Financial Data and Key Metrics Changes - For fiscal year 2020, adjusted EPS increased by 40% to $4.58, exceeding guidance of $4.10 to $4.40, driven by stronger-than-expected results at Schuh and lower-than-planned expenses [10][12][23] - Consolidated revenue for Q4 was slightly above last year's level, with consolidated comps at 1%, driven by direct comps of 19% and store comps that decreased by 2% [24][25] - Adjusted operating income improved by 9%, increasing from $91 million to $99 million [23] Business Line Data and Key Metrics Changes - Journeys posted a positive comp increase in Q4, with strong full-price selling and record digital sales growth, despite negative store comps [15][16] - Schuh exceeded expectations with low-single-digit comp increases for the second consecutive quarter, benefiting from omni-channel capabilities [17][18] - Johnston & Murphy experienced negative comps but showed sequential improvement, focusing on product innovation to drive future growth [19][26] Market Data and Key Metrics Changes - Store traffic in North America slowed post-holiday, particularly affecting Journeys, while Schuh saw robust post-holiday sales driven by clearance activity [20] - The company noted a decline in store traffic at tourist locations, particularly in the U.K. and North America, due to the impact of COVID-19 [21][64] Company Strategy and Development Direction - The company aims to accelerate digital and omni-channel potential while growing its branded side, with a five-year plan forecasting average annual growth of 3% to 4% [43][44] - Key strategic pillars include building consumer insights, intensifying product innovation, and pursuing synergistic acquisitions [45][56] - The acquisition of Togast and securing the Levi's footwear license are seen as significant growth opportunities [57] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for fiscal 2021, projecting adjusted EPS between $4.90 and $5.40, with expectations for a stronger second half of the year [22][35] - The impact of COVID-19 on consumer demand is being closely monitored, with management noting potential pent-up demand once the situation stabilizes [65][75] Other Important Information - The company successfully eliminated $9 million in stranded costs related to the Lids divestiture, contributing to improved financial performance [28][29] - Capital expenditures for the year totaled $30 million, with plans for increased spending in fiscal 2021 [33][40] Q&A Session Summary Question: Impact of COVID-19 on airport and tourist stores - Management acknowledged a decline in traffic at tourist locations, particularly in major cities and airports, and noted that the majority of stores are in non-tourist locations [64][66] Question: Guidance for Journeys in Q1 - Management indicated that softness in boot sales and weather conditions contributed to the guidance of down 7% to down 3% for Journeys [67][68] Question: Contingency planning amid low visibility - Management emphasized careful expense management and the importance of experienced teams to navigate through challenging times [73][75] Question: Broader slowdown outside airport and tourist locations - Management confirmed that no additional slowdown was built into the guidance beyond current business trends [76]

Part I. Financial Information [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Genesco Inc.'s unaudited condensed consolidated financial statements for Q3 and nine months ended November 2, 2019, reflect the Lids Sports Group sale and ASC 842 adoption, recognizing significant lease assets and liabilities [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of November 2, 2019, total assets increased to **$1.79 billion** from **$1.18 billion** due to ASC 842 adoption, recognizing a **$750.9 million** operating lease right-of-use asset and corresponding liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Nov 2, 2019 | Feb 2, 2019 | Nov 3, 2018 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $55,826 | $167,355 | $53,423 | | Inventories | $473,940 | $366,667 | $454,673 | | Operating lease right of use asset | $750,855 | — | — | | **Total Assets** | **$1,785,492** | **$1,181,081** | **$1,430,713** | | **Liabilities & Equity** | | | | | Current portion - operating lease liability | $145,788 | — | — | | Long-term operating lease liability | $663,168 | — | — | | Long-term debt | $62,368 | $56,751 | $72,455 | | **Total Liabilities** | **$1,212,044** | **$443,530** | **$588,952** | | Retained earnings | $343,156 | $508,555 | $617,923 | | **Total Equity** | **$573,448** | **$737,551** | **$841,761** | - The adoption of new lease accounting standard ASC 842 resulted in the recognition of a **$750.9 million** operating lease right-of-use asset and corresponding current (**$145.8 million**) and long-term (**$663.2 million**) lease liabilities as of November 2, 2019[6](index=6&type=chunk)[8](index=8&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 net