Business
Genesco Inc. Reports Fiscal 2027 First Quarter Results
Genesco Inc. Reports Fiscal 2027 First Quarter
About this update from Genesco Inc.
[{"type":"text","content":"\nGenesco Inc. (NYSE: GCO) today reported first quarter results for the three months ended May 2, 2026.\n\n\nFirst Quarter Fiscal 2027 Financial Summary\n\nNet sales of $487 million increased 3% compared to Q1FY26\n\n\n\nComparable sales increased 2%, with stores up 3% while e-commerce was flat\n\n\n\nGross margin improved 30 basis points compared to last year\n\n\n\nSelling and administrative expenses leveraged 30 basis points compared to last year; Adjusted selling and administrative expenses leveraged 60 basis points compared to last year\n\n\n\nGAAP EPS was ($1.42) and Non-GAAP EPS was ($2.18)1 versus GAAP EPS of ($2.02) and Non-GAAP EPS of ($2.05) last year2\nMimi E. Vaughn, Genesco’s Board Chair, President, Chief Executive Officer and Interim Chief Financial Officer, said, “After a strong finish to Fiscal 2026, we are pleased to report a solid start to Fiscal 2027, delivering our seventh consecutive quarter of positive comparable sales and first quarter results that exceeded expectations across the board. The execution of our strategic initiatives continues to translate into tangible results. Journeys’ comparable sales grew mid-single-digits on top of a high-single-digit gain last year, as our work around product elevation and customer experience continues to drive market share gains. At the same time, Johnston & Murphy’s comparable sales accelerated sharply, increasing high-single-digits, while Schuh’s comparable sales performance reflects our decision to pull back on promotions and prioritize a more full-price selling model.”\n\n\nVaughn continued, “With the better than expected start, we are raising our full-year adjusted EPS outlook to $2.00 to $2.40. We are creating meaningful value through our strategic growth plan and operational execution. Across our portfolio, we’re seeing encouraging progress and momentum as our top-line initiatives gain traction, which along with disciplined expense management and a new cost savings program are establishing a more profitable, higher-quality business for the near and longer-term.”\n\n\n1Non-GAAP earnings per share (“EPS”) is a non-GAAP measure. Non-GAAP EPS excludes (i) a gross margin gain for a reversal of an inventory write-down related to license exits in Genesco Brands Group, net of tax effect, in the first quarter of Fiscal 2027, and (ii) a gain related to payment card i...