Genesco Inc. (NYSE:GCO) Q3 2024 Earnings Conference Call December 1, 2023 8:30 AM ET

Company Participants

Darryl MacQuarrie - Senior Director of FP&A

Mimi Vaughn - Board Chair, President and CEO

Thomas George - CFO

Conference Call Participants

Mitchel Kummetz - Seaport Research

Mantero Moreno-Cheek - Jefferies

Operator

Good day, everyone, and welcome to Genesco's Third 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 third 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 it's most recent 10-K and 10-Q filings or 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 the 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. And thank you for joining us.

Before I discuss third quarter performance, earlier this week we announced the appointment of Andy Gray as Journeys New President. Andy is an exceptional and experienced leader who brings invaluable expertise in brand building, product innovation, and the other areas essential to building Journeys business for the future. Andy's connection to youth culture and the strong brand relationships he's built over his accomplished career make him the ideal person to lead the talented team we have in place at Journeys, as we work to elevate the business and unlock the great potential we see ahead. I look forward to his partnership, and I'm excited for him to join recently appointed COO, Mike Sypert to drive success going forward. Welcome, Andy.

Now moving to results. Following a later start to back-to-school, sales picked up early in the third quarter and were generally tracking to our expectations. However, we saw a market change in trend in October as the later change of seasons muted initial demand and delayed the start of the selling season for fall products.