sales slightly decreased to **$537.3 million**, but net earnings rose to **$19.0 million**; nine-month net sales grew to **$1.52 billion**, with operating income increasing to **$38.0 million** Q3 Performance Summary (in thousands, except per share amounts) | Metric | Q3 2020 (ended Nov 2, 2019) | Q3 2019 (ended Nov 3, 2018) | | :--- | :--- | :--- | | Net sales | $537,263 | $539,828 | | Operating income | $25,943 | $26,387 | | Earnings from continuing operations | $18,979 | $19,694 | | Net Earnings | $18,899 | $14,387 | | Diluted EPS (Net earnings) | $1.30 | $0.73 | Nine-Month Performance Summary (in thousands, except per share amounts) | Metric | Nine Months 2020 (ended Nov 2, 2019) | Nine Months 2019 (ended Nov 3, 2018) | | :--- | :--- | :--- | | Net sales | $1,519,487 | $1,513,062 | | Operating income | $37,989 | $31,174 | | Earnings from continuing operations | $26,242 | $21,525 | | Net Earnings | $25,822 | $12,041 | | Diluted EPS (Net earnings) | $1.60 | $0.62 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow significantly decreased to **$2.8 million**, while investing activities provided **$77.3 million** from a business sale, and financing used **$191.3 million** for share repurchases Nine-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Nov 2, 2019 | Nine Months Ended Nov 3, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,806 | $58,297 | | Net cash provided by (used in) investing activities | $77,342 | $(45,406) | | Net cash provided by (used in) financing activities | $(191,318) | $1,390 | | **Net (Decrease) in Cash** | **$(111,529)** | **$13,486** | - Investing activities were significantly impacted by the receipt of **$98.7 million** from the sale of a business during the first nine months of Fiscal 2020[14](index=14&type=chunk) - Financing activities were dominated by **$189.2 million** used for share repurchases in the first nine months of Fiscal 2020, with no such repurchases in the prior-year period[14](index=14&type=chunk) [Notes to Condensed Consolidated Financial Statements (unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Detailed notes cover accounting policies, four business segments, the significant impact of ASC 842 adoption, the Lids Sports Group sale as discontinued operations, and legal contingencies - The company operates four reportable business segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands[21](index=21&type=chunk) - On February 2, 2019, the company completed the sale of its Lids Sports Group business, with operating results reported in loss from discontinued operations[20](index=20&type=chunk) - The adoption of ASC 842 on February 3, 2019, resulted in recording net operating lease right-of-use assets of **$795.6 million** and operating lease liabilities of **$855.3 million**[48](index=48&type=chunk)[50](index=50&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q3 and nine-month Fiscal 2020 performance, focusing on the Lids sale, footwear strategy, segment results, liquidity, capital resources, and market risks, noting a 3% comparable sales growth in Q3 [Overview and Strategy](index=46&type=section&id=Overview%20and%20Strategy) The company's strategy, following the Lids Sports Group sale, focuses on footwear-centric growth through organic initiatives like improved comparable sales and operating margins, alongside potential acquisitions - The company's long-term strategy is to pursue growth through a **footwear-focused approach**, concentrating on both organic growth and potential acquisitions[151](index=151&type=chunk) - Organic growth initiatives include improving comparable sales (in-store and e-commerce), increasing operating margins, opportunistically managing the store base, and enhancing brand value[151](index=151&type=chunk) [Results of Operations](index=50&type=section&id=Results%20of%20Operations) Q3 Fiscal 2020 saw a slight net sales decrease to **$537.3 million** but **3%** comparable sales growth, with Journeys Group showing strong performance and Johnston & Murphy Group experiencing sales and operating income declines Q3 Fiscal 2020 Segment Performance | Segment | Net Sales (in thousands) | % Change YoY | Operating Income (in thousands) | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Journeys Group | $354,920 | 2.7% | $28,955 | 17.3% | | Schuh Group | $92,899 | (2.8)% | $4,369 | 3.9% | | Johnston & Murphy Group | $72,703 | (8.8)% | $3,715 | (26.8)% | | Licensed Brands | $16,726 | (10.8)% | $(27) | 87.6% | - Overall comparable sales for Q3 Fiscal 2020 increased by **3%**, driven by a **1%** increase in same-store sales and a **19%** increase in comparable direct (e-commerce/catalog) sales[161](index=161&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) As of November 2, 2019, cash was **$55.8 million**; nine-month operating cash flow decreased to **$2.8 million**, while **$77.3 million** from investing activities and **$191.3 million** in share repurchases significantly impacted liquidity - The company repurchased **4,570,015 shares** for **$189.4 million** during the first nine months of Fiscal 2020, with approximately **$89.7 million** remaining under authorization as of December 6, 2019[220](index=220&type=chunk)[99](index=99&type=chunk) - Total capital expenditures for Fiscal 2020 are expected to be approximately **$40 million**, allocated to new store openings, renovations, and technology enhancements[217](index=217&type=chunk) - The company amended its primary credit facility, decreasing the total commitment from **$400.0 million** to **$275.0 million** following the Lids Sports Group sale, with **$203.2 million** excess availability at November 2, 2019[200](index=200&type=chunk)[206](index=206&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rate changes and foreign currency fluctuations, particularly impacting the Schuh Group, and has a credit risk concentration with one wholesale customer - The company is exposed to foreign currency translation risk from its foreign operations, primarily the Schuh Group, with currency fluctuations negatively impacting Schuh's net sales by **$14.4 million** for the first nine months of Fiscal 2020[229](index=229&type=chunk)[231](index=231&type=chunk) - As of November 2, 2019, one wholesale customer accounted for **21%** of the company's total trade receivables balance, indicating a concentration of credit risk[228](index=228&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of November 2, 2019, with no material changes to internal control over financial reporting during the third quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of November 2, 2019[235](index=235&type=chunk) - There were no changes in internal control over financial reporting during the third quarter that materially affected, or are reasonably likely to materially affect, these controls[236](index=236&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 9, covering environmental obligations and wage and hour lawsuit settlements related to former operations - Information regarding legal proceedings is incorporated by reference from Note 9 of the financial statements[238](index=238&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019, have occurred - There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for Fiscal 2019[239](index=239&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 Fiscal 2020, the company repurchased **1,150,198 shares** at an average price of **$35.85**, with **$89.7 million** remaining for future repurchases as of November 2, 2019 Issuer Purchases of Equity Securities (Q3 Fiscal 2020) | Period (2019) | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | August 4 - August 31 | 857,750 | $34.98 | | September 1 - September 28 | 23,765 | $40.56 | | September 29 - November 2 | 268,683 | $38.43 | - As of November 2, 2019, approximately **$89.7 million** remained available for purchase under the company's share repurchase programs[239](index=239&type=chunk) [Item 6. Exhibits](index=65&type=section&id=Item%206.%20Exhibits) Exhibits filed with this Form 10-Q include CEO and CFO certifications under Sarbanes-Oxley and Inline XBRL documents - The exhibits filed with this report include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, and Interactive Data Files (Inline XBRL)[241](index=241&type=chunk)

Genesco Inc. (NYSE:GCO) Q3 2020 Earnings Conference Call December 6, 2019 8:30 AM ET Company Participants Dave Slater - VP of FP&A & IR Robert Dennis - Chairman, President & CEO Mel Tucker - CFO Mimi Vaughn - COO Conference Call Participants Janine Stichter - Jefferies Jonathan Komp - Baird Samuel Poser - Susquehanna Mitch Kummetz - Pivotal Research Operator Good day, everyone and welcome to the Genesco Third Quarter Fiscal 2020 Conference Call. Just a reminder, today's call is being recorded. I will now tu ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended August 3, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File No. 1-3083 Genesco Inc. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------------------------- ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.15, a significant improvement from a loss of $0.01 in the same quarter last year [10][18] - Consolidated revenue was flat at $487 million, but excluding the impact of lower exchange rates, revenue increased by 1% [19] - Consolidated comparable sales rose by 3%, with store comps up 1% and direct comps up 20% [19][22] Business Line Data and Key Metrics Changes - Journeys achieved a 4% comp increase, building on a robust 10% gain from the previous year, marking the ninth consecutive quarter of positive sales [20] - Schuh's comp sales were flat, improving from a negative 7% a year ago, driven by strong e-commerce performance despite challenging retail conditions in the U.K. [21][12] - Johnston & Murphy posted a 1% comp gain, benefiting from strong apparel sales, although it faced tougher comparisons from the previous year [14] Market Data and Key