The numerous digital investments made over the past several years allowed for the accelerated shift to online spending to achieve record digital revenue of nearly US$450 million in 2021, an increase of almost 75% year-on-year, while also fuelling record profitability for this channel.

The fourth quarter sales decrease was driven by continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital growth of 55%.

Fiscal 2021 gross margin was 45% compared with 48.4% last year. Fourth quarter gross margin this year was 45.8% compared with 46.9% in the same period in 2020.

GAAP earnings from continuing operations were US$90 million in the fourth quarter of 2021, compared to US$35.5 million in the fourth quarter of 2020. Genesco’s GAAP operating loss for 2021 was $107.2 million, or 6.0% of sales, compared with operating income of US$83.3 million, or 3.8% of sales in fiscal 2020.

2022 Outlook

Due to the continued uncertainty in the overall economy driven by Covid-19, Genesco is not providing guidance at this time.