Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 28, 2023 | Nov. 24, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 28, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-3083 | |
Entity Registrant Name | Genesco Inc | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-0211340 | |
Entity Address, Address Line One | 535 Marriott Drive | |
Entity Address, City or Town | Nashville | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37214 | |
City Area Code | 615 | |
Local Phone Number | 367-7000 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | GCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 11,489,017 | |
Entity Central Index Key | 0000018498 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --02-03 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 | ||
Current Assets: | |||||
Cash and cash equivalents | $ 21,691 | $ 47,990 | $ 32,113 | ||
Accounts receivable, net of allowances of $4,836 at October 28, 2023, $3,710 at January 28, 2023 and $5,910 at October 29, 2022 | 56,934 | 40,818 | 48,670 | ||
Inventories | 516,735 | 458,017 | 563,490 | ||
Prepaids and other current assets | 43,350 | 25,844 | 37,575 | ||
Total current assets | 638,710 | 572,669 | 681,848 | ||
Property and equipment, net | 245,009 | 233,733 | 221,207 | ||
Operating lease right of use assets | 459,524 | 470,991 | 483,403 | ||
Non-current prepaid income taxes | 55,632 | 54,111 | 52,319 | ||
Goodwill | 9,283 | 38,123 | 37,903 | ||
Other intangibles | 26,442 | 27,430 | 26,208 | ||
Deferred income taxes | 33,163 | 28,563 | 12,168 | ||
Other noncurrent assets | 25,168 | 30,806 | 21,937 | ||
Total Assets | 1,492,931 | [1] | 1,456,426 | 1,536,993 | [2] |
Current Liabilities: | |||||
Accounts payable | 186,683 | 144,998 | 223,404 | ||
Current portion - long-term debt | 0 | 0 | 3,484 | ||
Current portion - operating lease liabilities | 134,850 | 134,458 | 136,294 | ||
Other accrued liabilities | 75,631 | 81,327 | 82,193 | ||
Total current liabilities | 397,164 | 360,783 | 445,375 | ||
Long-term debt | 128,163 | 44,858 | 85,904 | ||
Long-term operating lease liabilities | 387,347 | 401,113 | 413,096 | ||
Other long-term liabilities | 43,299 | 42,706 | 33,275 | ||
Total liabilities | 955,973 | 849,460 | 977,650 | ||
Commitments and contingent liabilities | |||||
Equity | |||||
Non-redeemable preferred stock | 812 | 815 | 817 | ||
Common equity: | |||||
Common stock, $1 par value: Authorized; 80,000,000 shares Issued common stock | 11,991 | 13,089 | 13,101 | ||
Additional paid-in capital | 316,206 | 305,260 | 301,692 | ||
Retained earnings | 269,576 | 346,870 | 307,921 | ||
Accumulated other comprehensive loss | (43,770) | (41,211) | (46,331) | ||
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) | (17,857) | ||
Total equity | 536,958 | 606,966 | 559,343 | ||
Total Liabilities and Equity | $ 1,492,931 | $ 1,456,426 | $ 1,536,993 | ||
[1] Of our $ 704.5 million of long-lived assets, $ 87.9 million and $ 12.9 million relate to long-lived assets in the U.K. and Canada, respectively. (2) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Current Assets: | |||
Allowances on accounts receivable | $ 4,836 | $ 3,710 | $ 5,910 |
Common equity: | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 | 80,000,000 |
Treasury Stock, Shares | 488,464 | 488,464 | 488,464 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |||||
Income Statement [Abstract] | ||||||||
Net sales | $ 579,315 | [1] | $ 603,788 | [2] | $ 1,585,674 | [3] | $ 1,659,868 | [4] |
Cost of sales | 300,890 | 309,981 | 828,921 | 860,303 | ||||
Gross margin | 278,425 | 293,807 | 756,753 | 799,565 | ||||
Selling and administrative expenses | 267,474 | 267,734 | 778,491 | 756,318 | ||||
Goodwill impairment | 0 | 0 | 28,453 | [5] | 0 | |||
Asset impairments and other, net | 99 | [6] | 0 | 581 | [7] | (154) | [8] | |
Operating income (loss) | 10,852 | 26,073 | (50,772) | 43,401 | ||||
Other components of net periodic benefit cost | 148 | 50 | 388 | 198 | ||||
Interest expense, net | 2,207 | 906 | 6,241 | 1,608 | ||||
Earnings (loss) from continuing operations before income taxes | 8,497 | 25,117 | (57,401) | 41,595 | ||||
Income tax expense (benefit) | 1,908 | 4,693 | (13,483) | 8,551 | ||||
Earnings (loss) from continuing operations | 6,589 | 20,424 | (43,918) | 33,044 | ||||
Loss from discontinued operations, net of tax | (50) | (48) | (98) | (78) | ||||
Net Earnings (Loss) | $ 6,539 | $ 20,376 | $ (44,016) | $ 32,966 | ||||
Basic earnings (loss) per common share: | ||||||||
Continuing operations (in dollars per share) | $ 0.6 | $ 1.68 | $ (3.87) | $ 2.61 | ||||
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | 0 | ||||
Net earnings (loss) (in dollars per share) | 0.6 | 1.68 | (3.88) | 2.61 | ||||
Diluted earnings (loss) per common share: | ||||||||
Continuing operations (in dollars per share) | 0.6 | 1.66 | (3.87) | 2.56 | ||||
Discontinued operations (in dollars per share) | 0 | (0.01) | (0.01) | 0 | ||||
Net earnings (loss) (in dollars per share) | $ 0.6 | $ 1.65 | $ (3.88) | $ 2.56 | ||||
Weighted average shares outstanding: | ||||||||
Basic (in shares) | 10,898 | 12,138 | 11,353 | 12,637 | ||||
Diluted (in shares) | 10,972 | 12,326 | 11,353 | 12,901 | ||||
[1] Net sales in North America and in the U.K., which includes the ROI, accounted for 80 % and 20 % , respectively, of our net sales in the third quarter of Fiscal 2024. Net sales in North America and in the U.K., which includes the ROI, accounted for 83 % and 17 % , respectively, of our net sales for the third quarter of Fiscal 2023. (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 79 % and 21 % , respectively, of our net sales in the first nine months of Fiscal 2024. (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 82 % and 18 % , respectively, of our net sales for the first nine months of Fiscal 2023. (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 6,539 | $ 20,376 | $ (44,016) | $ 32,966 |
Other comprehensive income (loss): | ||||
Postretirement liability adjustments, net of tax | 62 | 13 | 153 | 76 |
Foreign currency translation adjustments | (5,800) | (4,420) | (2,712) | (9,999) |
Total other comprehensive loss | (5,738) | (4,407) | (2,559) | (9,923) |
Comprehensive Income (Loss) | $ 801 | $ 15,969 | $ (46,575) | $ 23,043 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings (loss) | $ (44,016) | $ 32,966 | |
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 35,449 | 31,901 | |
Deferred income taxes | (3,929) | (10,728) | |
Goodwill impairment | 28,453 | [1] | 0 |
Impairment of long-lived assets | 581 | 542 | |
Share-based compensation expense | 11,107 | 10,464 | |