Metrics Changes - E-commerce sales accelerated, with direct sales accounting for 10% of total retail sales, up 150 basis points [19][22] - The U.K. market remains challenging due to soft consumer demand and economic uncertainty related to Brexit, impacting Schuh's performance [12][37] Company Strategy and Development Direction - The company is focused on enhancing profitability through a 20-point plan for Schuh, which includes cost reduction initiatives and improved inventory management [13][42] - There is a commitment to renegotiate rents for Schuh's store fleet to improve profitability amid declining foot traffic [13][25] - The company is optimistic about its future, leveraging strong brand connections and advanced digital capabilities to navigate the retail landscape [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the fiscal year, with positive trends continuing into the third quarter [16][44] - The company raised its full-year earnings per share guidance to a range of $3.80 to $4.20, reflecting optimism about Journeys' performance despite foreign exchange headwinds at Schuh [29][30] - Management acknowledged potential headwinds from tariffs and Brexit but emphasized proactive measures to mitigate their impact [33][37] Other Important Information - The company has successfully negotiated 92 renewals with a 15% reduction in cash rent, providing flexibility in its cost structure [25] - The company aims to eliminate $20 million in costs this year through stranded cost elimination and other savings initiatives [24][26] Q&A Session Summary Question: Insights on Journeys' performance and e-commerce growth - Management noted a broad-based strength in Journeys, with a strong performance in casual and athletic styles, and highlighted investments in e-commerce driving traffic to both online and physical stores [48][51] Question: Sustainability of Journeys' performance amid tough comparisons - Management indicated that while comparisons will become tougher, the positive trends observed in the second quarter suggest a strong underlying business [54][55] Question: Outlook for Schuh amidst uncertainty - Management expressed confidence in Schuh's underlying business but acknowledged the challenges posed by the uncertain U.K. market and Brexit [57][58] Question: Impact of stranded costs and cost-saving initiatives - Management clarified that the $12 million to $15 million in stranded costs is an annualized figure, with plans to eliminate these costs over time [60][61] Question: Potential impact of tariffs on costs - Management confirmed a $1 million direct exposure to tariffs for the current fiscal year, primarily related to products sourced directly from China [66][67]

Financial Performance - Q2 FY20 - Net sales remained relatively flat at $486.6 million compared to $487.0 million in FY19[22] - Total comparable sales increased by 3%, driven by a 20% increase in comparable direct sales, but lower than the 6% increase in the previous year[21] - GAAP earnings per diluted share was $0.05, while adjusted earnings per diluted share was $0.15[44] Financial Performance - YTD FY20 - Total net sales increased by 1% to $982.2 million from $973.2 million in the previous year[25] - Comparable sales increased by 4%, consistent with the previous year[19] - GAAP earnings per diluted share was $0.43, while adjusted earnings per diluted share was $0.49[19] Segment Performance - Q2 FY20 - Journeys Group's comparable sales increased by 4%, lower than the 10% increase in the previous year[21] - Schuh Group's comparable sales were flat at 0%, a decline from the (7)% in the previous year[21] - Johnston & Murphy Group's comparable sales increased by 1%, significantly lower than the 8% increase in the previous year[21] Inventory and Store Count - Total inventory increased by 2% year-over-year to $445 million[32] - The company operated 1,494 stores as of August 3, 2019, a decrease of 10 stores from May 4, 2019[34] FY20 Outlook - The company expects Non-GAAP EPS to be in the range of $3.80 to $4.20 per share[36] - Total sales are projected to change from (1)% to +1%, and comparable sales are expected to increase by 2% to 3%[36]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended May 4, 2019 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to | --- | --- | |---------------------------------------------------------------------------------------------|------------------------------------------| ...

Genesco Inc. (NYSE:GCO) Q1 2020 Earnings Conference Call May 31, 2019 8:30 AM ET Company Participants Rob Dennis - Chairman, President and Chief Executive Officer Mimi Vaughn - Chief Operating and Financial Officer Conference Call Participants Mitch Kummetz - Pivotal Research Laurent Vasilescu - Macquarie Jonathan Komp - Baird Sam Poser - Susquehanna Operator Good day, everyone and welcome to the Genesco First Quarter Fiscal 2020 Conference Call. Just a reminder, today’s call is being recorded. Participants ...