Cover Page
Cover Page - shares | 3 Months Ended | |
May 04, 2024 | May 31, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
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, $1.00 par value | |
Trading Symbol | GCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 11,626,195 | |
Entity Central Index Key | 0000018498 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --02-01 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 | ||
Current Assets: | |||||
Cash | $ 19,247 | $ 35,155 | $ 31,786 | ||
Accounts receivable, net of allowances of $2,545 at May 4, 2024, $4,266 at January 28, 2023 and $4,051 at April 29, 2023 | 50,119 | 53,618 | 54,068 | ||
Inventories | 392,671 | 378,967 | 470,763 | ||
Prepaids and other current assets | 46,003 | 39,611 | 42,325 | ||
Total current assets | 508,040 | 507,351 | 598,942 | ||
Property and equipment, net | 233,601 | 240,266 | 239,120 | ||
Operating lease right of use assets | 420,133 | 436,896 | 477,962 | ||
Non-current prepaid income taxes | 57,441 | 56,839 | 54,567 | ||
Goodwill | 9,417 | 9,565 | 37,928 | ||
Other intangibles | 26,914 | 27,250 | 27,538 | ||
Deferred income taxes | 26,119 | 26,230 | 28,729 | ||
Other noncurrent assets | 25,752 | 25,493 | 30,526 | ||
Total Assets | 1,307,417 | [1] | 1,329,890 | 1,495,312 | [2] |
Current Liabilities: | |||||
Accounts payable | 108,847 | 114,621 | 143,814 | ||
Current portion - operating lease liabilities | 125,450 | 129,189 | 131,830 | ||
Other accrued liabilities | 73,888 | 75,727 | 75,992 | ||
Total current liabilities | 308,185 | 319,537 | 351,636 | ||
Long-term debt | 59,444 | 34,682 | 118,151 | ||
Long-term operating lease liabilities | 345,670 | 359,073 | 399,374 | ||
Other long-term liabilities | 45,665 | 45,396 | 43,526 | ||
Total liabilities | 758,964 | 758,688 | 912,687 | ||
Commitments and contingent liabilities | |||||
Equity | |||||
Non-redeemable preferred stock | 812 | 813 | 812 | ||
Common equity: | |||||
Common stock, $1 par value: Authorized; 80,000,000 shares Issued common stock | 12,122 | 11,961 | 13,052 | ||
Additional paid-in capital | 322,288 | 319,143 | 308,817 | ||
Retained earnings | 271,647 | 296,766 | 318,538 | ||
Accumulated other comprehensive loss | (40,559) | (39,624) | (40,737) | ||
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) | (17,857) | ||
Total equity | 548,453 | 571,202 | 582,625 | ||
Total Liabilities and Equity | $ 1,307,417 | $ 1,329,890 | $ 1,495,312 | ||
[1] Of our $ 653.7 million of long-lived assets, $ 90.0 million and $ 11.9 million relate to long-lived assets in the U.K. and Canada, respectively. Of our $ 717.1 million of long-lived assets, $ 91.2 million and $ 15.4 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 | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current Assets: | |||
Allowances on accounts receivable | $ 2,545 | $ 4,266 | $ 4,051 |
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 | ||||
May 04, 2024 | Apr. 29, 2023 | ||||
Income Statement [Abstract] | |||||
Net sales | $ 457,597 | [1] | $ 483,332 | [2] | |
Cost of sales | 241,316 | 254,524 | |||
Gross margin | 216,281 | 228,808 | |||
Selling and administrative expenses | 247,831 | 251,497 | |||
Asset impairments and other, net | [3] | 578 | 308 | ||
Operating loss | (32,128) | (22,997) | |||
Other components of net periodic benefit cost | 109 | 92 | |||
Interest expense, net | 890 | 1,651 | |||
Loss from continuing operations before income taxes | (33,127) | (24,740) | |||
Income tax benefit | (8,839) | (5,865) | |||
Loss from continuing operations | (24,288) | (18,875) | |||
Loss from discontinued operations, net of tax | (59) | (15) | |||
Net Loss | $ (24,347) | $ (18,890) | |||
Basic loss per common share: | |||||
Continuing operations (in dollars per share) | $ (2.22) | $ (1.6) | |||
Discontinued operations (in dollars per share) | (0.01) | 0 | |||
Net loss (in dollars per share) | (2.23) | (1.6) | |||
Diluted loss per common share: | |||||
Continuing operations (in dollars per share) | (2.22) | (1.6) | |||
Discontinued operations (in dollars per share) | (0.01) | 0 | |||