Other | 1,225 | 999 | |
Changes in working capital and other assets and liabilities: | |||
Accounts receivable | (16,958) | (10,224) | |
Inventories | (61,086) | (293,904) | |
Prepaids and other current assets | (17,718) | 33,133 | |
Accounts payable | 44,551 | 70,312 | |
Other accrued liabilities | (3,454) | (45,194) | |
Other assets and liabilities | 2,255 | (64,237) | |
Net cash used in operating activities | (23,540) | (243,970) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (49,738) | (39,845) | |
Proceeds from asset sales | 87 | 0 | |
Net cash used in investing activities | (49,651) | (39,845) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facility | 365,416 | 212,086 | |
Payments on revolving credit facility | (282,083) | (136,375) | |
Shares repurchased related to share repurchase plan | (32,027) | (77,470) | |
Shares repurchased related to taxes for share-based awards | (2,249) | (3,942) | |
Change in overdraft balances | (1,847) | 4,052 | |
Other | (12) | 2 | |
Net cash provided by (used in) financing activities | 47,198 | (1,647) | |
Effect of foreign exchange rate fluctuations on cash | (306) | (2,950) | |
Net decrease in cash and cash equivalents | (26,299) | (288,412) | |
Cash and cash equivalents at beginning of period | 47,990 | 320,525 | |
Cash and cash equivalents at end of period | 21,691 | 32,113 | |
Supplemental information: | |||
Interest paid | 5,711 | 1,276 | |
Income taxes paid | 5,487 | 33,941 | |
Cash paid for amounts included in measurement of operating lease liabilities | 130,468 | 135,116 | |
Operating lease assets obtained in exchange for new operating lease liabilities | $ 111,105 | $ 71,598 | |
[1] (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares |
Beginning balance at Jan. 29, 2022 | $ 602,468 | $ 827 | $ 14,256 | $ 291,444 | $ 350,206 | $ (36,408) | $ (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 4,947 | 4,947 | |||||
Other comprehensive income (loss) | (3,817) | (3,817) | |||||
Share-based compensation expense | 3,239 | 3,239 | |||||
Restricted stock issuance | 78 | (78) | |||||
Shares repurchased | (6,500) | (104) | (6,396) | ||||
Other | 1 | (9) | (13) | 23 | |||
Ending balance at Apr. 30, 2022 | 600,338 | 818 | 14,217 | 294,628 | 348,757 | (40,225) | (17,857) |
Beginning balance at Jan. 29, 2022 | 602,468 | 827 | 14,256 | 291,444 | 350,206 | (36,408) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 32,966 | ||||||
Other comprehensive income (loss) | (9,923) | ||||||
Shares repurchased | (72,700) | ||||||
Ending balance at Oct. 29, 2022 | 559,343 | 817 | 13,101 | 301,692 | 307,921 | (46,331) | (17,857) |
Beginning balance at Apr. 30, 2022 | 600,338 | 818 | 14,217 | 294,628 | 348,757 | (40,225) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 7,643 | 7,643 | |||||
Other comprehensive income (loss) | (1,699) | (1,699) | |||||
Share-based compensation expense | 3,549 | 3,549 | |||||
Restricted stock issuance | 239 | (239) | |||||
Restricted shares withheld for taxes | (3,875) | (72) | 72 | (3,875) | |||
Shares repurchased | (45,422) | (826) | (44,596) | ||||
Other | (1) | (1) | |||||
Ending balance at Jul. 30, 2022 | 560,533 | 818 | 13,557 | 298,010 | 307,929 | (41,924) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 20,376 | 20,376 | |||||
Other comprehensive income (loss) | (4,407) | (4,407) | |||||
Share-based compensation expense | 3,676 | 3,676 | |||||
Restricted shares withheld for taxes | (67) | (2) | 2 | (67) | |||
Shares repurchased | (20,768) | (451) | (20,317) | ||||
Other | (1) | (3) | 4 | ||||
Ending balance at Oct. 29, 2022 | 559,343 | 817 | 13,101 | 301,692 | 307,921 | (46,331) | (17,857) |
Beginning balance at Jan. 28, 2023 | 606,966 | 815 | 13,089 | 305,260 | 346,870 | (41,211) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (18,890) | (18,890) | |||||
Other comprehensive income (loss) | 474 | 474 | |||||
Share-based compensation expense | 3,772 | 3,772 | |||||
Restricted stock issuance | 234 | (234) | |||||
Restricted shares withheld for taxes | (449) | (13) | 13 | (449) | |||
Shares repurchased | (9,170) | (255) | (8,915) | ||||
Other | (78) | (3) | (3) | 6 | (78) | ||
Ending balance at Apr. 29, 2023 | 582,625 | 812 | 13,052 | 308,817 | 318,538 | (40,737) | (17,857) |
Beginning balance at Jan. 28, 2023 | 606,966 | 815 | 13,089 | 305,260 | 346,870 | (41,211) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (44,016) | ||||||
Other comprehensive income (loss) | (2,559) | ||||||
Shares repurchased | (32,000) | ||||||
Ending balance at Oct. 28, 2023 | 536,958 | 812 | 11,991 | 316,206 | 269,576 | (43,770) | (17,857) |
Beginning balance at Apr. 29, 2023 | 582,625 | 812 | 13,052 | 308,817 | 318,538 | (40,737) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (31,665) | (31,665) | |||||
Other comprehensive income (loss) | 2,705 | 2,705 | |||||
Share-based compensation expense | 4,153 | 4,153 | |||||
Restricted stock issuance | 40 | (40) | |||||
Restricted shares withheld for taxes | (1,756) | (72) | 72 | (1,756) | |||
Shares repurchased | (22,857) | (1,006) | (21,851) | ||||
Other | (186) | (18) | 17 | (185) | |||
Ending balance at Jul. 29, 2023 | 533,019 | 812 | 11,996 | 313,019 | 263,081 | (38,032) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 6,539 | 6,539 | |||||
Other comprehensive income (loss) | (5,738) | (5,738) | |||||
Share-based compensation expense | 3,182 | 3,182 | |||||
Restricted shares withheld for taxes | (44) | (1) | 1 | (44) | |||
Other | (4) | 4 | |||||
Ending balance at Oct. 28, 2023 | $ 536,958 | $ 812 | $ 11,991 | $ 316,206 | $ 269,576 | $ (43,770) | $ (17,857) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ 6,539 | $ (31,665) | $ (18,890) | $ 20,376 | $ 7,643 | $ 4,947 | $ (44,016) | $ 32,966 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Oct. 28, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Sig nificant Accounting Policies Basis of Presentation These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2023, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 22, 2023. The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 3, 2024 ("Fiscal 2024"), which is a 53-week year, and of the fiscal year ended January 28, 2023 ("Fiscal 2023"). All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of January 28, 2023 has been derived from the audited financial statements at that date. Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys ® , Journeys Kidz ® , Little Burgundy ® and Johnston & Murphy ® banners and under the Schuh ® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com as well as catalogs. We also source, design, market and distribute footwear and accessories at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's ® brand, the licensed Dockers ® brand, the licensed G.H. Bass ® brand and other brands that we license for footwear. At October 28, 2023, we operated 1,360 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three and nine months ended October 28, 2023 and October 29, 2022, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Genesco Brands Group, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear. Selling and Administrative Expenses Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $ 3.1 million and $ 3.7 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 9.1 million and $ 9.5 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. Retail occupancy costs recorded in selling and administrative expenses were $ 75.5 million and $ 77.5 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 228.3 million and $ 231.8 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. Advertising Costs Advertising costs were $ 33.6 million and $ 31.3 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 85.3 million and $ 81.4 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 2.5 million and $ 5.0 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 9.1 million and $ 11.7 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. During the first nine months of each of Fiscal 2024 and Fiscal 2023, our cooperative advertising reimbursements received were not in excess of the costs incurred. Note 1 Summary of Significant Accounting Policies, Continued New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280)". This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We plan to adopt ASU No. 2023-07 on the effective date and do not expect the adoption to have a material impact on our Consolidated Financial Statements. We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations and financial reporting. As of October 28, 2023, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Oct. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 2 Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Journeys Genesco Total Balance, January 28, 2023 $ 9,662 $ 28,461 $ 38,123 Impairment — ( 28,453 ) ( 28,453 ) Effect of foreign currency exchange rates ( 379 ) ( 8 ) ( 387 ) Balance, October 28, 2023 $ 9,283 $ — $ 9,283 Goodwill Valuation (Genesco Brands Group) Due to an ongoing dispute with a Genesco Brands Group licensor regarding renewal of their current license in the normal course which has not yet been resolved and based on the requirements of ASC 350, “Intangibles - Goodwill and Other,” we identified indicators of impairment in the second quarter of Fiscal 2024. When indicators of impairment are present on an interim basis, we must assess whether it is "more likely than not" (i.e., a greater than 50 % chance) that an impairment has occurred. Due to the identified indicators of impairment in the second quarter of Fiscal 2024, we determined that it was "more likely than not" that an impairment had occurred and performed a full valuation of our Togast reporting unit. Consistent with our annual valuation, o ur analyses included preparing an income approach and a market approach model. These updated models utilize financial forecasts which exclude cash flows for the disputed license beyond completion of the current contract term. Based upon the results of these analyses, we concluded the goodwill attributed to Togast was fully impaired. As a result, the Company recorded a non-cash impairment charge of $ 28.5 million in the second quarter of Fiscal 2024. Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Gross other intangibles $ 23,514 $ 24,077 $ 6,445 $ 6,475 $ 400 $ 400 $ 30,359 $ 30,952 Accumulated amortization — — ( 3,517 ) ( 3,122 ) ( 400 ) ( 400 ) ( 3,917 ) ( 3,522 ) Net Other Intangibles $ 23,514 $ 24,077 $ 2,928 $ 3,353 $ — $ — $ 26,442 $ 27,430 |
Inventories
Inventories | 9 Months Ended |
Oct. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 Inventories Inventories (In thousands) October 28, 2023 January 28, 2023 Wholesale finished goods $ 61,571 $ 84,209 Retail merchandise 455,164 373,808 Total Inventories $ 516,735 $ 458,017 |
Fair Value
Fair Value | 9 Months Ended |
Oct. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4 Fair Value Fair Value of Financial Instruments The carrying amounts and fair values of our financial instruments at October 28, 2023 and January 28, 2023 are as follows: Fair Values (In thousands) October 28, 2023 January 28, 2023 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 122,101 $ 122,465 $ 30,000 $ 30,219 U.K. Revolver Borrowings 6,062 6,064 14,858 14,864 Total Long-Term Debt $ 128,163 $ 128,529 $ 44,858 $ 45,083 Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 within the fair value hierarchy. As of October 28, 2023, we have $ 0.8 million of long-lived assets held and used which were measured using Level 3 inputs within the fair value hierarchy. As of October 28, 2023, we have $ 5.8 million of investments held and used which were measured using Level 1 inputs within the fair value hierarchy. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 Earnings Per Share Weighted-average number of shares used to calculate earnings per share are as follows: Three Months Ended Nine Months Ended (Shares in thousands) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Weighted-average number of shares - basic 10,898 12,138 11,353 12,637 Common stock equivalents 74 188 - 264 Weighted-average number of shares - diluted 10,972 12,326 11,353 12,901 Common stock equivalents of 120,000 shares are excluded for the nine months ended October 28, 2023 due to the loss from continuing operations because to do so would be anti-dilutive. We did no t repurchase any shares during the third quarter of Fiscal 2024. We repurchased 1,261,295 shares during the first nine months of Fiscal 2024 at a cost of $ 32.0 million, or $ 25.39 per share. We have $ 52.1 million remaining as of October 28, 2023 under our expanded share repurchase authorization announced in June 2023. We repurchased 451,343 shares during the third quarter of Fiscal 2023 at a cost of $ 20.8 million, or $ 46.01 per share, and repurchased 1,380,272 shares during the first nine months of Fiscal 2023 at a cost of $ 72.7 million, or $ 52.66 per share. We accrued $ 4.8 million of share repurchases in the fourth quarter of Fiscal 2022 due to timing of the cash settlement which is included on the Note 5 Earnings Per Share, Continued Condensed Consolidated Statements of Cash Flows for the nine months ended October 29, 2022. During the fourth quarter of Fiscal 2024, through December 6, 2023, we have no t repurchased any shares. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 28, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6 Long-Term Debt (In thousands) October 28, 2023 January 28, 2023 U.S. revolver borrowings $ 122,101 $ 30,000 U.K. revolver borrowings 6,062 14,858 Total long-term debt 128,163 44,858 Current portion — — Total Noncurrent Portion of Long-Term Debt $ 128,163 $ 44,858 The revolver borrowings outstanding under the Credit Facility as of October 28, 2023 included $ 117.2 million U.S. revolver borrowings and $ 4.9 million (C $ 6.8 million) related to GCO Canada ULC. In addition, revolver borrowings outstanding under the Facility Agreement were $ 6.1 million ( £ 5.0 million). We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of October 28, 2023. Excess availability under the Credit Facility was $ 203.4 million at October 28, 2023. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Oct. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 7 Legal Proceedings Environmental Matters The Company has legacy obligations including environmental monitoring and reporting costs related to: (i) a 2016 Consent Judgment entered into with the United States Environmental Protection Agency involving the site of a knitting mill operated by a former subsidiary from 1965 to 1969 in Garden City, New York; and (ii) a 2010 Consent Decree with the Michigan Department of Natural Resources and Environment relating to our former Volunteer Leather Company facility in Whitehall, Michigan. We do not expect that future obligations related to either of these sites will have a material effect on our consolidated financial condition or results of operations. Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, we had accrued $ 1.6 million as of October 28, 2023, $ 1.7 million as of January 28, 2023 and $ 1.4 million as of October 29, 2022. All such provisions reflect our estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because they relate to former facilities operated by us. We have made pretax accruals for certain of these contingencies which were not material for the third quarter of Fiscal 2024 or Fiscal 2023. These charges are included in loss from discontinued operations, net in the Condensed Consolidated Statements of Operations and represent changes in estimates. In addition to the matters specifically described in this Note, we are a party to other legal and regulatory proceedings and claims arising in the ordinary course of our business. While management does not believe that our liability with respect to any of these other matters is likely to have a material effect on our condensed consolidated financial statements, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could have a material adverse impact on our condensed consolidated financial statements. |
Commitments
Commitments | 9 Months Ended |
Oct. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 8 Commitments As part of our Genesco Brands Group business, we have a commitment to Samsung C&T America, Inc. (“Samsung”) related to the ultimate sale and valuation of inventories owned by Samsung. If product is sold below Samsung’s cost, we are required to pay to Samsung the difference between the sales price and its cost. At October 28, 2023, the inventory owned by Samsung had a historical cost of $ 14.4 million. As of October 28, 2023, we believe that we have appropriately accounted for any differences between the fair value of the Samsung inventory and Samsung's historical cost. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Oct. 28, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 9 Business Segment Information Three Months Ended October 28, 2023 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 349,367 $ 118,129 $ 81,414 $ 32,907 $ — $ 581,817 Intercompany sales — — ( 3 ) ( 2,499 ) — ( 2,502 ) Net sales to external customers (1) 349,367 118,129 81,411 30,408 — 579,315 Segment operating income (loss) 11,975 5,484 2,706 ( 1,560 ) ( 7,654 ) 10,951 Asset impairments and other (2) — — — — 99 99 Operating income (loss) 11,975 5,484 2,706 ( 1,560 ) ( 7,753 ) 10,852 Other components of net periodic benefit cost — — — — 148 148 Interest expense, net — — — — 2,207 2,207 Earnings (loss) from continuing operations before income taxes $ 11,975 $ 5,484 $ 2,706 $ ( 1,560 ) $ ( 10,108 ) $ 8,497 Total assets (3) $ 798,968 $ 213,036 $ 185,179 $ 52,170 $ 243,578 $ 1,492,931 Depreciation and amortization 8,078 1,566 1,365 265 1,056 12,330 Capital expenditures 8,235 3,380 1,975 710 140 14,440 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 80 % and 20 % , respectively, of our net sales in the third quarter of Fiscal 2024. (2) Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Of our $ 704.5 million of long-lived assets, $ 87.9 million and $ 12.9 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended October 29, 2022 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 380,619 $ 104,809 $ 79,614 $ 40,661 $ — $ 605,703 Intercompany sales — — — ( 1,915 ) — ( 1,915 ) Net sales to external customers (1) 380,619 104,809 79,614 38,746 — 603,788 Operating income (loss) 27,083 5,912 3,494 ( 1,927 ) ( 8,489 ) 26,073 Other components of net periodic benefit cost — — — — 50 50 Interest expense, net — — — — 906 906 Earnings (loss) from continuing operations before income taxes $ 27,083 $ 5,912 $ 3,494 $ ( 1,927 ) $ ( 9,445 ) $ 25,117 Total assets (2) $ 841,021 $ 206,996 $ 193,039 $ 72,586 $ 223,351 $ 1,536,993 Depreciation and amortization 6,849 1,485 1,092 214 1,032 10,672 Capital expenditures 4,638 2,405 1,719 370 1,708 10,840 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 83 % and 17 % , respectively, of our net sales for the third quarter of Fiscal 2023. (2) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Note 9 Business Segment Information, Continued Nine Months Ended October 28, 2023 Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 908,832 $ 334,033 $ 241,832 $ 104,232 $ — $ 1,588,929 Intercompany sales — — ( 9 ) ( 3,246 ) — ( 3,255 ) Net sales to external customers (1) 908,832 334,033 241,823 100,986 — 1,585,674 Segment operating income (loss) ( 21,265 ) 12,110 10,178 259 ( 23,020 ) ( 21,738 ) Goodwill impairment (2) - - - - 28,453 28,453 Asset impairments and other (3) — — — — 581 581 Operating income (loss) ( 21,265 ) 12,110 10,178 259 ( 52,054 ) ( 50,772 ) Other components of net periodic benefit cost — — — — 388 388 Interest expense, net — — — — 6,241 6,241 Earnings (loss) from continuing $ ( 21,265 ) $ 12,110 $ 10,178 $ 259 $ ( 58,683 ) $ ( 57,401 ) Depreciation and amortization $ 23,235 $ 4,751 $ 3,622 $ 669 $ 3,172 $ 35,449 