Genesco reports Q4 adjusted cont ops EPS $2.59, consensus $3.04

Reports Q4 revenue $739M, consensus $705.66M. Comps down 4%, with stores down 7% and direct up 5%. E-commerce sales represented 27% of retail sales compared to 25% last year. Mimi Vaughn, Genesco’s Board Chair, President and CEO, said, “Our Fiscal 2024 results reflect the significant shift we’ve seen in our Journeys consumer’s shopping behavior. The year began with a very challenging start, and we reacted quickly to implement strategies that drove sequential improvement in Journeys comp every quarter of the year. Although the Holiday season started off positively, consumers subsequently shopped almost exclusively for key footwear items with a notable shift away from boots, putting more pressure on our core product assortment than we anticipated at the beginning of Q4. At the same time, we delivered another year of record sales for Schuh and Johnston & Murphy.”