли на акцию на 33% по сравнению с уровнем, существовавшим до пандемии, при более эффективном использовании капитала для достижения этих результатов. Учитывая результаты за первый квартал и обновленный прогноз на оставшуюся часть года, мы подтверждаем наши ожидания, что скорректированная прибыль на акцию в 2023 финансовом году составит от 7,00 до 7,75 долларов США. Мы по-прежнему считаем, что где-то ближе к середине диапазона мы приземлимся.
Чистые продажи за первый квартал 2023 финансового года снизились на 3% до $521 млн с $539 млн в первом квартале 2022 финансового года и увеличились на 5% с $496 млн в первом квартале 2020 финансового года, предшествовавшем пандемии. Снижение продаж по сравнению с прошлым годом было обусловлено сокращением сопоставимых прямых продаж, частично компенсированных увеличением продаж в оптовых и розничных каналах. Увеличение количества магазинов произошло благодаря нашему бизнесу Schuh, поскольку в первом квартале прошлого года их магазины были открыты только в 19% возможных дней. В результате закрытия магазинов в ответ на пандемию COVID-19 Компания не включила сопоставимые продажи за первый квартал за этот или прошлый год, за исключением сопоставимых прямых продаж, поскольку считает, что общий объем продаж является более значимым показателем для этих периодов. Сопоставимые прямые продажи за первый квартал 2023 финансового года снизились на 26% по сравнению с увеличением на 43% за первый квартал 2022 финансового года.
Общее снижение продаж на 3% в первом квартале этого года по сравнению с первым кварталом 2022 финансового года было вызвано Journals, где продажи упали на 16%, поскольку Journals была крупнейшим бенефициаром государственных стимулов в первом квартале прошлого года и испытывала нехватку запасов в первом квартале этого года из-за к последствиям сбоев в цепочках поставок. Снижение продаж в поездках было частично компенсировано увеличением продаж на 28% в Schuh, на 46% в Johnston & Murphy и на 5% в Лицензированных брендах.
Валовая прибыль за первый квартал в этом году составила 48,3%, увеличившись на 50 базисных пунктов по сравнению с 47,8% в прошлом году и снизившись на 110 базисных пунктов по сравнению с 49,4% в 2020 финансовом году. Увеличение в процентах от объема продаж по сравнению с 2022 финансовым годом обусловлено главным образом снижением расходов на доставку и склад в результате снижения проникновения электронной коммерции, увеличения продаж по полной цене и повышения цен, частично компенсируемого влиянием увеличения оптовых продаж и увеличением расходов на перевозку и логистику.
Коммерческие и административные расходы за первый квартал этого года увеличились на 230 базисных пунктов в процентах от продаж по сравнению с прошлым годом и снизились на 90 базисных пунктов по сравнению с 2020 финансовым годом. Скорректированные коммерческие и административные расходы за первый квартал этого года увеличились на 220 базисных пунктов в процентах от продаж по сравнению с прошлым годом и снизились на 120 базисных пунктов по сравнению с 2020 финансовым годом. Увеличение по сравнению с 2022 финансовым годом в значительной степени обусловлено единовременными льготами по арендным кредитам и государственными налоговыми льготами в первом квартале 2022 финансового года. Кроме того, увеличение заработной платы продавцов было частично компенсировано снижением расходов на компенсацию, основанную на результатах работы.
Операционная прибыль Genesco по GAAP за первый квартал составила $8,2 млн, или 1,6% от продаж в этом году, по сравнению с $15,5 млн, или 2,9% от продаж в первом квартале прошлого года, и $9,1 млн, или 1,8% от продаж в первом квартале 2020 финансового года. С поправкой на исключенные статьи во всех периодах операционная прибыль за первый квартал составила 9,5 млн долларов в этом году по сравнению с 18,8 млн долларов в прошлом году и 8,4 млн долларов в первом квартале 2020 финансового года. Скорректированная операционная маржа составила 1,8% от продаж в первом квартале 2023 финансового года, 3,5% в первом квартале прошлого года и 1,7% в первом квартале 2020 финансового года.
