Schuh parent Genesco swings to FY profit after strong Q4

Schuh parent company Genesco returned to the black in its fiscal 2022 year after the Nashville-based specialty retailer reported a strong fourth quarter.

In the three months ended January 29, the company posted net sales of 728 million dollars, an increase of 14 percent compared to a year earlier and 7 percent compared to two years ago.

For the full year, net sales came in at 2.4 billion dollars, up 36 percent year-over-year and up 10 percent year-over-two-years.

The retailer reported full-year earnings per share of 7.92 dollars, swinging from a loss of 3.97 dollars the prior year.

Mimi E. Vaughn, Genesco board chair, president and chief executive officer, hailed an “outstanding year” and a fourth quarter that “far exceeded” the board’s expectations.

“Our holiday performance was fueled by unprecedented levels of full-price selling and strong in-store sales while our digital channel held on to most of last year's record gains,” Vaughn said.

“Throughout Fiscal 2022 we accelerated our recovery from the pandemic even as we navigated a number of challenges, driving double digit sales growth and record profitability for our footwear companies led by Journeys.”

For fiscal 2023, the company now expects sales to increase by between 2 percent to 4 percent, and for adjusted diluted earnings per share from continuing operations to be in the range of 7 dollars to 7.75 dollars.