Genesco(US:GCO)2024-03-08 13:17Financial Performance - Q4 FY24 - Total sales reached $739 million[18,42], with a 5% growth in comparable digital sales, increasing digital penetration to 27% compared to 25% in Q4 FY23[11,18] - GAAP EPS was $1.84, and Non-GAAP EPS was $2.59[18] - Total company inventory decreased by 17%, and Journeys inventory decreased by over 20%[11] - Adjusted selling and administrative expenses were $303.549 million, representing 41.1% of sales, compared to $285.664 million, or 39.4% of sales, in the previous year[66] - Journeys Group's operating income was $32.3 million, Schuh Group's was $6.1 million, and Johnston & Murphy Group's was $(0.3) million[47] Financial Performance - FY24 - Total sales decreased by 3%[36], with comparable direct sales increasing by 8%[12,36] - Digital penetration expanded to 23% versus 20% a year ago[12] - GAAP Earnings per Diluted Share was $(2.10), and Non-GAAP Earnings per Diluted Share was $0.56[36] - Adjusted selling and administrative expenses were $1.082 billion, representing 46.5% of sales, compared to $1.039 billion, or 43.6% of sales, in the previous year[67] - Journeys Group's operating income was $11.1 million, Schuh Group's was $21.4 million, and Johnston & Murphy Group's was $16.3 million[48] Strategic Initiatives and Outlook - The company closed nearly 100 underperforming Journeys stores and is evaluating up to 50 more closures in fiscal 25[12] - The company is targeting an increased run rate of $45-$50 million in annualized savings by the end of fiscal 25[12] - FY25 outlook projects total sales to be down 2% to 3%, with Non-GAAP EPS between $0.60 and $1.00 per share[57]