Эффективная налоговая ставка за квартал составила 36,7% в 2023 финансовом году по сравнению с 40,1% в первом квартале прошлого года и 30,7% в первом квартале 2020 финансового года. Скорректированная налоговая ставка, отражающая исключенные статьи, составила 34,7% в первом квартале 2023 финансового года по сравнению с 35,7% в первом квартале прошлого года и 31,3% в первом квартале 2020 финансового года. Более низкая скорректированная налоговая ставка за 1 квартал этого года по сравнению с 1 кварталом прошлого года отражает уменьшение суммы иностранных убытков, в отношении которых мы не можем признать налоговую выгоду.
Прибыль по GAAP от продолжающейся деятельности составила $5,0 млн в первом квартале 2023 финансового года по сравнению с $8,9 млн в первом квартале прошлого года и $6,5 млн в первом квартале 2020 финансового года. С поправкой на исключенные статьи во всех периодах прибыль за первый квартал от продолжающейся деятельности составила $5,9 млн, или $0,44 на акцию, в 2023 финансовом году по сравнению с $11,6 млн, или $0,79 на акцию, в первом квартале прошлого года и $5,9 млн, или $0,33 на акцию, в первом квартале 2020 финансового года.
Денежные средства и их эквиваленты на 30 апреля 2022 года составили 200,6 млн долларов США по сравнению с 258,0 млн долларов США на 1 мая 2021 года. Общий долг на конец первого квартала 2023 финансового года составил $14,7 млн по сравнению с $44,2 млн на конец первого квартала прошлого года. Запасы увеличились на 33% в первом квартале 2023 финансового года в годовом исчислении и увеличились на 9% по сравнению с первым кварталом 2020 финансового года.
За первый квартал капитальные затраты без учета нового здания штаб-квартиры составили 11 миллионов долларов, связанные в основном с цифровыми и многоканальными инициативами. Износ и амортизация составили 11 миллионов долларов. В течение квартала компания открыла четыре магазина и закрыла 15 магазинов. Компания завершила квартал с 1414 магазинами по сравнению с 1444 магазинами в конце первого квартала прошлого года, или на 2% меньше. Квадратные метры снизились на 2% в годовом исчислении.
Компания выкупила 102 895 акций в течение первого квартала 2023 финансового года по цене 6,5 миллионов долларов, или в среднем 63,17 доллара за акцию. В настоящее время у компании осталось 100,3 миллиона долларов на счет расширенного разрешения на выкуп акций, объявленного в феврале 2022 года.
Компания подтверждает свой прогноз по прибыли на весь финансовый год на 2023 финансовый год:
Пожалуйста, обратитесь к телефонной конференции Q1FY23 и презентации сводных результатов Q1FY23 для получения подробной информации о руководящих предположениях.
__________________________ |
2A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to GAAP is included in Schedule B to this press release. |
Компания разместила подробный финансовый комментарий и дополнительную финансовую презентацию результатов первого квартала на своем веб-сайте www.Genesco.com , в разделе по связям с инвесторами. Доступ к прямой телефонной конференции Компании 26 мая 2022 года в 7:30 утра по центральному времени можно получить через веб-сайт Компании, www.Genesco.com . Чтобы послушать в прямом эфире, пожалуйста, зайдите на веб-сайт по крайней мере за 15 минут до начала, чтобы зарегистрироваться, загрузить и установить любое необходимое программное обеспечение.
