Genesco Inc. · NYSE:GCO
Genesco — Q4 FY2020 Earnings Presentation
21 slides from Genesco's earnings presentation, Mar 12, 2020
Slide 1: FY20 Fourth Quarter
FY20 Fourth Quarter March 12,2020
Slide 2: Genesco Inc. FY20 Q4 Earnings Summary Results and Guidance
Genesco Inc. FY20 Q4 Earnings Summary Results and Guidance March 12, 2020
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, sales, expenses, margins and earnings) and all other statements not addressing solely historica
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company reports consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). However, to supplement these consolidated financial results the Company’s presentation includes certain non-GAAP financial measures such as earnings an
Slide 5: Key Earnings Highlights Q4 FY20
Key Earnings Highlights Q4 FY20 Quarter 4 Quarter 4 February 1, 2020 February 2, 2019(1) Total Net Sales Change 0% (2)% Comparable Sales 1% 4% Gross Margin % 46.9% 46.7% Selling and Admin. Expenses % 38.5% 38.9% Operating Income % (2) GAAP 6.7% 7.5% Non-GAAP 8.8% 8.7% Earnings per Diluted Share (2)
Slide 6: Key Earnings Highlights YTD FY20
Key Earnings Highlights YTD FY20 Fiscal Year Ended Fiscal Year Ended February 1, 2020 February 2, 2019(1) Total Net Sales Change 0% 3% Comparable Sales 3% 5% Gross Margin % 48.4% 47.8% Selling and Admin. Expenses % 44.0% 44.0% Operating Income % (2) GAAP 3.8% 3.7% Non-GAAP 4.5% 4.1% Earnings per Dil
Slide 7: Comparable Sales Q4 FY20
Comparable Sales Q4 FY20 Quarter 4 Feb. 1, Feb. 2, 2020 2019 Journeys Group 1% 7% Schuh Group 3% (8)% Johnston & Murphy Group (3)% 4% Total Comparable Sales 1% 4% Same Store Sales (2)% 3% Comparable Direct Sales 19% 10% 7
Slide 8: Sales by Segment Q4 FY20 and FY19
Sales by Segment Q4 FY20 and FY19 Net Sales $677.6 million Net Sales $675.5 million 2% 2% FY20 FY19 13% Journeys Group 13% Journeys Group Schuh Group Schuh Group 16% 16% Johnston & Murphy Johnston & Murphy Group Group 69% Licensed Brands 69% Licensed Brands 8
Slide 9: Sales by Segment YTD FY20 and FY19
Sales by Segment YTD FY20 and FY19 Net Sales $2.2 billion Net Sales $2.2 billion 3% 3% FY20 FY19 14% 14% Journeys Group Journeys Group Schuh Group Schuh Group 17% 18% Johnston & Murphy Johnston & Murphy Group Group 66% Licensed Brands 65% Licensed Brands 9
Slide 10: Adjusted Operating Income by Segment Q4 FY20
Adjusted Operating Income by Segment Q4 FY20(1) ($ in millions) Quarter 4 - February 1, 2020 Quarter 4 - February 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $ 55.7 $ - $ 55.7 $ 56.1 $ - $ 56.1 Schuh Group 5.7 - 5.7 4.1 - 4.1 Johnston
Slide 11: Adjusted Operating Income by Segment YTD FY20
Adjusted Operating Income by Segment YTD FY20(1) ($ in millions) Fiscal Year Ended - Feb. 1, 2020 Fiscal Year Ended - Feb. 2, 2019 Oper Inc Adj Oper Oper Inc Adj Oper (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $ 114.9 $ - $ 114.9 $ 100.8 $ - $ 100.8 Schuh Group 4.7 - 4.7 3.8 -
Slide 12: Inventory/Sales Change by Segment Q4 FY20
