Genesco (GCO) 10-Q 13 Jun 24 2025 Q1 Quarterly report Financial data

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.