Этот релиз содержит прогнозные заявления, в том числе касающиеся будущих продаж, прибыли, валовой прибыли, расходов, капитальных затрат, износа и амортизации, налоговых ставок, открытия и закрытия магазинов и всех других заявлений, не касающихся исключительно исторических фактов или текущих условий. Прогнозные заявления обычно обозначаются или ассоциируются с такими словами, как "намереваться", "ожидать", "верить", "предвидеть", "оптимистично" и аналогичной терминологией. Фактические результаты могут существенно отличаться от ожиданий, отраженных в этих заявлениях. Ряд факторов может вызвать различия. К ним относятся корректировки прогнозов, отраженных в прогнозных заявлениях, в том числе в результате воздействия COVID-19 на бизнес Компании, включая всплески заболеваемости COVID-19 в местах, где работает Компания, закрытие дополнительных магазинов из-за COVID-19, снижение посещаемости магазинов и торговых центров, ограничения на операции, налагаемые государственными органами и/или арендодателями, изменения в требованиях к общественной безопасности и гигиене труда, а также ограничения на способность Компании надлежащим образом укомплектовывать персонал и управлять магазинами. Отличия от ожидания может также быть результатом магазинах замыкания и влияния на бизнес в результате гражданских беспорядков; объемы и сроки проведения рекламной деятельностью, необходимой для поддержания запасов на надлежащем уровне; способности передачи на рост цен для наших клиентов; введение пошлин на импортируемые компанией или ее поставщиков, а также возможность и затраты на перенос производства продукции в ответ на тарифы; способность предприятия получить от поставщиков товары, которые очень востребованы своевременно и эффективно справляться с волнением в продуктах питания или распространения, в том числе сбои в результате COVID-19 или геополитические события; неблагоприятные тенденции в расходах на топливо, курса иностранной валюты, иностранной рабочей силы и материальных затрат, а также других факторов, которые влияют на стоимость товаров; последствия решения Великобритании выйти из Европейского Союза и другими источниками слабость рынка в Великобритании и Республики Ирландии; эффективность компании по многоканальному инициатив; расходы, связанные с изменением минимальной заработной платы и сверхурочных требованиям; заработная плата давлении в США и Великобритании; слабость в потребительской экономики и промышленности; конкуренция и модные тенденции в рынках компании; риски, связанные с вероятностью террористических актов; риски в области общественного здравоохранения и безопасности мероприятий; изменения в структуре покупок значительными оптовыми покупателями; сохранены обязательства, связанные с выбытий бизнесов, в том числе потенциальные обязательства по договорам аренды, так как до клиента или в качестве гаранта; и изменения в сроках отпусков или наступления сезонных погодных условий, влияющих период--период сравнения. Дополнительные факторы, которые могут привести к отклонениям от ожиданий, включают способность продлевать договоры аренды в существующих магазинах и контролировать или снижать стоимость аренды, а также проводить необходимую реконструкцию или реконструкцию по графику и на ожидаемом уровне затрат; способность Компании реализовать ожидаемую экономию затрат, включая экономию арендной платы; количество и сроки выкупа акций; способность Компании достичь ожидаемых цифровых выгод и завоевать долю рынка; ухудшение показателей отдельных предприятий или рыночной стоимости Компании по сравнению с ее балансовой стоимостью, приводящее к обесценению основных средств, активов с правом пользования операционной арендой или нематериальных активов или других неблагоприятных финансовых последствий, а также сроков и размер таких убытков или другие последствия; неожиданные изменения на рынке акций Компании или для розничного сектора в целом; затраты и репутационный ущерб в результате сбоев в работе бизнеса или информационных технологических систем Компании либо из-за нарушений безопасности и инцидентов, либо из-за потенциальных проблем, связанных с внедрением новых или модернизированные системы; способность Компании реализовать любые ожидаемые налоговые льготы; а также стоимость и результаты судебных разбирательств, расследований и экологических вопросов, связанных с Компанией. Дополнительные факторы указаны в разделах "Факторы риска", "Судебные разбирательства" и "Обсуждение и анализ руководством финансового состояния и результатов деятельности" и в других разделах документов SEC Компании, копии которых можно получить с веб-сайта SEC, www.sec.gov , или связавшись с отдел по связям с инвесторами Genesco через веб-сайт Компании, www.Genesco.com . Многие из факторов, которые будут определять исход темы этого выпуска, находятся за пределами возможностей Genesco контролировать или предсказывать. Genesco не берет на себя никаких обязательств по обнародованию результатов любых изменений в этих прогнозных заявлениях, которые могут быть сделаны для отражения событий или обстоятельств после даты настоящего соглашения или для отражения наступления непредвиденных событий. Прогнозные заявления отражают ожидания Компании на момент их составления. Компания отказывается от каких-либо обязательств по обновлению таких заявлений.
