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Genesco Q3 2023 GAAP earnings $1.66

Christian Fernsby |
Genesco reported GAAP earnings from continuing operations per diluted share of $1.66 for the third quarter 2023 ended October 29, 2022, compared to $2.26 in the third quarter last year and $1.31 per diluted share three years ago, prior to the pandemic.

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Adjusted for the Excluded Items in all periods, the Company reported third quarter earnings from continuing operations per diluted share of $1.65, compared to $2.36 last year and $1.33 per diluted share pre-pandemic.

Net sales for the third quarter of Fiscal 2023 increased 1% to $604 million from $601 million in the third quarter of Fiscal 2022 and increased 12% from $537 million in the third quarter of Fiscal 2020, prior to the pandemic.

The sales increase compared to last year was driven by increased wholesale sales and a total comparable sales increase of 3%, partially offset by foreign exchange pressure in the Schuh business resulting from the strengthening dollar. E-commerce sales increased almost 75% above pre-pandemic levels.

Excluding the impact of lower exchange rates, net sales increased 4% for the third quarter of Fiscal 2023 compared to the third quarter of Fiscal 2022 despite having 30 fewer stores.

Overall sales for the third quarter this year compared to the third quarter of Fiscal 2022 were flat at Journeys, up 19% at Johnston & Murphy and up 14% at Licensed Brands, partially offset by a 13% decrease at Schuh.

On a constant currency basis, Schuh sales were up 4% for the third quarter this year.

Third quarter gross margin this year was 48.7%, down 50 basis points compared with 49.2% for both last year and Fiscal 2020.

The decrease as a percentage of sales as compared to Fiscal 2022 is due primarily to a more normalized promotional environment for all divisions, except Johnston & Murphy where inventory reserve comparisons created a reduction in margins, as well as better than anticipated loyalty program sign-ups at Schuh as new members used their sign-up incentives.

GAAP earnings from continuing operations were $20.4 million in the third quarter of Fiscal 2023, compared to $33.0 million in the third quarter last year and $19.0 million in the third quarter of Fiscal 2020.

Adjusted for the Excluded Items in all periods, third quarter earnings from continuing operations were $20.4 million, or $1.65 per share, in Fiscal 2023, compared to $34.5 million, or $2.36 per share, in the third quarter of last year and $19.4 million, or $1.33 per share, in the third quarter of Fiscal 2020.


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