$GCO reports mixed results for Q4 and FY23, beats EPS expectations
Mar 9th 2023, 12:15 pm
Analyst Summary: Genesco Inc. (NYSE: GCO) reported its Q4 and full fiscal year results, which showed mixed performance. The company reported $861.5 million in revenue for the quarter, down from $926.0 million in Q4 2022. However, adjusted earnings per share came in at $2.90, beating expectations. CEO Mimi E. Vaughn noted that although there were headwinds in FY23, there was resiliency in its footwear-focused strategy and multi-division, multi-channel operating model. The company plans to drive growth initiatives in FY24 to reshape its cost structure. The company disclosed guidance for FY24 with an expectation that earnings per share will be near the mid-point of the range of $5.70 to $6.10. However, there are macroeconomic uncertainties that the company is cautious about. The company did not make any share repurchases during Q4, but it has $34.1 million remaining on its expanded share repurchase authorization. Investors should note that the company's profitability and shareholder value may increase over the longer term despite the challenges.