Genesco Inc., специализированный ритейлер и брендовая компания из Нэшвилла, продает обувь и аксессуары в более чем 1410 розничных магазинах по всей территории США, Канады, Соединенного Королевства и Республики Ирландия, в основном под названиями Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy, и на интернет-сайтах www.journeys.com , www.journeyskidz.com , www.journeys.ca , www.littleburgundyshoes.com , www.schuh.co.uk , www.schuh.ie , www.schuh.eu , www.johnstonmurphy.com , www.johnstonmurphy.ca , www.nashvilleshoewarehouse.com , и www.dockersshoes.com . В дополнение,
Genesco продает обувь оптом под своим брендом Johnston & Murphy, лицензированным брендом Levi's, лицензированным брендом Dockers, лицензированным брендом Bass и другими брендами. Genesco стремится к прогрессу в своих усилиях по обеспечению разнообразия, справедливости и интеграции, а также в области охраны окружающей среды, социальной сферы и управления Компанией. Для получения дополнительной информации об Genesco и его операционных подразделениях, пожалуйста, посетите www.Genesco.com .
Genesco INC. |
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Condensed Consolidated Statements of Operations |
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(in thousands, except per share data) |
|||||||||
(Unaudited) |
|||||||||
Quarter 1 |
Quarter 1 |
||||||||
April 30, |
% of |
May 1, |
% of |
||||||
2022 |
Net Sales |
2021 |
Net Sales |
||||||
Net sales |
$ 520,748 |
100.0% |
$ 538,695 |
100.0% |
|||||
Cost of sales |
269,304 |
51.7% |
281,033 |
52.2% |
|||||
Gross margin |
251,444 |
48.3% |
257,662 |
47.8% |
|||||
Selling and administrative expenses |
243,481 |
46.8% |
239,465 |
44.5% |
|||||
Asset impairments and other, net |
(283) |
-0.1% |
2,670 |
0.5% |
|||||
Operating income |
8,246 |
1.6% |
15,527 |
2.9% |
|||||
Other components of net periodic benefit cost (income) |
98 |
0.0% |
(39) |
0.0% |
|||||
Interest expense, net |
297 |
0.1% |
729 |
0.1% |
|||||
Earnings from continuing operations before |
|||||||||
income taxes |
7,851 |
1.5% |
14,837 |
2.8% |
|||||
Income tax expense |
2,882 |
0.6% |
5,943 |
1.1% |
|||||
Earnings from continuing operations |
4,969 |
1.0% |
8,894 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(22) |
0.0% |
(16) |
0.0% |
|||||
Net Earnings |
$ 4,947 |
0.9% |
$ 8,878 |
1.6% |
|||||
Basic earnings per share: |
|||||||||
Before discontinued operations |
$ 0.38 |
$ 0.62 |
|||||||
Net earnings |
$ 0.38 |
$ 0.62 |
|||||||
Diluted earnings per share: |
|||||||||
Before discontinued operations |
$ 0.37 |
$ 0.60 |
|||||||
Net earnings |
$ 0.37 |
$ 0.60 |
|||||||
Weighted-average shares outstanding: |
|||||||||
Basic |
12,961 |
14,287 |
|||||||
Diluted |
13,369 |
14,702 |
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Genesco INC. |
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Sales/Earnings Summary by Segment |
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(in thousands) |
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(Unaudited) |
|||||||||
Quarter 1 |
Quarter 1 |
||||||||
April 30, |
% of |
May 1, |
% of |
||||||
2022 |
Net Sales |
2021 |
Net Sales |
||||||
Sales: |
|||||||||
Journeys Group |
$ 314,445 |
60.4% |
$ 376,548 |
69.9% |
|||||
Schuh Group |
88,159 |
16.9% |
68,711 |
12.8% |
