Genesco(GCO)2024-03-27 15:04Sales and Store Operations - Journeys Group accounted for 59% of net sales in Fiscal 2024, operating 1,063 stores and closing a net of 67 stores during the year[17][18]. - Schuh Group represented 21% of net sales in Fiscal 2024, operating 122 stores with no closures during the year[19][20]. - Johnston & Murphy Group accounted for 14% of net sales in Fiscal 2024, operating 156 retail shops and closing a net of 2 stores[21][22]. - Genesco Brands Group contributed 6% of net sales in Fiscal 2024, focusing on licensed footwear under brands like Levi's and Dockers[24]. - The company aims to optimize its store footprint, potentially reducing overall square footage and store count while improving productivity[14]. - The business is seasonal, with significant net sales and operating income generated during the fourth quarter[48]. Financial Performance - As of March 2, 2024, the wholesale backlog was approximately 72.7 million as of February 25, 2023[29]. Strategic Initiatives - The company has made strategic acquisitions, including the Schuh Group and Togast, to leverage direct-to-consumer capabilities[15]. - The company anticipates pursuing synergistic acquisitions to drive growth and create shareholder value[14]. Workforce and Employee Engagement - Approximately 18,000 employees were reported as of February 3, 2024, with a workforce primarily consisting of retail-based, customer-facing employees[33]. - Annual employee engagement surveys indicate high participation rates and strong engagement scores, reflecting a commitment to listening to employees[38]. Diversity, Equity, and Inclusion - The company is committed to enhancing its diversity, equity, and inclusion (DEI) efforts, focusing on talent, business practices, and community impact[37]. - The board of directors comprises 67% diverse members as of February 3, 2024, reflecting the company's commitment to expanding board diversity[47]. Sustainability and Social Responsibility - The company is committed to sustainability initiatives and has joined the Leather Working Group to enhance environmental practices in its supply chain[31]. - The company published its inaugural Vendor Code of Conduct policy during Fiscal 2024 to promote responsible sourcing practices in its supply chain[39]. - A comprehensive human rights policy was published in 2021, guided by international standards to ensure integrity and respect in business operations[40]. - Community outreach initiatives support underserved communities, including programs like Cold Feet, Warm Shoes and partnerships with local organizations[46]. Compliance and Security - Significant investments have been made in information security, including hardware-based end-to-end encryption and multifactor authentication protocols[41]. - The company complies with complex regulatory standards such as GDPR and CCPA, ensuring the protection of personal data[44]. - The company is involved in environmental proceedings related to its former facilities, addressing compliance with federal and state regulations[51].