Net loss (in dollars per share) | $ (2.23) | $ (1.6) | |||
Weighted average shares outstanding: | |||||
Basic (in shares) | 10,930 | 11,818 | |||
Diluted (in shares) | 10,930 | 11,818 | |||
[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 first quarter of Fiscal 2025 Net sales in North America and in the U.K., which includes the ROI, accounted for 81 % and 19 % , respectively, of our net sales for the first quarter of Fiscal 2024. Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ (24,347) | $ (18,890) |
Other comprehensive income (loss): | ||
Postretirement liability adjustments, net of tax | 38 | 29 |
Foreign currency translation adjustments | (973) | 445 |
Total other comprehensive income (loss) | (935) | 474 |
Comprehensive Loss | $ (25,282) | $ (18,416) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (24,347) | $ (18,890) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 13,237 | 11,286 |
Deferred income taxes | 399 | 16 |
Impairment of long-lived assets | 244 | 308 |
Share-based compensation expense | 3,307 | 3,772 |
Other | 72 | 315 |
Changes in working capital and other assets and liabilities: | ||
Accounts receivable | 3,573 | (13,367) |
Inventories | (14,466) | (11,789) |
Prepaids and other current assets | (6,415) | (16,364) |
Accounts payable | (5,816) | 359 |
Other accrued liabilities | (2,158) | (4,843) |
Other assets and liabilities | (1,374) | (11,248) |
Net cash used in operating activities | (33,744) | (60,445) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (6,377) | (17,235) |
Proceeds from asset sales | 0 | 87 |
Net cash used in investing activities | (6,377) | (17,148) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 83,374 | 152,569 |
Payments on revolving credit facility | (58,573) | (79,469) |
Shares repurchased related to share repurchase plan | 0 | (9,170) |
Shares repurchased related to taxes for share-based awards | (773) | (449) |
Change in overdraft balances | 214 | (1,698) |
Net cash provided by financing activities | 24,242 | 61,783 |
Effect of foreign exchange rate fluctuations on cash | (29) | (394) |
Net decrease in cash | (15,908) | (16,204) |
Cash at beginning of period | 35,155 | 47,990 |
Cash at end of period | 19,247 | 31,786 |
Supplemental information: | ||
Interest paid | 761 | 1,147 |
Income taxes paid | $ 1,116 | $ 626 |
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. 28, 2023 | $ 606,966 | $ 815 | $ 13,089 | $ 305,260 | $ 346,870 | $ (41,211) | $ (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | (18,890) | (18,890) | |||||
Other comprehensive income (loss) | 474 | 474 | |||||
Share-based compensation expense | 3,772 | 3,772 | |||||
Restricted stock issuance | 0 | 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 Feb. 03, 2024 | 571,202 | 813 | 11,961 | 319,143 | 296,766 | (39,624) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | (24,347) | (24,347) | |||||
Other comprehensive income (loss) | (935) | (935) | |||||
Share-based compensation expense | 3,307 | 3,307 | |||||
Restricted stock issuance | 0 | 198 | (198) | ||||
Restricted shares withheld for taxes | (773) | (29) | 29 | (773) | |||
Other | (1) | (1) | (8) | 7 | 1 | ||
Ending balance at May. 04, 2024 | $ 548,453 | $ 812 | $ 12,122 | $ 322,288 | $ 271,647 | $ (40,559) | $ (17,857) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (24,347) | $ (18,890) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
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 | 3 Months Ended |
May 04, 2024 | |
