Genesco Inc · Q2 2023 earnings

Briefing

Reported a decrease in revenue compared to the previous year, but exceeded pre-pandemic levels, with EPS surpassing expectations.

Genesco Inc. reported a decrease in net sales by 4% to $535 million compared to the previous year, but an increase of 10% over Q2FY20. GAAP EPS and non-GAAP EPS from continuing operations were both $0.59. The company has revised its full year guidance, expecting adjusted EPS to be between $6.25 and $7.00.

• Net sales decreased 4% year-over-year to $535 million, but increased 10% over Q2FY20.
• E-commerce sales represented 18% of retail sales, compared to 19% last year.
• GAAP EPS from continuing operations was $0.59, down from $0.74 last year.
• The company repurchased $45.4 million of stock during Q2FY23.

Headline financials

Revenue & EPS history

The Company revises its Fiscal 2023 full year guidance: Sales are now expected to be down 3% to flat, compared to FY22, versus prior guidance of up 1% to 3%. Adjusted diluted earnings per share from continuing operations in the range of $6.25 to $7.00, with an expectation that adjusted diluted earnings per share for the year will be near the mid-point of the range, versus the prior expectation for adjusted diluted earnings per share to be near the mid-point of $7.00 to $7.75.