Genesco Inc. (NYSE:GCO) Q1 2024 Earnings Conference Call May 25, 2023 8:30 AM ET

Company Participants

Darryl MacQuarrie - Investor Relations

Mimi Vaughn - Board Chair, President and Chief Executive Officer

Tom George - Chief Financial Officer

Conference Call Participants

Mitch Kummetz - Seaport Research

Operator

Good day, everyone, and welcome to the Genesco First Quarter Fiscal 2024 Conference Call. Just a reminder, today’s call is being recorded. I will now turn the call over to Darryl MacQuarrie, Senior Director of FP&A. Please go ahead, sir.

Darryl MacQuarrie

Good morning, everyone and thank you for joining us to discuss our first quarter fiscal ‘24 results. Participants on the call expect to make forward-looking statements reflecting our expectations as of today, but actual results could be different. Genesco refers you to this morning’s earnings release and the company’s SEC filings, including its most recent 10-K and 10-Q filing for some of the factors that could cause differences from the expectations reflected in the forward-looking statements made today. Participants also expect to refer to certain adjusted financial measures during the call. All non-GAAP financial measures are reconciled to their GAAP counterparts in the attachments to this morning’s press release and in schedules available on the company’s website in the Quarterly Results section. We have also posted a presentation summarizing our results here as well.

With me on the call today is Mimi Vaughn, Board Chair, President and Chief Executive Officer and Tom George, Chief Financial Officer.

Now I’d like to turn the call over to Mimi.

Mimi Vaughn

Thanks, Darryl. Good morning, everyone. Thank you for joining us. While this quarter was undoubtedly a challenging one, I’d like to provide context on the factors impacting the current operating environment, including the shift we have seen in consumer dynamics within our Journeys business, what we have learned from them and most importantly, the immediate actions we are taking to improve our performance against a difficult macro backdrop across the industry.

Before we get into the details, I will start by underscoring that despite the near-term turbulence, which we have reflected in our revised outlook for fiscal ‘24, I am confident in our footwear-focused strategy and believe in our future prospects. While the first quarter was even tougher than we anticipated for Journeys, both Johnston & Murphy and Schuh excelled, delivering record Q1 sales and demonstrating the benefit of our multi-division multi-channel operating model. In addition, we advanced many of the initiatives underlying this strategy that drive value. We continue to grow our digital business and we further strengthen the connections with our consumer through progress on loyalty and customer insights.