Capital expenditures 32,447 9,376 5,277 1,788 850 49,738 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 79 % and 21 % , respectively, of our net sales in the first nine months of Fiscal 2024. (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. Nine Months Ended October 29, 2022 Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 1,016,396 $ 294,486 $ 225,448 $ 126,442 $ — $ 1,662,772 Intercompany sales — — — ( 2,904 ) — ( 2,904 ) Net sales to external customers (1) 1,016,396 294,486 225,448 123,538 — $ 1,659,868 Segment operating income (loss) 51,235 5,260 7,256 2,551 ( 23,055 ) $ 43,247 Asset impairments and other (2) — — — — ( 154 ) ( 154 ) Operating income (loss) 51,235 5,260 7,256 2,551 ( 22,901 ) 43,401 Other components of net periodic benefit cost — — — — 198 198 Interest expense — — — — 1,608 1,608 Earnings (loss) from continuing $ 51,235 $ 5,260 $ 7,256 $ 2,551 $ ( 24,707 ) $ 41,595 Depreciation and amortization $ 21,060 $ 4,607 $ 3,271 $ 692 $ 2,271 $ 31,901 Capital expenditures 15,539 6,278 5,528 1,033 11,467 39,845 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 82 % and 18 % , respectively, of our net sales for the first nine months of Fiscal 2023. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2023, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 22, 2023. The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 3, 2024 ("Fiscal 2024"), which is a 53-week year, and of the fiscal year ended January 28, 2023 ("Fiscal 2023"). All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of January 28, 2023 has been derived from the audited financial statements at that date. |
Nature of Operations | Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys ® , Journeys Kidz ® , Little Burgundy ® and Johnston & Murphy ® banners and under the Schuh ® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com as well as catalogs. We also source, design, market and distribute footwear and accessories at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's ® brand, the licensed Dockers ® brand, the licensed G.H. Bass ® brand and other brands that we license for footwear. At October 28, 2023, we operated 1,360 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three and nine months ended October 28, 2023 and October 29, 2022, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Genesco Brands Group, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear. |
Selling and Administrative Expenses | Selling and Administrative Expenses Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $ 3.1 million and $ 3.7 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 9.1 million and $ 9.5 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. Retail occupancy costs recorded in selling and administrative expenses were $ 75.5 million and $ 77.5 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 228.3 million and $ 231.8 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. |
Advertising Costs | Advertising Costs Advertising costs were $ 33.6 million and $ 31.3 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 85.3 million and $ 81.4 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. |
Vendor Allowances | Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 2.5 million and $ 5.0 million for the third quarters of Fiscal 2024 and Fiscal 2023, respectively, and $ 9.1 million and $ 11.7 million for the first nine months of Fiscal 2024 and Fiscal 2023, respectively. During the first nine months of each of Fiscal 2024 and Fiscal 2023, our cooperative advertising reimbursements received were not in excess of the costs incurred. |
New Accounting Pronouncements | New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280)". This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We plan to adopt ASU No. 2023-07 on the effective date and do not expect the adoption to have a material impact on our Consolidated Financial Statements. We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations and financial reporting. As of October 28, 2023, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Journeys Genesco Total Balance, January 28, 2023 $ 9,662 $ 28,461 $ 38,123 Impairment — ( 28,453 ) ( 28,453 ) Effect of foreign currency exchange rates ( 379 ) ( 8 ) ( 387 ) Balance, October 28, 2023 $ 9,283 $ — $ 9,283 |
Summary of Other Intangible Assets | Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Oct. 28, 2023 Jan. 28, Gross other intangibles $ 23,514 $ 24,077 $ 6,445 $ 6,475 $ 400 $ 400 $ 30,359 $ 30,952 Accumulated amortization — — ( 3,517 ) ( 3,122 ) ( 400 ) ( 400 ) ( 3,917 ) ( 3,522 ) Net Other Intangibles $ 23,514 $ 24,077 $ 2,928 $ 3,353 $ — $ — $ 26,442 $ 27,430 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories (In thousands) October 28, 2023 January 28, 2023 Wholesale finished goods $ 61,571 $ 84,209 Retail merchandise 455,164 373,808 Total Inventories $ 516,735 $ 458,017 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments | The carrying amounts and fair values of our financial instruments at October 28, 2023 and January 28, 2023 are as follows: Fair Values (In thousands) October 28, 2023 January 28, 2023 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 122,101 $ 122,465 $ 30,000 $ 30,219 U.K. Revolver Borrowings 6,062 6,064 14,858 14,864 Total Long-Term Debt $ 128,163 $ 128,529 $ 44,858 $ 45,083 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Number of Shares | Weighted-average number of shares used to calculate earnings per share are as follows: Three Months Ended Nine Months Ended (Shares in thousands) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Weighted-average number of shares - basic 10,898 12,138 11,353 12,637 Common stock equivalents 74 188 - 264 Weighted-average number of shares - diluted 10,972 12,326 11,353 12,901 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-Term Debt (In thousands) October 28, 2023 January 28, 2023 U.S. revolver borrowings $ 122,101 $ 30,000 U.K. revolver borrowings 6,062 14,858 Total long-term debt 128,163 44,858 Current portion — — Total Noncurrent Portion of Long-Term Debt $ 128,163 $ 44,858 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Three Months Ended October 28, 2023 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 349,367 $ 118,129 $ 81,414 $ 32,907 $ — $ 581,817 Intercompany sales — — ( 3 ) ( 2,499 ) — ( 2,502 ) Net sales to external customers (1) 349,367 118,129 81,411 30,408 — 579,315 Segment operating income (loss) 11,975 5,484 2,706 ( 1,560 ) ( 7,654 ) 10,951 Asset impairments and other (2) — — — — 99 99 Operating income (loss) 11,975 5,484 2,706 ( 1,560 ) ( 7,753 ) 10,852 Other components of net