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 2024, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 27, 2024. 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 1, 2025 ("Fiscal 2025"), which is a 52-week year, and of the fiscal year ended February 3, 2024 ("Fiscal 2024"), which was a 53-week year. 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 February 3, 2024 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 May 4, 2024, we operated 1,321 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three months ended May 4, 2024 and April 29, 2023, 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 $ 2.4 million and $ 3.5 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. Retail occupancy costs recorded in selling and administrative expenses were $ 75.5 million and $ 76.4 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. Advertising Costs Advertising costs were $ 23.7 million and $ 23.6 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 1.9 million and $ 4.7 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. During the first three months of each of Fiscal 2025 and Fiscal 2024, our cooperative advertising reimbursements received were not in excess of the costs incurred. Note 1 Summary of Significant Accounting Policies, Continued New Accounting Pronouncements 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 May 4, 2024, there were no other new pronouncements or interpretations, other than those disclosed in the Annual Report on Form 10-K for the fiscal year ended February 3, 2024, that had or were expected to have a significant impact on our financial reporting. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
May 04, 2024 | |
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 for the Journeys Group segment were as follows: (In thousands) Total Balance, February 3, 2024 $ 9,565 Effect of foreign currency exchange rates ( 148 ) Balance, May 4, 2024 $ 9,417 Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 Gross other intangibles $ 24,270 $ 24,464 $ 6,490 $ 6,501 $ 400 $ 400 $ 31,160 $ 31,365 Accumulated amortization — — ( 3,846 ) ( 3,715 ) ( 400 ) ( 400 ) ( 4,246 ) ( 4,115 ) Net Other Intangibles $ 24,270 $ 24,464 $ 2,644 $ 2,786 $ — $ — $ 26,914 $ 27,250 |
Inventories
Inventories | 3 Months Ended |
May 04, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 Inventories (In thousands) May 4, 2024 February 3, 2024 Wholesale finished goods $ 44,268 $ 57,678 Retail merchandise 348,403 321,289 Total Inventories $ 392,671 $ 378,967 |
Fair Value
Fair Value | 3 Months Ended |
May 04, 2024 | |
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 May 4, 2024 and February 3, 2024 are: (In thousands) May 4, 2024 February 3, 2024 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 59,444 $ 59,595 $ 34,682 $ 34,638 Total Long-Term Debt $ 59,444 $ 59,595 $ 34,682 $ 34,638 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. We did not have any debt classified as current portion as of May 4, 2024 or February 3, 2024. As of May 4, 2024, we have $ 0.7 million of long-lived assets held and used which were measured using Level 3 inputs within the fair value hierarchy. As of May 4, 2024, we have $ 6.5 million of investments held and used which were measured using Level 1 inputs within the fair value hierarchy. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 5 Long-Term Debt The revolver borrowings outstanding under the Credit Facility as of May 4, 2024 included $ 56.3 million U.S. revolver borrowings and $ 3.1 million (C $ 4.3 million) related to GCO Canada ULC. We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of May 4, 2024. Excess availability under the Credit Facility was $ 200.1 million at May 4, 2024. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6 Earnings Per Share Weighted-average number of shares used to calculate earnings per share are as follows: Three Months Ended (Shares in thousands) May 4, 2024 April 29, 2023 Weighted-average number of shares - basic 10,930 11,818 Common stock equivalents - - Weighted-average number of shares - diluted 10,930 11,818 Common stock equivalents of 0.2 million shares are excluded for each of the three months ended May 4, 2024 and April 29, 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 first quarter of Fiscal 2025. We have $ 52.1 million remaining as of May 4, 2024 under our expanded share repurchase authorization announced in June 2023. We repurchased 255,000 shares during the first quarter of Fiscal 2024 at a cost of $ 9.2 million, or $ 35.96 per share. During the second quarter of Fiscal 2025, through June 12, 2024, we have repurchased 7,700 shares at a cost of $ 0.2 million, or $ 24.90 per share. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
