Genesco to Overhaul Tech and Accelerate AI-enabled Innovations, Expects Job Cuts

Core Insights - Genesco is transforming its information technology operating model to support long-term growth strategy [1] - The transformation is based on a comprehensive review of IT operations and aims to enhance customer service and organizational flexibility [2] IT Transformation - The company is partnering with a leading global technology provider and adopting new tools to improve speed, scalability, and AI-enabled innovation [2] - The full transformation is expected to be implemented in phases over the next 12 to 18 months, with some positions in the IT organization potentially impacted [3] Sales Performance - Comparable sales increased by 9 percent for the fourth quarter-to-date period ended December 27, including both stores and direct sales [3] - Same store sales rose by 10 percent, while e-commerce comparable sales increased by 9 percent during the same period [4] - The Journeys Group saw a 12 percent increase in comparable sales, while the Schuh Group and Johnston & Murphy Group rose by 6 percent and 1 percent, respectively [4] Holiday Performance - The company reported strong holiday performance driven by compelling assortments and exceptional execution, leading to double-digit comparable sales increases in December [5]