periodic benefit cost — — — — 148 148 Interest expense, net — — — — 2,207 2,207 Earnings (loss) from continuing operations before income taxes $ 11,975 $ 5,484 $ 2,706 $ ( 1,560 ) $ ( 10,108 ) $ 8,497 Total assets (3) $ 798,968 $ 213,036 $ 185,179 $ 52,170 $ 243,578 $ 1,492,931 Depreciation and amortization 8,078 1,566 1,365 265 1,056 12,330 Capital expenditures 8,235 3,380 1,975 710 140 14,440 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 80 % and 20 % , respectively, of our net sales in the third quarter of Fiscal 2024. (2) Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Of our $ 704.5 million of long-lived assets, $ 87.9 million and $ 12.9 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended October 29, 2022 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 380,619 $ 104,809 $ 79,614 $ 40,661 $ — $ 605,703 Intercompany sales — — — ( 1,915 ) — ( 1,915 ) Net sales to external customers (1) 380,619 104,809 79,614 38,746 — 603,788 Operating income (loss) 27,083 5,912 3,494 ( 1,927 ) ( 8,489 ) 26,073 Other components of net periodic benefit cost — — — — 50 50 Interest expense, net — — — — 906 906 Earnings (loss) from continuing operations before income taxes $ 27,083 $ 5,912 $ 3,494 $ ( 1,927 ) $ ( 9,445 ) $ 25,117 Total assets (2) $ 841,021 $ 206,996 $ 193,039 $ 72,586 $ 223,351 $ 1,536,993 Depreciation and amortization 6,849 1,485 1,092 214 1,032 10,672 Capital expenditures 4,638 2,405 1,719 370 1,708 10,840 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 83 % and 17 % , respectively, of our net sales for the third quarter of Fiscal 2023. (2) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Note 9 Business Segment Information, Continued Nine Months Ended October 28, 2023 Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 908,832 $ 334,033 $ 241,832 $ 104,232 $ — $ 1,588,929 Intercompany sales — — ( 9 ) ( 3,246 ) — ( 3,255 ) Net sales to external customers (1) 908,832 334,033 241,823 100,986 — 1,585,674 Segment operating income (loss) ( 21,265 ) 12,110 10,178 259 ( 23,020 ) ( 21,738 ) Goodwill impairment (2) - - - - 28,453 28,453 Asset impairments and other (3) — — — — 581 581 Operating income (loss) ( 21,265 ) 12,110 10,178 259 ( 52,054 ) ( 50,772 ) Other components of net periodic benefit cost — — — — 388 388 Interest expense, net — — — — 6,241 6,241 Earnings (loss) from continuing $ ( 21,265 ) $ 12,110 $ 10,178 $ 259 $ ( 58,683 ) $ ( 57,401 ) Depreciation and amortization $ 23,235 $ 4,751 $ 3,622 $ 669 $ 3,172 $ 35,449 Capital expenditures 32,447 9,376 5,277 1,788 850 49,738 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 79 % and 21 % , respectively, of our net sales in the first nine months of Fiscal 2024. (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. Nine Months Ended October 29, 2022 Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 1,016,396 $ 294,486 $ 225,448 $ 126,442 $ — $ 1,662,772 Intercompany sales — — — ( 2,904 ) — ( 2,904 ) Net sales to external customers (1) 1,016,396 294,486 225,448 123,538 — $ 1,659,868 Segment operating income (loss) 51,235 5,260 7,256 2,551 ( 23,055 ) $ 43,247 Asset impairments and other (2) — — — — ( 154 ) ( 154 ) Operating income (loss) 51,235 5,260 7,256 2,551 ( 22,901 ) 43,401 Other components of net periodic benefit cost — — — — 198 198 Interest expense — — — — 1,608 1,608 Earnings (loss) from continuing $ 51,235 $ 5,260 $ 7,256 $ 2,551 $ ( 24,707 ) $ 41,595 Depreciation and amortization $ 21,060 $ 4,607 $ 3,271 $ 692 $ 2,271 $ 31,901 Capital expenditures 15,539 6,278 5,528 1,033 11,467 39,845 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 82 % and 18 % , respectively, of our net sales for the first nine months of Fiscal 2023. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 USD ($) Segment Store | Oct. 29, 2022 USD ($) Segment | Oct. 28, 2023 USD ($) Segment Store | Oct. 29, 2022 USD ($) Segment | |
Summary of Accounting Policies [Line Items] | ||||
Number of retail stores operated by company | Store | 1,360 | 1,360 | ||
Number of reportable business segments | Segment | 4 | 4 | 4 | 4 |
Selling and administrative expenses | $ 267,474 | $ 267,734 | $ 778,491 | $ 756,318 |
Advertising costs | 33,600 | 31,300 | 85,300 | 81,400 |
Vendor reimbursements of cooperative advertising costs | 2,500 | 5,000 | 9,100 | 11,700 |
Wholesale Costs of Distribution | ||||
Summary of Accounting Policies [Line Items] | ||||
Selling and administrative expenses | 3,100 | 3,700 | 9,100 | 9,500 |
Retail Occupancy Costs | ||||
Summary of Accounting Policies [Line Items] | ||||
Selling and administrative expenses | $ 75,500 | $ 77,500 | $ 228,300 | $ 231,800 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | $ 38,123 | ||||
Impairment | $ 0 | $ 0 | (28,453) | [1] | $ 0 |
Effect of foreign currency exchange rates | (387) | ||||
Goodwill, ending balance | 9,283 | $ 37,903 | 9,283 | $ 37,903 | |
Journeys Group | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 9,662 | ||||
Effect of foreign currency exchange rates | (379) | ||||
Goodwill, ending balance | 9,283 | 9,283 | |||
Genesco Brands Group | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 28,461 | ||||
Impairment | (28,453) | ||||
Effect of foreign currency exchange rates | (8) | ||||
Goodwill, ending balance | $ 0 | $ 0 | |||
[1] (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2023 | Jul. 29, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill impairment charge | $ 0 | $ 0 | $ 28,453 | [1] | $ 0 | |
Genesco Brands Group | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Percentage of estimated impairment | 50% | |||||
Goodwill impairment charge | $ 28,500 | $ 28,500 | ||||
[1] (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Details) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Other intangibles by major classes | |||
Gross other intangibles | $ 30,359 | $ 30,952 | |
Accumulated amortization | (3,917) | (3,522) | |
Net Other Intangibles | 26,442 | 27,430 | $ 26,208 |
Trademarks | |||
Other intangibles by major classes | |||
Gross other intangibles | 23,514 | 24,077 | |
Accumulated amortization | 0 | 0 | |
Net Other Intangibles | 23,514 | 24,077 | |
Customer Lists | |||
Other intangibles by major classes | |||
Gross other intangibles | 6,445 | 6,475 | |
Accumulated amortization | (3,517) | (3,122) | |
Net Other Intangibles | 2,928 | 3,353 | |
Other | |||
Other intangibles by major classes | |||
Gross other intangibles | 400 | 400 | |
Accumulated amortization | (400) | (400) | |
Net Other Intangibles | $ 0 | $ 0 |
Asset Impairments and Other Cha
Asset Impairments and Other Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||||