May 04, 2024 | |
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 $ 2.0 million as of May 4, 2024, $ 2.0 million as of February 3, 2024 and $ 1.7 million as of April 29, 2023. 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 for discontinued operations are included in other accrued liabilities and other long-term liabilities 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 first quarter of Fiscal 2025 or Fiscal 2024. These charges are included in loss from discontinued operations, net of tax 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 | 3 Months Ended |
May 04, 2024 | |
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 any 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 May 4, 2024, the inventory owned by Samsung had a historical cost of $ 7.8 million. As of May 4, 2024, 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 | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 9 Business Segment Information Three Months Ended May 4, 2024 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 259,445 $ 92,349 $ 79,207 $ 28,593 $ — $ 459,594 Intercompany sales — — — ( 1,997 ) — ( 1,997 ) Net sales to external customers (1) 259,445 92,349 79,207 26,596 — 457,597 Segment operating income (loss) ( 18,822 ) ( 5,896 ) 2,355 ( 986 ) ( 8,201 ) ( 31,550 ) Asset impairments and other (2) — — — — 578 578 Operating income (loss) ( 18,822 ) ( 5,896 ) 2,355 ( 986 ) ( 8,779 ) ( 32,128 ) Other components of net periodic benefit cost — — — — 109 109 Interest expense, net — — — — 890 890 Earnings (loss) from continuing operations before income taxes $ ( 18,822 ) $ ( 5,896 ) $ 2,355 $ ( 986 ) $ ( 9,778 ) $ ( 33,127 ) Total assets (3) $ 653,489 $ 209,372 $ 153,890 $ 54,716 $ 235,950 $ 1,307,417 Depreciation and amortization 8,612 1,869 1,382 314 1,060 13,237 Capital expenditures 3,491 733 1,715 231 207 6,377 (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 first quarter of Fiscal 2025 . (2) Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. (3) Of our $ 653.7 million of long-lived assets, $ 90.0 million and $ 11.9 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended April 29, 2023 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 272,190 $ 93,105 $ 82,630 $ 35,864 $ — $ 483,789 Intercompany sales — — ( 3 ) ( 454 ) — ( 457 ) Net sales to external customers (1) 272,190 93,105 82,627 35,410 — 483,332 Segment operating income (loss) ( 18,362 ) ( 1,790 ) 4,806 ( 32 ) ( 7,311 ) ( 22,689 ) Asset impairments and other (2) — — — — 308 308 Operating income (loss) ( 18,362 ) ( 1,790 ) 4,806 ( 32 ) ( 7,619 ) ( 22,997 ) Other components of net periodic benefit cost — — — — 92 92 Interest expense, net — — — — 1,651 1,651 Earnings (loss) from continuing operations before income taxes $ ( 18,362 ) $ ( 1,790 ) $ 4,806 $ ( 32 ) $ ( 9,362 ) $ ( 24,740 ) Total assets (3) $ 765,064 $ 212,579 $ 187,247 $ 78,313 $ 252,109 $ 1,495,312 Depreciation and amortization 7,347 1,561 1,120 203 1,055 11,286 Capital expenditures 13,019 2,151 1,205 455 405 17,235 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 81 % and 19 % , respectively, of our net sales for the first quarter of Fiscal 2024. (2) Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group . (3) Of our $ 717.1 million of long-lived assets, $ 91.2 million and $ 15.4 million relate to long-lived assets in the U.K. and Canada, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 04, 2024 | |
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 2024, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 27, 2024. 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 1, 2025 ("Fiscal 2025"), which is a 52-week year, and of the fiscal year ended February 3, 2024 ("Fiscal 2024"), which was a 53-week year. 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 February 3, 2024 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 May 4, 2024, we operated 1,321 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three months ended May 4, 2024 and April 29, 2023, 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 $ 2.4 million and $ 3.5 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. Retail occupancy costs recorded in selling and administrative expenses were $ 75.5 million and $ 76.4 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. |
