Genesco Inc. Files 10-Q for Q1 2024

TL;DR

Genesco's Q1 2024 10-Q is in, check the numbers for shoe retail performance.

AI Summary

Genesco Inc. reported its first-quarter results for the period ending May 4, 2024. The company's fiscal year ends on February 1st. Key financial data and segment performance are detailed within this 10-Q filing.

Why It Matters

This filing provides investors with a detailed look at Genesco's financial performance and operational status during the first quarter of fiscal year 2025, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and operational segments, which can reveal potential risks and opportunities for investors.

Key Numbers

• 20240504 — Reporting Period End Date (Fiscal first quarter end)
• 20240613 — Filing Date (Date the 10-Q was filed with the SEC)
• 001-03083 — SEC File Number (Company's SEC filing identifier)

Key Players & Entities

• GENESCO INC (company) — Filer
• 20240504 (date) — Reporting Period End Date
• 0000018498 (company) — Central Index Key
• 535 MARRIOTT DRIVE (address) — Business Address
• NASHVILLE (location) — City
• TN (location) — State
• 37214 (zip_code) — Business Zip Code
• 6153677000 (phone_number) — Business Phone
• JourneysGroupSegment (segment) — Operating Segment
• SchuhGroupSegment (segment) — Operating Segment

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value GCO New York Stock Exchan

Filing Documents

• gco-20240504.htm (10-Q) — 1197KB
• gco-ex10_2.htm (EX-10.2) — 84KB
• gco-ex31_1.htm (EX-31.1) — 9KB
• gco-ex31_2.htm (EX-31.2) — 9KB
• gco-ex32_1.htm (EX-32.1) — 5KB
• gco-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-072730.txt ( ) — 5122KB
• gco-20240504.xsd (EX-101.SCH) — 757KB
• gco-20240504_htm.xml (XML) — 800KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets - May 4, 2024, February 3, 2024 and April 29, 2023 4 Condensed Consolidated Statements of Operations - Three Months ended May 4, 2024 and April 29, 2023 5 Condensed Consolidated Statements of Comprehensive Loss - Three Months ended May 4, 2024 and April 29, 2023 6 Condensed Consolidated Statements of Cash Flows - Three Months ended May 4, 2024 and April 29, 2023 7 Condensed Consolidated Statements of Equity - Three Months ended May 4, 2024 and April 29, 2023 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

Other Information

Part II. Other Information 20

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 21 Signature 22 2 cautionary notice regarding forward-looking statements

- FINANC IAL INFORMATION

PART I - FINANC IAL INFORMATION

Financial Sta tements (unaudited)

Item 1. Financial Sta tements (unaudited) Genesco Inc. and Subsidiaries Condensed Consolida ted Balance Sheets (In thousands, except share amounts) Assets May 4, 2024 February 3, 2024 April 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 February 3, 2024 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 1,329,890 1,495,312 Liabilities and Equity 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 ( 488,46

Legal Proceedings

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 o

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View this 10-Q filing on SEC EDGAR