Restructuring Cost And Reserve [Line Items] | |||||||
Asset impairments and other, net | $ (99) | [1] | $ 0 | $ (581) | [2] | $ 154 | [3] |
[1] Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Inventories | |||
Wholesale finished goods | $ 61,571 | $ 84,209 | |
Retail merchandise | 455,164 | 373,808 | |
Total Inventories | $ 516,735 | $ 458,017 | $ 563,490 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 128,163 | $ 44,858 |
Fair Value | 128,529 | 45,083 |
U.S. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 122,101 | 30,000 |
Fair Value | 122,465 | 30,219 |
U.K. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 6,062 | 14,858 |
Fair Value | $ 6,064 | $ 14,864 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets | $ 704.5 | $ 704.6 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets | 0.8 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments held | $ 5.8 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of shares - basic | 10,898 | 12,138 | 11,353 | 12,637 |
Common stock equivalents | 74 | 188 | 0 | 264 |
Weighted-average number of shares - diluted | 10,972 | 12,326 | 11,353 | 12,901 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Dec. 06, 2023 | Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | Jan. 29, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Common stock equivalents excluded | 120,000 | |||||||||
Stock repurchased during period (in shares) | 0 | 451,343 | 1,261,295 | 1,380,272 | ||||||
Shares repurchased | $ 22,857 | $ 9,170 | $ 20,768 | $ 45,422 | $ 6,500 | $ 32,000 | $ 72,700 | |||
Share price | $ 46.01 | $ 25.39 | $ 52.66 | |||||||
Stock repurchase accrued amount | $ 4,800 | |||||||||
Remaining authorized repurchase amount | $ 52,100 | $ 52,100 | ||||||||
Subsequent Event [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Stock repurchased during period (in shares) | 0 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 128,163 | $ 44,858 | |
Current portion | 0 | 0 | $ 3,484 |
Total Noncurrent Portion of Long-Term Debt | 128,163 | 44,858 | $ 85,904 |
U.S. revolver borrowings | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 122,101 | 30,000 | |
U.K. revolver borrowings | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 6,062 | $ 14,858 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands, £ in Millions, $ in Millions | 9 Months Ended | |||
Oct. 28, 2023 USD ($) | Oct. 28, 2023 CAD ($) | Oct. 28, 2023 GBP (£) | Jan. 28, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 128,163 | $ 44,858 | ||
Long term debt description | The revolver borrowings outstanding under the Credit Facility as of October 28, 2023 included $117.2 million U.S. revolver borrowings and $4.9 million (C$6.8 million) related to GCO Canada ULC. In addition, revolver borrowings outstanding under the Facility Agreement were $6.1 million (£5.0 million). We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of October 28, 2023. Excess availability under the Credit Facility was $203.4 million at October 28, 2023. | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Excess availability under credit facility | $ 203,400 | |||
Genesco Canada Ulc | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 4,900 | $ 6.8 | ||
U.S. Revolver Borrowings | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 122,101 | $ 30,000 | ||
U.S. Revolver Borrowings | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 117,200 | |||
Facility Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 6,100 | £ 5 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Loss Contingencies [Line Items] | |||
Amount related to outstanding environmental contingencies | $ 1.6 | $ 1.7 | $ 1.4 |
Commitments - Additional Inform
Commitments - Additional Information (Details) $ in Millions | Oct. 28, 2023 USD ($) |
Samsung | |
Loss Contingencies [Line Items] | |
Historical cost of inventory | $ 14.4 |
Business Segment Information -
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Oct. 28, 2023 | Jul. 29, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | Jan. 28, 2023 | ||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 579,315 | [1] | $ 603,788 | [2] | $ 1,585,674 | [3] | $ 1,659,868 | [4] | |||
Segment operating income (loss) | 10,951 | (21,738) | 43,247 | ||||||||
Goodwill impairment | 0 | 0 | 28,453 | [5] | 0 | ||||||
Asset impairments and other | 99 | [6] | 0 | 581 | [7] | (154) | [8] | ||||
Operating income (loss) | 10,852 | 26,073 | (50,772) | 43,401 | |||||||
Other components of net periodic benefit cost | 148 | 50 | 388 | 198 | |||||||
Interest expense, net | 2,207 | 906 | 6,241 | 1,608 | |||||||
Earnings (loss) from continuing operations before income taxes | 8,497 | 25,117 | (57,401) | 41,595 | |||||||
Total assets | 1,492,931 | [9] | 1,536,993 | [10] | 1,492,931 | [9] | 1,536,993 | [10] | $ 1,456,426 | ||
Depreciation and amortization | 12,330 | 10,672 | 35,449 | 31,901 | |||||||
Capital expenditures | 14,440 | 10,840 | 49,738 | 39,845 | |||||||
Journeys Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 349,367 | [1] | 380,619 | [2] | 908,832 | [3] | 1,016,396 | [4] | |||
Schuh Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 118,129 | [1] | 104,809 | [2] | 334,033 | [3] | 294,486 | [4] | |||
Johnston & Murphy Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 81,411 | [1] | 79,614 | [2] | 241,823 | [3] | 225,448 | [4] | |||
Genesco Brands Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 30,408 | [1] | 38,746 | [2] | 100,986 | [3] | 123,538 | [4] | |||
Goodwill impairment | $ 28,500 | 28,500 | |||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 581,817 | 605,703 | 1,588,929 | 1,662,772 | |||||||
Operating Segments | Journeys Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 349,367 | 380,619 | 908,832 | 1,016,396 | |||||||
Segment operating income (loss) | 11,975 | (21,265) | 51,235 | ||||||||
Goodwill impairment | [5] | 0 | |||||||||
Asset impairments and other | 0 | [6] | 0 | [7] | 0 | [8] | |||||
Operating income (loss) | 11,975 | 27,083 | (21,265) | 51,235 | |||||||
Other components of net periodic benefit cost | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||||
Earnings (loss) from continuing operations before income taxes | 11,975 | 27,083 | (21,265) | 51,235 | |||||||
Total assets | 798,968 | [9] | 841,021 | [10] | 798,968 | [9] | 841,021 | [10] | |||
Depreciation and amortization | 8,078 | 6,849 | 23,235 | 21,060 | |||||||
Capital expenditures | 8,235 | 4,638 | 32,447 | 15,539 | |||||||
Operating Segments | Schuh Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 118,129 | 104,809 | 334,033 | 294,486 | |||||||
Segment operating income (loss) | 5,484 | 12,110 | 5,260 | ||||||||