Advertising Costs | Advertising Costs Advertising costs were $ 23.7 million and $ 23.6 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. |
Vendor Allowances | Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 1.9 million and $ 4.7 million for the first quarters of Fiscal 2025 and Fiscal 2024, respectively. During the first three months of each of Fiscal 2025 and Fiscal 2024, our cooperative advertising reimbursements received were not in excess of the costs incurred. |
New Accounting Pronouncements | New Accounting Pronouncements 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 May 4, 2024, there were no other new pronouncements or interpretations, other than those disclosed in the Annual Report on Form 10-K for the fiscal year ended February 3, 2024, 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) | 3 Months Ended |
May 04, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount for the Journeys Group Segment | The changes in the carrying amount of goodwill for the Journeys Group segment were as follows: (In thousands) Total Balance, February 3, 2024 $ 9,565 Effect of foreign currency exchange rates ( 148 ) Balance, May 4, 2024 $ 9,417 |
Summary of Other Intangible Assets | Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 May 4, 2024 Feb. 3, 2024 Gross other intangibles $ 24,270 $ 24,464 $ 6,490 $ 6,501 $ 400 $ 400 $ 31,160 $ 31,365 Accumulated amortization — — ( 3,846 ) ( 3,715 ) ( 400 ) ( 400 ) ( 4,246 ) ( 4,115 ) Net Other Intangibles $ 24,270 $ 24,464 $ 2,644 $ 2,786 $ — $ — $ 26,914 $ 27,250 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 04, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | (In thousands) May 4, 2024 February 3, 2024 Wholesale finished goods $ 44,268 $ 57,678 Retail merchandise 348,403 321,289 Total Inventories $ 392,671 $ 378,967 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments | The carrying amounts and fair values of our financial instruments at May 4, 2024 and February 3, 2024 are: (In thousands) May 4, 2024 February 3, 2024 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 59,444 $ 59,595 $ 34,682 $ 34,638 Total Long-Term Debt $ 59,444 $ 59,595 $ 34,682 $ 34,638 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
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 (Shares in thousands) May 4, 2024 April 29, 2023 Weighted-average number of shares - basic 10,930 11,818 Common stock equivalents - - Weighted-average number of shares - diluted 10,930 11,818 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Three Months Ended May 4, 2024 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 259,445 $ 92,349 $ 79,207 $ 28,593 $ — $ 459,594 Intercompany sales — — — ( 1,997 ) — ( 1,997 ) Net sales to external customers (1) 259,445 92,349 79,207 26,596 — 457,597 Segment operating income (loss) ( 18,822 ) ( 5,896 ) 2,355 ( 986 ) ( 8,201 ) ( 31,550 ) Asset impairments and other (2) — — — — 578 578 Operating income (loss) ( 18,822 ) ( 5,896 ) 2,355 ( 986 ) ( 8,779 ) ( 32,128 ) Other components of net periodic benefit cost — — — — 109 109 Interest expense, net — — — — 890 890 Earnings (loss) from continuing operations before income taxes $ ( 18,822 ) $ ( 5,896 ) $ 2,355 $ ( 986 ) $ ( 9,778 ) $ ( 33,127 ) Total assets (3) $ 653,489 $ 209,372 $ 153,890 $ 54,716 $ 235,950 $ 1,307,417 Depreciation and amortization 8,612 1,869 1,382 314 1,060 13,237 Capital expenditures 3,491 733 1,715 231 207 6,377 (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 first quarter of Fiscal 2025 . (2) Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. (3) Of our $ 653.7 million of long-lived assets, $ 90.0 million and $ 11.9 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended April 29, 2023 ( In thousands) Journeys Schuh Johnston Genesco Brands Group Corporate Consolidated