|||||
Johnston & Murphy Group |
71,016 |
13.6% |
48,762 |
9.1% |
|||||
Licensed Brands |
47,128 |
9.1% |
44,674 |
8.3% |
|||||
Net Sales |
$ 520,748 |
100.0% |
$ 538,695 |
100.0% |
|||||
Operating income (loss): |
|||||||||
Journeys Group |
$ 14,930 |
4.7% |
$ 33,124 |
8.8% |
|||||
Schuh Group |
(2,746) |
-3.1% |
(3,847) |
-5.6% |
|||||
Johnston & Murphy Group |
550 |
0.8% |
(3,180) |
-6.5% |
|||||
Licensed Brands |
3,793 |
8.0% |
2,561 |
5.7% |
|||||
Corporate and Other(1) |
(8,281) |
-1.6% |
(13,131) |
-2.4% |
|||||
Operating income |
8,246 |
1.6% |
15,527 |
2.9% |
|||||
Other components of net periodic benefit cost (income) |
98 |
0.0% |
(39) |
0.0% |
|||||
Interest expense, net |
297 |
0.1% |
729 |
0.1% |
|||||
Earnings from continuing operations before |
|||||||||
income taxes |
7,851 |
1.5% |
14,837 |
2.8% |
|||||
Income tax expense |
2,882 |
0.6% |
5,943 |
1.1% |
|||||
Earnings from continuing operations |
4,969 |
1.0% |
8,894 |
1.7% |
|||||
Loss from discontinued operations, net of tax |
(22) |
0.0% |
(16) |
0.0% |
|||||
Net Earnings |
$ 4,947 |
0.9% |
$ 8,878 |
1.6% |
|||||
(1) Includes a $0.3 million gain in the first quarter of Fiscal 2023 which includes a $0.7 million gain on the termination of the pension plan, |
|||||||||
partially offset by $0.4 million for retail store asset impairments. Includes a $2.7 million charge in the first quarter of Fiscal 2022 which |
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includes $2.3 million for legal fees related to the shareholder activist and $0.4 million for retail store asset impairments. |
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Genesco INC. |
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Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
April 30, 2022 |
May 1, 2021 |
||||||
Assets |
|||||||
Cash and cash equivalents |
$ 200,623 |
$ 258,044 |
|||||
Accounts receivable |
48,868 |
45,891 |
|||||
Inventories |
401,479 |
301,017 |
|||||
Other current assets (1) |
74,609 |
117,467 |
|||||
Total current assets |
725,579 |
722,419 |
|||||
Property and equipment |
219,421 |
208,759 |
|||||
Operating lease right of use assets |
508,986 |
639,575 |
|||||
Goodwill and other intangibles |
66,785 |
70,056 |
|||||
Other non-current assets |
27,671 |
21,558 |
|||||
Total Assets |
$ 1,548,442 |
$ 1,662,367 |
|||||
Liabilities and Equity |
|||||||
Accounts payable |
$ 243,224 |
$ 164,975 |
|||||
Current portion operating lease liabilities |
137,770 |
158,295 |
|||||
Other current liabilities |
83,882 |
112,648 |
|||||
Total current liabilities |
464,876 |
435,918 |
|||||
Long-term debt |
14,712 |
44,169 |
|||||
Long-term operating lease liabilities |
430,606 |
555,204 |
|||||
Other long-term liabilities |
37,910 |
48,068 |
|||||
Equity |
600,338 |
579,008 |
|||||
Total Liabilities and Equity |
$ 1,548,442 |
$ 1,662,367 |
|||||
(1) Includes prepaid income taxes of $47.1 million and $92.1 million at April 30, 2022 and |
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May 1, 2021, respectively. |
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Genesco INC. |
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Store Count Activity |
|||||||||||
Balance |
Balance |
Balance |
|||||||||
01/30/21 |
Open |
Close |
01/29/22 |
Open |
Close |
