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Genesco Inc. (GCO-2.26%) has submitted its 10-K filing for the fiscal year ended February 1, 2025.
The company reported net sales of $2.3 billion, flat compared to the previous fiscal year, which included a 53rd week. Excluding the extra week, net sales increased by 1.1%.
Journeys Group sales increased by 3%, while Johnston & Murphy Group and Genesco Brands Group saw sales decreases of 6% and 11%, respectively. Schuh Group sales remained flat.
Total comparable sales rose by 3%, with flat same store sales and a 12% increase in comparable e-commerce sales.
Gross margin decreased slightly from 47.3% to 47.2% of net sales, while selling and administrative expenses decreased from 46.5% to 46.4% of net sales.
Operating margin improved to 0.6% from a loss of 0.6% in the previous year.
The company reported a net loss of $18.9 million, or $1.74 per diluted share, compared to a net loss of $16.8 million, or $1.50 per diluted share, in the previous year.
Genesco Inc. plans to open approximately 22 new retail stores and close about 68 stores in fiscal 2026.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Genesco does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on optimizing its store footprint and enhancing its digital and omni-channel capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genesco Inc. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.