“Our Fiscal 2024 results reflect the significant shift we’ve seen in our Journeys consumer’s shopping behaviour. 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”, commented Mimi E. Vaughn, Genesco’s Board Chair, President and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2024, Genesco’s net sales reached 739.0 million US dollars, reflecting an increase of 2%, on a comparable basis to the same period of last fiscal year.

This result was driven by year-over-year net sales increases of 6% at Schuh to 146.1 million US dollars, 9% at Johnston & Murphy to 96.7 million US dollars and 24% at Genesco Brands to 41.0 million US dollars. On the other hand, Journeys recorded a net sales decrease of 2% to 455.0 million euros.

The company’s fourth quarter gross margin contracted 10 basis points to 46.3% from 46.4% in a similar period of the prior financial year, mainly due “to a change in product mix at Journeys, partially offset by lower freight and logistics costs at both Johnston & Murphy and Genesco Brands”.

In the three months to the 3^rd of February, Genesco reported net earnings of 27.1 million US dollars, or diluted earnings per share of 2.47 US dollars, as compared to net earnings of 39.0 million US dollars, or diluted earnings per share of 3.21 US dollars in the fourth quarter of fiscal 2023.

Full Year Results

The US-based company’s net sales for fiscal 2024 totalled 2.32 billion US dollars, down by 2.5% from the previous fiscal year. “The sales decrease compared to last year was driven by decreased store sales, primarily in Journeys Group, and decreased wholesale sales, partially offset by an 8% increase in e-commerce comparable sales and a favourable foreign exchange impact”, said Genesco.

As a result, full year net sales for the Journeys and Genesco brands declined year-over-year by 8% to 1.36 billion US dollars and 9% to 141.2 million US dollars, respectively, while Schuh and Johnston & Murphy grew by 11% to 480.1 million US dollars and 9% to 339.4 million US dollars, respectively.

In the twelve months to the 3^rd of February, Genesco posted a net loss of 16.8 million US dollars, or a diluted loss per share of 1.50 US dollars, as compared to net earnings of 71.9 million US dollars, or diluted earnings per share of 5.66 US dollars, recorded in fiscal 2023.

Fiscal 2025

The company is working to improve the performance of Journeys. But in the meantime, for fiscal 2025, it expects total sales to decrease by 2% to 3% on a comparable basis to the previous year and adjusted diluted earnings per share from continuing operating in the range of 0.60 US dollars to 1.00 US dollars.