Sales $ 272,190 $ 93,105 $ 82,630 $ 35,864 $ — $ 483,789 Intercompany sales — — ( 3 ) ( 454 ) — ( 457 ) Net sales to external customers (1) 272,190 93,105 82,627 35,410 — 483,332 Segment operating income (loss) ( 18,362 ) ( 1,790 ) 4,806 ( 32 ) ( 7,311 ) ( 22,689 ) Asset impairments and other (2) — — — — 308 308 Operating income (loss) ( 18,362 ) ( 1,790 ) 4,806 ( 32 ) ( 7,619 ) ( 22,997 ) Other components of net periodic benefit cost — — — — 92 92 Interest expense, net — — — — 1,651 1,651 Earnings (loss) from continuing operations before income taxes $ ( 18,362 ) $ ( 1,790 ) $ 4,806 $ ( 32 ) $ ( 9,362 ) $ ( 24,740 ) Total assets (3) $ 765,064 $ 212,579 $ 187,247 $ 78,313 $ 252,109 $ 1,495,312 Depreciation and amortization 7,347 1,561 1,120 203 1,055 11,286 Capital expenditures 13,019 2,151 1,205 455 405 17,235 (1) Net sales in North America and in the U.K., which includes the ROI, accounted for 81 % and 19 % , respectively, of our net sales for the first quarter of Fiscal 2024. (2) Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group . (3) Of our $ 717.1 million of long-lived assets, $ 91.2 million and $ 15.4 million relate to long-lived assets in the U.K. and Canada, respectively. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | |
May 04, 2024 USD ($) Store Segment | Apr. 29, 2023 USD ($) Segment | |
Summary of Accounting Policies [Line Items] | ||
Number of retail stores operated by company | Store | 1,321 | |
Number of reportable business segments | Segment | 4 | 4 |
Selling and administrative expenses | $ 247,831 | $ 251,497 |
Advertising costs | 23,700 | 23,600 |
Vendor reimbursements of cooperative advertising costs | 1,900 | 4,700 |
Wholesale Costs of Distribution | ||
Summary of Accounting Policies [Line Items] | ||
Selling and administrative expenses | 2,400 | 3,500 |
Retail Occupancy Costs | ||
Summary of Accounting Policies [Line Items] | ||
Selling and administrative expenses | $ 75,500 | $ 76,400 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount for the Journeys Group Segment (Details) $ in Thousands | 3 Months Ended |
May 04, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 9,565 |
Effect of foreign currency exchange rates | (148) |
Goodwill, ending balance | $ 9,417 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Other intangibles by major classes | |||
Gross other intangibles | $ 31,160 | $ 31,365 | |
Accumulated amortization | (4,246) | (4,115) | |
Net Other Intangibles | 26,914 | 27,250 | $ 27,538 |
Trademarks | |||
Other intangibles by major classes | |||
Gross other intangibles | 24,270 | 24,464 | |
Accumulated amortization | 0 | 0 | |
Net Other Intangibles | 24,270 | 24,464 | |
Customer Lists | |||
Other intangibles by major classes | |||
Gross other intangibles | 6,490 | 6,501 | |
Accumulated amortization | (3,846) | (3,715) | |
Net Other Intangibles | 2,644 | 2,786 | |
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 | ||
May 04, 2024 | Apr. 29, 2023 | ||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | [1] | $ (578) | $ (308) |
[1] Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Inventories | |||
Wholesale finished goods | $ 44,268 | $ 57,678 | |
Retail merchandise | 348,403 | 321,289 | |
Total Inventories | $ 392,671 | $ 378,967 | $ 470,763 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 59,444 | $ 34,682 |
Fair Value | 59,595 | 34,638 |
U.S. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 59,444 | 34,682 |
Fair Value | $ 59,595 | $ 34,638 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Millions | May 04, 2024 | Apr. 29, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets | $ 653.7 | $ 717.1 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets | 0.7 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments held | $ 6.5 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands, $ in Millions | 3 Months Ended | ||
May 04, 2024 USD ($) | May 04, 2024 CAD ($) | Feb. 03, 2024 USD ($) | |
Debt Instrument [Line Items] | |||
Carrying Amount | $ 59,444 | $ 34,682 | |