04/30/22 |
|||||
Journeys Group |
1,159 |
5 |
29 |
1,135 |
3 |
8 |
1,130 |
||||
Schuh Group |
123 |
0 |
0 |
123 |
1 |
2 |
122 |
||||
Johnston & Murphy Group |
178 |
1 |
12 |
167 |
0 |
5 |
162 |
||||
Total Retail Stores |
1,460 |
6 |
41 |
1,425 |
4 |
15 |
1,414 |
||||
Genesco INC. |
||||||||||
Comparable Sales |
||||||||||
Quarter 1 |
||||||||||
Apr. 30, |
May 1, |
|||||||||
2022(1) |
2021(1) |
|||||||||
Comparable Direct Sales |
-26% |
43% |
||||||||
(1) As a result of store closures in response to the COVID-19 pandemic during the first quarter of Fiscal 2022, and the |
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Company's policy of removing any store closed for seven consecutive days from comparable sales, the Company has |
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not included comparable sales for both the first quarter this year and last year, except for comparable direct sales, as it |
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felt that overall sales is a more meaningful metric during these periods. |
Schedule B |
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Genesco Inc. |
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Adjustments to Reported Earnings from Continuing Operations |
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Three Months Ended April 30, 2022, May 1, 2021 and May 4, 2019 |
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The Company believes 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. |
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April 30, 2022 |
May 1, 2021 |
May 4, 2019 |
|||||||||||
Net of |
Per Share |
Net of |
Per Share |
Net of |
Per Share |
||||||||
In Thousands (except per share amounts) |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
Pretax |
Tax |
Amounts |
||||
Earnings from continuing operations, as reported |
$ 4,969 |
$0.37 |
$ 8,894 |
$0.60 |
$ 6,470 |
$0.36 |
|||||||
Asset impairments and other adjustments: |
|||||||||||||
Retail store asset impairment charges |
$ 412 |
359 |
0.03 |
$ 414 |
326 |
0.02 |
$ 307 |
212 |
0.01 |
||||
Gain on pension termination |
(695) |
(511) |
(0.04) |
- |
- |
0.00 |
- |
- |
0.00 |
||||
Fees related to shareholder activist |
- |
- |
0.00 |
2,256 |
1,600 |
0.11 |
- |
- |
0.00 |
||||
Expenses related to new HQ building |
1,526 |
1,122 |
0.08 |
597 |
424 |
0.03 |
- |
- |
0.00 |
||||
Gain on lease termination |
- |
- |
0.00 |
- |
- |
0.00 |
(1,000) |
(689) |
(0.04) |
||||
Gain on Hurricane Maria |
- |
- |
0.00 |
- |
- |
0.00 |
(38) |
(26) |
0.00 |
||||
Total asset impairments and other adjustments |
$ 1,243 |
970 |
0.07 |
$ 3,267 |
2,350 |
0.16 |
$ (731) |
(503) |
(0.03) |
||||
Income tax expense adjustments: |
|||||||||||||
Other tax items |
(3) |
(0.00) |
400 |
0.03 |
(58) |
0.00 |
|||||||
Total income tax expense adjustments |
(3) |
(0.00) |
400 |
0.03 |
(58) |
0.00 |
|||||||
Adjusted earnings from continuing operations (1) and (2) |
$ 5,936 |
$0.44 |
$ 11,644 |
$0.79 |
$ 5,909 |
$0.33 |
|||||||
(1) The adjusted tax rate for the first quarter of Fiscal 2023, 2022 and 2020 is 34.7%, 35.7% and 31.3%, respectively. |
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(2) EPS reflects 13.4 million, 14.7 million and 17.9 million share count for the first quarter of Fiscal 2023, 2022 and 2020, respectively, which includes common stock equivalents in all periods. |
