Genesco Inc. · NYSE:GCO
Genesco — Q4 2024 Earnings Presentation
29 slides from Genesco's earnings presentation, Mar 8, 2024
Slide 1: Fourth Quarter FY24 Genesco Summary Results
Exhibit 00.0 FOURTH QUARTER FY24 GENESCO Summary Results March 8, 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements, including those regarding future sales, earnings, operating income, gross margins, expenses, capital expenditures, depreciation and amortization, tax rates, store openings and closures, cost reductions, ESG progress and all
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). However, to supplement these consolidated financial results our presentation includes certain non-GAAP financial measures such as earnings (loss) and earnings (l
Slide 4: Our Footwear Focused Vision & Strategy
Our Footwear Focused Vision & Strategy Our Aspiration Create and curate leading footwear brands that represent style, innovation and self-expression; be the destination for our consumers’ favorite fashion footwear How We Will Achieve It Build enduring relationships with our target customers, grounde
Slide 5: Our Footwear Focused Vision & Strategy: Strategic Pillars
Our Footwear Focused Vision & Strategy Strategic Initiatives/Pillars Genesco’s strategy spans six strategic growth pillars 1 2 3 Deepen 4 5 6 consumer Maximize the Intensify Accelerate insights to Reshape the Pursue relationship product digital to grow strengthen cost base to synergistic between inn
Slide 6: Strong Strategic Positioning
Our Footwear Focused Vision & Strategy Strategic Initiatives/Pillars Strong Strategic Positioning Retail Platform Branded Platform The destination for young adult and teen fashion Portfolio of leading owned footwear and partner of choice for leading global brands and licensed brands #1 omnichannel r
Slide 7: Q4 & FY24 Highlights
Q4 & FY24 Highlights Q4 FY24 ▪ Journeys delivered another sequential improvement in ▪ Both J&M and Schuh posted record top line results. comp sales. ▪ Journeys delivered sequential improvement in comp sales in ▪ We delivered better than anticipated gross margin. every quarter. ▪ J&M posted record to
Slide 8: Journeys Consumer-Centric Growth Strategy
Journeys Consumer-Centric Growth Strategy Drive Product Leadership and Create Marketplace Differentiation • Diversify and add new key styles with our existing brand partners • Increase our leadership position with all our key brands • Enhance in-store, social, and digital exposure for brands • Work
Slide 9: Q4 FY24 Key Earnings Highlights
Q4 FY24 Key Earnings Highlights $739 +5% MILLION IN SALES GROWTH IN COMPARABLE DIGITAL SALES vs. Q4 FY2023 $1.84 27% DIGITAL PENTRATION GAAP EPS vs. 25% Q4 FY2023 $2.59 NON-GAAP EPS
Slide 10: Q4 FY24 Key Earning Highlights
Q4 FY24 Key Earning Highlights Quarter 4 (1) Quarter 4 (1) February 3, 2024 January 28, 2023 Total Sales Change 2% 0% Total Sales Change Excluding 14th Week -2% NA Comparable Sales -4% 5% Comparable Direct Sales 5% 21% Gross Margin % 46.3% 46.4% Selling and Admin. Expenses % (2) GAAP 41.1% 39.4% Non
Slide 11: 12mos FY24 Key Earning Highlights
12mos FY24 Key Earning Highlights Fiscal Year Ended (1) Fiscal Year Ended (1) February 3, 2024 January 28, 2023 Total Sales Change -3% -2% Total Sales Change Excluding 53rd Week -4% NA Comparable Sales (2) -4% NA Comparable Direct Sales 8% 0% Gross Margin % 47.3% 47.6% Selling and Admin. Expenses %
Slide 12: Q4 FY24 E-Commerce Sales Highlights
Q4 FY24 E-Commerce Sales Highlights Quarter 4 (1) Trailing 12 Months (1) $500 $500 $482 $436 11% $400 $400 $ in Millions $ in Millions $300 $300 $200 $184 $200 $169 9% $100 $100 31% $- 25% $- FY23 FY24 FY23 FY24 % of Retail Sales (2) 25% 27% 20% 23% (1) Quarter 4 for the 14-week period ended Februar
Slide 13: Q4 FY24 Comparable Sales
Q4 FY24 Comparable Sales Quarter 4 February 3, 2024 January 28, 2023 Journeys Group -5% -1% Schuh Group -5% 20% Johnston & Murphy Group 8% 23% Total Comparable Sales -4% 5% Same Store Sales -7% 1% Comparable Direct Sales 5% 21%
Slide 14: Q4 FY24 Sales by Segment
20% Q4 FY24 Journeys Schuh Sales by Segment Johnston & Murphy Group 13% Genesco Brands Group 5% 62% FY24 (1) 19% Net Sales $739.0 Million 12% 5% 64% FY23 (1) Net Sales $725.0 Million (1) Quarter 4 for the 14-week period ended February 3, 2024 and the 13-week period ended January 28, 2023.
Slide 15: 12mos FY24 Sales by Segment
21% 12mos FY24 Journeys Schuh 14% Sales by Segment Johnston & Murphy Group Genesco Brands Group 6% 59% 18% FY24 Net Sales $2.3 Billion 13% 7% 62% FY23 Net Sales $2.4 Billion (1) Fiscal 2024 for the 53-week period ended February 3, 2024 and Fiscal 2023 for the 52-week period ended January 28, 2023.