Long term debt description | The revolver borrowings outstanding under the Credit Facility as of May 4, 2024 included $56.3 million U.S. revolver borrowings and $3.1 million (C$4.3 million) related to GCO Canada ULC. We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of May 4, 2024. Excess availability under the Credit Facility was $200.1 million at May 4, 2024. | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Excess availability under credit facility | $ 200,100 | ||
Genesco Canada Ulc | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 3,100 | $ 4.3 | |
U.S. Revolver Borrowings | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 59,444 | $ 34,682 | |
U.S. Revolver Borrowings | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 56,300 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted-average number of shares - basic (in shares) | 10,930 | 11,818 |
Common stock equivalents (in shares) | 0 | 0 |
Weighted-average number of shares - diluted (in shares) | 10,930 | 11,818 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jun. 12, 2024 | May 04, 2024 | Apr. 29, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded | 0.2 | 0.2 | |
Stock repurchased during period (in shares) | 0 | 255,000 | |
Shares repurchased | $ 9,170 | ||
Share price | $ 35.96 | ||
Remaining authorized repurchase amount | $ 52,100 | ||
Subsequent Event [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock repurchased during period (in shares) | 7,700 | ||
Shares repurchased | $ 200 | ||
Share price | $ 24.9 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Loss Contingencies [Line Items] | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Amount related to outstanding environmental contingencies | $ 2 | $ 2 | $ 1.7 |
Commitments - Additional Inform
Commitments - Additional Information (Details) $ in Millions | May 04, 2024 USD ($) |
Samsung | |
Loss Contingencies [Line Items] | |
Historical cost of inventory | $ 7.8 |
Business Segment Information -
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | ||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 457,597 | [1] | $ 483,332 | [2] | ||
Segment operating income (loss) | (31,550) | (22,689) | ||||
Asset impairments and other | [3] | 578 | 308 | |||
Operating loss | (32,128) | (22,997) | ||||
Other components of net periodic benefit cost | 109 | 92 | ||||
Interest expense, net | 890 | 1,651 | ||||
Loss from continuing operations before income taxes | (33,127) | (24,740) | ||||
Total assets | 1,307,417 | [4] | 1,495,312 | [5] | $ 1,329,890 | |
Depreciation and amortization | 13,237 | 11,286 | ||||
Capital expenditures | 6,377 | 17,235 | ||||
Journeys Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 259,445 | [1] | 272,190 | [2] | ||
Schuh Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 92,349 | [1] | 93,105 | [2] | ||
Johnston & Murphy Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 79,207 | [1] | 82,627 | [2] | ||
Genesco Brands Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 26,596 | [1] | 35,410 | [2] | ||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 459,594 | 483,789 | ||||
Operating Segments | Journeys Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 259,445 | 272,190 | ||||
Segment operating income (loss) | (18,822) | (18,362) | ||||
Asset impairments and other | 0 | [3] | 0 | [6] | ||
Operating loss | (18,822) | (18,362) | ||||
Other components of net periodic benefit cost | 0 | 0 | ||||
Interest expense, net | 0 | 0 | ||||
Loss from continuing operations before income taxes | (18,822) | (18,362) | ||||
Total assets | 653,489 | [4] | 765,064 | [5] | ||
Depreciation and amortization | 8,612 | 7,347 | ||||
Capital expenditures | 3,491 | 13,019 | ||||
Operating Segments | Schuh Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 92,349 | 93,105 | ||||
Segment operating income (loss) | (5,896) | (1,790) | ||||
Asset impairments and other | [3] | 0 | 0 | |||
Operating loss | (5,896) | (1,790) | ||||
Other components of net periodic benefit cost | 0 | 0 | ||||
Interest expense, net | 0 | 0 | ||||
Loss from continuing operations before income taxes | (5,896) | (1,790) | ||||