Genesco Inc. |
||||
Adjustments to Reported Operating Income and Selling and Administrative Expenses |
||||
Three Months Ended April 30, 2022, May 1, 2021 and May 4, 2019 |
||||
April 30, 2022 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 14,930 |
$ - |
$ 14,930 |
|
Schuh Group |
(2,746) |
- |
(2,746) |
|
Johnston & Murphy Group |
550 |
- |
550 |
|
Licensed Brands |
3,793 |
- |
3,793 |
|
Corporate and Other |
(8,281) |
1,243 |
(7,038) |
|
Total Operating Income |
$ 8,246 |
$ 1,243 |
$ 9,489 |
|
% of sales |
1.6% |
1.8% |
||
May 1, 2021 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 33,124 |
$ - |
$ 33,124 |
|
Schuh Group |
(3,847) |
- |
(3,847) |
|
Johnston & Murphy Group |
(3,180) |
- |
(3,180) |
|
Licensed Brands |
2,561 |
- |
2,561 |
|
Corporate and Other |
(13,131) |
3,267 |
(9,864) |
|
Total Operating Income |
$ 15,527 |
$ 3,267 |
$ 18,794 |
|
% of sales |
2.9% |
3.5% |
||
May 4, 2019 |
||||
Operating |
Asset Impair |
Adj Operating |
||
In Thousands |
Income (Loss) |
& Other Adj |
Income (Loss) |
|
Journeys Group |
$ 18,976 |
$ - |
$ 18,976 |
|
Schuh Group |
(5,428) |
- |
(5,428) |
|
Johnston & Murphy Group |
5,106 |
- |
5,106 |
|
Licensed Brands |
429 |
- |
429 |
|
Corporate and Other |
(9,999) |
(731) |
(10,730) |
|
Total Operating Income |
$ 9,084 |
$ (731) |
$ 8,353 |
|
% of sales |
1.8% |
1.7% |
||
In Thousands |
April 30, 2022 |
May 1, 2021 |
May 4, 2019 |
|
Selling and administrative expenses, as reported |
$ 243,481 |
$ 239,465 |
$ 236,555 |
|
Expenses related to new HQ building |
(1,526) |
(597) |
- |
|
Total adjustments |
(1,526) |
(597) |
- |
|
Adjusted selling and administrative expenses |
$ 241,955 |
$ 238,868 |
$ 236,555 |
|
% of sales |
46.5% |
44.3% |
47.7% |
Schedule B |
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Genesco Inc. |
|||||
Adjustments to Forecasted Earnings from Continuing Operations |
|||||
Fiscal Year Ending January 28, 2023 |
|||||
In millions (except per share amounts) |
High Guidance |
Low Guidance |
|||
Fiscal 2023 |
Fiscal 2023 |
||||
Net of Tax |
Per Share |
Net of Tax |
Per Share |
||
Forecasted earnings from continuing operations |
$ 102.0 |
$ 7.59 |
$ 91.6 |
$ 6.81 |
|
Asset impairments and other adjustments: |
|||||
Retail store asset impairments and other matters |
0.6 |
0.04 |
0.9 |
0.07 |
|
New building costs |
1.6 |
0.12 |
1.6 |
0.12 |
|
Total asset impairments and other adjustments (1) |
2.2 |
0.16 |
2.5 |
0.19 |
|
Adjusted forecasted earnings from continuing operations (2) |
$ 104.2 |
$ 7.75 |
$ 94.1 |
$ 7.00 |
|
(1) All adjustments are net of tax where applicable. The forecasted tax rate for Fiscal 2023 is approximately 27%. |
|||||
(2) EPS reflects 13.4 million share count for Fiscal 2023 which includes common stock equivalents. |
|||||
This reconciliation reflects estimates and current expectations of future results. Actual results may vary materially from these |
|||||
expectations and estimates, for reasons including those included in the discussion of forward-looking statements elsewhere in |
|||||
this release. The Company disclaims any obligation to update such expectations and estimates. |
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