Overview
- Genesco reported first‑quarter results on Friday, May 29, with net sales up 3% to $487.03 million and a narrower GAAP net loss of $14.81 million, delivering the company’s seventh consecutive quarter of positive comparable sales.
- Momentum was concentrated at Journeys and Johnston & Murphy where comparable sales rose, while Schuh’s comparable sales fell after management intentionally pulled back promotions to pursue full‑price selling.
- The company raised its fiscal 2027 adjusted diluted EPS guidance to $2.00–$2.40 and affirmed revenue guidance of $2.412 billion to $2.436 billion while still expecting total sales to be down 1% to flat because of store closures and license exits.
- Genesco announced a $40 million to $50 million cost‑reduction program through fiscal 2029 aimed at structurally lowering the cost base and expanding margins, and said it expects $23 million to $25 million in tariff refunds that were not included in current results or guidance.
- Near term the company will be watched for how tariff refunds, the timing of cost savings, continued store rationalization and Schuh’s turnaround affect cash, profitability and whether the operational gains at Journeys and Johnston & Murphy can offset the branded group’s sales drag.