Inventory/Sales Change by Segment Q4 FY20 ($ in millions) Feb. 1, 2020 Q4 FY20 Segment Inventory/Sales Inventory Sales Journeys Group 1% 1% Schuh Group (1) 15% 1% Johnston & Murphy Group -14% -4% Licensed Brands 0% -7% Total $ 365 $ 678 % Change from prior year 0% 0% (1) On a constant currency basis
Slide 13: Retail Stores Summary Q4 FY20
Retail Stores Summary Q4 FY20 Nov 2, Feb. 1, 2019 Open Close 2020 Journeys Group 1,182 2 13 1,171 Journeys stores (U.S.) 859 2 8 853 Journeys stores (Canada) 46 - - 46 Journeys Kidz stores 237 - 4 233 Little Burgundy 40 - 1 39 Schuh Group 131 - 2 129 Johnston & Murphy Group 179 1 - 180 Total Stores
Slide 14: Retail Square Footage Q4 FY20
Retail Square Footage Q4 FY20 Square feet in thousands Nov 2, Net Feb. 1, Square Footage: 2019 Change 2020 % Change Journeys Group 2,332 (16) 2,316 -0.7% Schuh Group 643 (14) 629 -2.2% Johnston & Murphy Group 341 1 342 0.3% Total Square Footage 3,316 (29) 3,287 -0.9% Year over year change in retail
Slide 15: FY21 Outlook
FY21 Outlook(1) Note: See earnings call transcript for important details regarding guidance assumptions $4.90 - $5.40 per share, expectations Non-GAAP EPS near mid-point Total Sales 3% to 6% Comparable Sales -1% to +2% Gross Margin 30 to 50 basis points reduction SG&A Expense 20 to 40 basis points l
Slide 16: FY21 Comparable Sales Guidance
FY21 Comparable Sales Guidance Guidance Guidance Guidance Guidance Guidance Q1 Q2 Q3 Q4 FY21 Journeys Group (7) - (3)% (3) - 1% 0 - 2% 2 - 4% (1) - 1% Schuh Group 0 - 4% (1) - 3% 1 - 3% 2 - 4% 0 - 3% Johnston & (4) - 0% (4) - 0% 4 - 6% 3 - 5% 0 - 3% Murphy Group Total Genesco (6) - (2)% (3) - 1% 1 -
Slide 17: FY21 Projected Retail Store Count
FY21 Projected Retail Store Count Actual Proj Proj Proj 2020 Open Close 2021 Journeys Group 1,171 20 14 1,177 Journeys stores (U.S.) 853 10 10 853 Journeys stores (Canada) 46 3 1 48 Journeys Kidz stores 233 5 3 235 Little Burgundy 39 2 - 41 Schuh Group 129 1 4 126 Johnston & Murphy Group 180 11 3 18
Slide 18: FY21 Projection Capital Spending Projection
FY21 Projection Capital Spending Projection FY21 CapEx $60-65 million 48% New Stores & Remodels 52% Omni-channel, IT, DC & Other FY21 Projection Depreciation = $52 million 18
Slide 19: Appendix
GENESCO S Appendix Ke, ox cs Sih BuRCINTSE — JOHNSTON& MURPHY. ae Bass schuh T wee K | Levis |
Slide 20: Non-GAAP Reconciliation – Q4 FY20
Non-GAAP Reconciliation – Q4 FY20 Quarter 4 February 1, 2020 February 2, 2019 Net of Per Share Net of Per Share In Thousands (except per share amounts) Pretax Tax Amounts Pretax Tax Amounts Earnings from continuing operations, as reported $ 35,515 $ 2.49 $ 29,699 $1.53 Asset impairments and other ad
Slide 21: Non-GAAP Reconciliation – YTD FY20
Non-GAAP Reconciliation – YTD FY20 Fiscal Year Ended February 1, 2020 February 2, 2019 Net of Per Share Net of Per Share In Thousands (except per share amounts) Pretax Tax Amounts Pretax Tax Amounts Earnings from continuing operations, as reported $ 61,757 $ 3.94 $ 51,224 $ 2.63 Asset impairments an