Goodwill impairment | [5] | 0 | |||||||||
Asset impairments and other | 0 | [6] | 0 | [7] | 0 | [8] | |||||
Operating income (loss) | 5,484 | 5,912 | 12,110 | 5,260 | |||||||
Other components of net periodic benefit cost | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||||
Earnings (loss) from continuing operations before income taxes | 5,484 | 5,912 | 12,110 | 5,260 | |||||||
Total assets | 213,036 | [9] | 206,996 | [10] | 213,036 | [9] | 206,996 | [10] | |||
Depreciation and amortization | 1,566 | 1,485 | 4,751 | 4,607 | |||||||
Capital expenditures | 3,380 | 2,405 | 9,376 | 6,278 | |||||||
Operating Segments | Johnston & Murphy Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 81,414 | 79,614 | 241,832 | 225,448 | |||||||
Segment operating income (loss) | 2,706 | 10,178 | 7,256 | ||||||||
Goodwill impairment | [5] | 0 | |||||||||
Asset impairments and other | 0 | [6] | 0 | [7] | 0 | [8] | |||||
Operating income (loss) | 2,706 | 3,494 | 10,178 | 7,256 | |||||||
Other components of net periodic benefit cost | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||||
Earnings (loss) from continuing operations before income taxes | 2,706 | 3,494 | 10,178 | 7,256 | |||||||
Total assets | 185,179 | [9] | 193,039 | [10] | 185,179 | [9] | 193,039 | [10] | |||
Depreciation and amortization | 1,365 | 1,092 | 3,622 | 3,271 | |||||||
Capital expenditures | 1,975 | 1,719 | 5,277 | 5,528 | |||||||
Operating Segments | Genesco Brands Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 32,907 | 40,661 | 104,232 | 126,442 | |||||||
Segment operating income (loss) | (1,560) | 259 | 2,551 | ||||||||
Goodwill impairment | [5] | 0 | |||||||||
Asset impairments and other | 0 | [6] | 0 | [7] | 0 | [8] | |||||
Operating income (loss) | (1,560) | (1,927) | 259 | 2,551 | |||||||
Other components of net periodic benefit cost | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||||
Earnings (loss) from continuing operations before income taxes | (1,560) | (1,927) | 259 | 2,551 | |||||||
Total assets | 52,170 | [9] | 72,586 | [10] | 52,170 | [9] | 72,586 | [10] | |||
Depreciation and amortization | 265 | 214 | 669 | 692 | |||||||
Capital expenditures | 710 | 370 | 1,788 | 1,033 | |||||||
Corporate & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | |||
Segment operating income (loss) | (7,654) | (23,020) | (23,055) | ||||||||
Goodwill impairment | [5] | 28,453 | |||||||||
Asset impairments and other | 99 | [6] | 581 | [7] | (154) | [8] | |||||
Operating income (loss) | (7,753) | (8,489) | (52,054) | (22,901) | |||||||
Other components of net periodic benefit cost | 148 | 50 | 388 | 198 | |||||||
Interest expense, net | 2,207 | 906 | 6,241 | 1,608 | |||||||
Earnings (loss) from continuing operations before income taxes | (10,108) | (9,445) | (58,683) | (24,707) | |||||||
Total assets | 243,578 | [9] | 223,351 | [10] | 243,578 | [9] | 223,351 | [10] | |||
Depreciation and amortization | 1,056 | 1,032 | 3,172 | 2,271 | |||||||
Capital expenditures | 140 | 1,708 | 850 | 11,467 | |||||||
Intercompany Sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (2,502) | (1,915) | (3,255) | (2,904) | |||||||
Intercompany Sales | Journeys Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | 0 | |||||||
Intercompany Sales | Schuh Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | 0 | |||||||
Intercompany Sales | Johnston & Murphy Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (3) | 0 | (9) | 0 | |||||||
Intercompany Sales | Genesco Brands Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ (2,499) | $ (1,915) | $ (3,246) | $ (2,904) | |||||||
[1] Net sales in North America and in the U.K., which includes the ROI, accounted for 80 % and 20 % , respectively, of our net sales in the third quarter of Fiscal 2024. Net sales in North America and in the U.K., which includes the ROI, accounted for 83 % and 17 % , respectively, of our net sales for the third quarter of Fiscal 2023. (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 79 % and 21 % , respectively, of our net sales in the first nine months of Fiscal 2024. (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 82 % and 18 % , respectively, of our net sales for the first nine months of Fiscal 2023. (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. Of our $ 704.5 million of long-lived assets, $ 87.9 million and $ 12.9 million relate to long-lived assets in the U.K. and Canada, respectively. (2) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. |
Business Segment Information _2
Business Segment Information - Schedule of Business Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Jul. 29, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | $ 99 | [1] | $ 0 | $ 581 | [2] | $ (154) | [3] | |
Long-lived assets | 704,500 | 704,600 | 704,500 | 704,600 | ||||
Goodwill impairment | 0 | 0 | 28,453 | [4] | 0 | |||
U.K. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Long-lived assets | 87,900 | 89,300 | 87,900 | 89,300 | ||||
Canada | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Long-lived assets | $ 12,900 | $ 18,500 | $ 12,900 | $ 18,500 | ||||
GeographicConcentrationRiskMember | SalesRevenueNetMember | U.K. | ||||||||
Segment Reporting Information [Line Items] | ||||||||
ConcentrationRiskPercentage1 | 20% | 17% | 21% | 18% | ||||
GeographicConcentrationRiskMember | SalesRevenueNetMember | NorthAmerica | ||||||||
Segment Reporting Information [Line Items] | ||||||||
ConcentrationRiskPercentage1 | 80% | 83% | 79% | 82% | ||||
Genesco Brands Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | $ 28,500 | $ 28,500 | ||||||
Retail Store Asset Impairments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | $ (500) | |||||||
Retail Store Asset Impairments | Journeys Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | $ (100) | $ (600) | (200) | |||||
Retail Store Asset Impairments | Schuh Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | (200) | |||||||
Retail Store Asset Impairments | Genesco Brands Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | (100) | |||||||
Gain on the Termination of the Pension Plan | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Asset impairments and other, net | $ (700) | |||||||
[1] Asset impairments and other includes a $ 0.1 million charge for asset impairments in Journeys Group. (3) Asset impairments and other includes a $ 0.6 million charge for asset impairments in Journeys Group. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Genesco Brands Group, partially offset by a $ 0.7 million gain on the termination of the pension plan. (2) Goodwill impairment of $ 28.5 million is related to Genesco Brands Group. |