Slide 16: Q4 FY24 Adjusted Operating Income Statement
Q4 FY24 Adjusted Operating Income Statement (1) Quarter 4 (2) February 3, 2024 January 28, 2023 Oper Inc Adj Oper Oper Inc Adj Oper ($ in millions) (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $ 32.3 $ - $ 32.3 $ 43.2 $ - $ 43.2 Schuh Group 9.3 - 9.3 12.3 - 12.3 Johnston & Murphy
Slide 17: 12mos FY24 Adjusted Operating Income Statement
12mos FY24 Adjusted Operating Income Statement (1) Fiscal Year Ended (2) February 3, 2024 January 28, 2023 Oper Inc Adj Oper Oper Inc Adj Oper ($ in millions) (Loss) Adjust Inc (Loss) (Loss) Adjust Inc (Loss) Journeys Group $ 11.1 $ - $ 11.1 $ 94.4 $ - $ 94.4 Schuh Group 21.4 - 21.4 17.6 - 17.6 John
Slide 18: Q4 FY24 Inventory/Sales Change by Segment
Q4 FY24 Inventory/Sales Change by Segment Inv entory Sales (1) Change from Jan. 28, ($ in millions) 2023 Q4 FY23 Journeys Group -22% -2% Schuh Group (2) 9% 2% Johnston & Murphy Group -23% 9% Genesco Brands Group -6% 24% Total for Q4 FY24 $ 379 $ 739 % Change Total GCO -17% 2% (1) Rolling 3-month sal
Slide 19: Q4 FY24 Retail Stores Summary
Q4 FY24 Retail Stores Summary Oct. 28, Feb. 3, 2023 Open Close 2024 Journeys Group 1,080 3 20 1,063 Journeys stores (U.S.) 781 3 15 769 Journeys stores (Canada) 41 - 2 39 Journeys Kidz stores 224 - 2 222 Little Burgundy 34 - 1 33 Schuh Group 124 1 3 122 Johnston & Murphy Group 156 1 1 156 Total Stor
Slide 20: Q4 FY24 Retail Square Footage
Q4 FY24 Retail Square Footage Jan. 28, Net Feb. 3, % (in thousands) 2023 Change 2024 Change Journeys Group 2,272 (93) 2,179 -4.1% Schuh Group 602 - 602 0.0% Johnston & Murphy Group 306 (4) 302 -1.6% Total Square Footage 3,180 (97) 3,083 -3.1% Year ov er year change in retail inv entory per square fo
Slide 21: FY25 Outlook
FY25 Outlook (1) Note: See earnings call transcript for important details regarding guidance assumptions. Non-GAAP EPS $0.60 to $1.00 per share Total Sales dow n 2% to 3%, or v s. FY2024 dow n 1% to 2% excluding the 53rd w eek in FY2024 Gross Margin flat to up 10 basis points v s. FY2024 SG&A Expens
Slide 22: FY25 Projected Retail Store Count
FY25 Projected Retail Store Count Actual Proj Proj Proj 2024 Open Close 2025 Journeys Group 1,063 6 43 1,026 Journeys stores (U.S.) 769 4 38 735 Journeys stores (Canada) 39 - - 39 Journeys Kidz stores 222 2 5 219 Little Burgundy 33 - - 33 Schuh Group 122 4 - 126 Johnston & Murphy Group 156 4 9 151 T
Slide 23: FY25 Projected Capital Spending
FY25 Projected Capital Spending Projected FY25 CapEx approx. $52 - 57 Million Omni-channel, 59% IT, DC & Other New Stores & Remodels 41% FY25 Projected Depreciation & Amortization = $51 Million
Slide 24: Appendix
Appendix
Slide 25: Q4 FY24 Non-GAAP Reconciliation
Q4 FY24 Non-GAAP Reconciliation Quarter 4 (1) February 3, 2024 January 28, 2023 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 $ 20,290 $ 1.84 $ 39,198 $ 3.23 Asset impairments and other
Slide 26: 12mos FY24 Non-GAAP Reconciliation
12mos FY24 Non-GAAP Reconciliation Fiscal Year Ended (1) February 3, 2024 January 28, 2023 Net of Per Share Net of Per Share In Thousands (except per share amounts) Pretax Tax Amounts Pretax Tax Amounts Earnings (loss) from continuing operations, as reported $ (23,628) $ (2.10) $ 72,242 $5.69 Asset
Slide 27: Q4 FY24 Adjusted Selling & Administrative Expenses
Q4 FY24 Adjusted Selling & Administrative Expenses Quarter 4 (1) In Thousands February 3, 2024 January 28, 2023 Selling and administrativ e expenses, as reported $ 303,549 $ 285,776 Expenses related to new HQ building - (112) Total adjustments - (112) Adjusted selling and administrativ e expenses $
Slide 28: 12mos FY24 Adjusted Selling & Administrative Expenses
12mos FY24 Adjusted Selling & Administrative Expenses Fiscal Year Ended (1) In Thousands February 3, 2024 January 28, 2023 Selling and administrativ e expenses, as reported $ 1,082,040 $ 1,042,094 Expenses related to new HQ building - (2,657) Total adjustments - (2,657) Adjusted selling and administ
Slide 29: Fourth Quarter FY24 Genesco Summary Results
Exhibit 00.0 FOURTH QUARTER FY24 GENESCO Summary Results March 8, 2024