Genesco releases 2021 financial summary and Q4 results

United States
Published:  20 May, 2021

The U.S. headquartered retailer of branded footwear and accessories has reported fiscal year net sales decreased 19% from 2020 to US$1.8 billion with stores open 76% of the time. This was generated in part by strong e-commerce growth of 74%. In its fourth quarter, net sales decreased 6% from the same period in 2020 to US$637 million with stores open about 90% of the time.

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.