Total assets | 209,372 | [4] | 212,579 | [5] | ||
Depreciation and amortization | 1,869 | 1,561 | ||||
Capital expenditures | 733 | 2,151 | ||||
Operating Segments | Johnston & Murphy Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 79,207 | 82,630 | ||||
Segment operating income (loss) | 2,355 | 4,806 | ||||
Asset impairments and other | [3] | 0 | 0 | |||
Operating loss | 2,355 | 4,806 | ||||
Other components of net periodic benefit cost | 0 | 0 | ||||
Interest expense, net | 0 | 0 | ||||
Loss from continuing operations before income taxes | 2,355 | 4,806 | ||||
Total assets | 153,890 | [4] | 187,247 | [5] | ||
Depreciation and amortization | 1,382 | 1,120 | ||||
Capital expenditures | 1,715 | 1,205 | ||||
Operating Segments | Genesco Brands Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 28,593 | 35,864 | ||||
Segment operating income (loss) | (986) | (32) | ||||
Asset impairments and other | [3] | 0 | 0 | |||
Operating loss | (986) | (32) | ||||
Other components of net periodic benefit cost | 0 | 0 | ||||
Interest expense, net | 0 | 0 | ||||
Loss from continuing operations before income taxes | (986) | (32) | ||||
Total assets | 54,716 | [4] | 78,313 | [5] | ||
Depreciation and amortization | 314 | 203 | ||||
Capital expenditures | 231 | 455 | ||||
Corporate & Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | [1] | 0 | [2] | ||
Segment operating income (loss) | (8,201) | (7,311) | ||||
Asset impairments and other | [3] | 578 | 308 | |||
Operating loss | (8,779) | (7,619) | ||||
Other components of net periodic benefit cost | 109 | 92 | ||||
Interest expense, net | 890 | 1,651 | ||||
Loss from continuing operations before income taxes | (9,778) | (9,362) | ||||
Total assets | 235,950 | [4] | 252,109 | [5] | ||
Depreciation and amortization | 1,060 | 1,055 | ||||
Capital expenditures | 207 | 405 | ||||
Intercompany Sales | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | (1,997) | (457) | ||||
Intercompany Sales | Journeys Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | ||||
Intercompany Sales | Schuh Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | ||||
Intercompany Sales | Johnston & Murphy Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | (3) | ||||
Intercompany Sales | Genesco Brands Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ (1,997) | $ (454) | ||||
[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 first quarter of Fiscal 2025 Net sales in North America and in the U.K., which includes the ROI, accounted for 81 % and 19 % , respectively, of our net sales for the first quarter of Fiscal 2024. Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. Of our $ 653.7 million of long-lived assets, $ 90.0 million and $ 11.9 million relate to long-lived assets in the U.K. and Canada, respectively. Of our $ 717.1 million of long-lived assets, $ 91.2 million and $ 15.4 million relate to long-lived assets in the U.K. and Canada, respectively. Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group |
Business Segment Information _2
Business Segment Information - Schedule of Business Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | [1] | $ 578 | $ 308 |
Long-lived assets | 653,700 | 717,100 | |
Segment operating income (loss) | (31,550) | (22,689) | |
U.K. | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 90,000 | 91,200 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 11,900 | $ 15,400 | |
GeographicConcentrationRiskMember | SalesRevenueNetMember | U.K. | |||
Segment Reporting Information [Line Items] | |||
ConcentrationRiskPercentage1 | 20% | 19% | |
GeographicConcentrationRiskMember | SalesRevenueNetMember | NorthAmerica | |||
Segment Reporting Information [Line Items] | |||
ConcentrationRiskPercentage1 | 80% | 81% | |
Retail Store Asset Impairments | Journeys Group | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | $ 300 | $ 300 | |
Employee Severance | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | $ 300 | ||
[1] Asset impairments and other includes a $ 0.3 million charge for asset impairments in Journeys Group and $ 0.3 million for severance. |