Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 29, 2022 | Nov. 25, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 29, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-3083 | |
Entity Registrant Name | Genesco Inc | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-0211340 | |
Entity Address, Address Line One | 535 Marriott Drive | |
Entity Address, City or Town | Nashville | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37214 | |
City Area Code | 615 | |
Local Phone Number | 367-7000 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | GCO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 12,609,875 | |
Entity Central Index Key | 0000018498 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-28 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | ||
Current Assets: | |||||
Cash | $ 32,113 | $ 320,525 | $ 282,764 | ||
Accounts receivable, net of allowances of $5,910 at October 29, 2022, $4,656 at January 29, 2022 and $4,947 at October 30, 2021 | 48,670 | 39,509 | 36,991 | ||
Inventories | 563,490 | 278,200 | 339,198 | ||
Prepaids and other current assets | 37,575 | 71,564 | 85,476 | ||
Total current assets | 681,848 | 709,798 | 744,429 | ||
Property and equipment, net | 221,207 | 216,308 | 207,489 | ||
Operating lease right of use assets | 483,403 | 543,789 | 573,842 | ||
Non-current prepaid income taxes | 52,319 | 0 | 0 | ||
Goodwill | 37,903 | 38,556 | 38,864 | ||
Other intangibles | 26,208 | 29,855 | 30,592 | ||
Deferred income taxes | 12,168 | 1,466 | 0 | ||
Other noncurrent assets | 21,937 | 22,327 | 21,593 | ||
Total Assets | 1,536,993 | [1] | 1,562,099 | 1,616,809 | [2] |
Current Liabilities: | |||||
Accounts payable | 223,404 | 152,484 | 196,024 | ||
Current portion - long-term debt | 3,484 | 0 | 0 | ||
Current portion - operating lease liabilities | 136,294 | 145,088 | 144,453 | ||
Other accrued liabilities | 82,193 | 134,156 | 133,569 | ||
Total current liabilities | 445,375 | 431,728 | 474,046 | ||
Long-term debt | 85,904 | 15,679 | 15,610 | ||
Long-term operating lease liabilities | 413,096 | 471,878 | 490,330 | ||
Other long-term liabilities | 33,275 | 40,346 | 44,399 | ||
Total liabilities | 977,650 | 959,631 | 1,024,385 | ||
Commitments and contingent liabilities | |||||
Equity | |||||
Non-redeemable preferred stock | 817 | 827 | 827 | ||
Common equity: | |||||
Common stock, $1 par value: Authorized; 80,000,000 shares Issued common stock | 13,101 | 14,256 | 15,071 | ||
Additional paid-in capital | 301,692 | 291,444 | 288,813 | ||
Retained earnings | 307,921 | 350,206 | 339,447 | ||
Accumulated other comprehensive loss | (46,331) | (36,408) | (33,877) | ||
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) | (17,857) | ||
Total equity | 559,343 | 602,468 | 592,424 | ||
Total Liabilities and Equity | $ 1,536,993 | $ 1,562,099 | $ 1,616,809 | ||
[1] Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Of our $ 781.3 million of long-lived assets, $ 120.3 million and $ 29.1 million relate to long-lived assets in the U.K. and Canada, respectively. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Current Assets: | |||
Allowances on accounts receivable | $ 5,910 | $ 4,656 | $ 4,947 |
Common equity: | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 | 80,000,000 |
Treasury shares, at cost (in shares) | 488,464 | 488,464 | 488,464 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | ||||
Income Statement [Abstract] | |||||||
Net sales | $ 603,788 | $ 600,546 | $ 1,659,868 | [1] | $ 1,694,424 | [2] | |
Cost of sales | 309,981 | 305,345 | 860,303 | 869,039 | |||
Gross margin | 293,807 | 295,201 | 799,565 | 825,385 | |||
Selling and administrative expenses | 267,734 | 251,131 | 756,318 | 743,147 | |||
Asset impairments and other, net | 0 | 314 | [3] | (154) | [4] | 10,054 | [5] |
Operating income | 26,073 | 43,756 | 43,401 | 72,184 | |||
Other components of net periodic benefit cost (income) | 50 | 55 | 198 | 72 | |||
Interest expense, net | 906 | 585 | 1,608 | 1,931 | |||
Earnings from continuing operations before income taxes | 25,117 | 43,116 | 41,595 | 70,181 | |||
Income tax expense | 4,693 | 10,135 | 8,551 | 17,432 | |||
Earnings from continuing operations | 20,424 | 32,981 | 33,044 | 52,749 | |||
Loss from discontinued operations, net of tax | (48) | (86) | (78) | (39) | |||
Net Earnings | $ 20,376 | $ 32,895 | $ 32,966 | $ 52,710 | |||
Basic earnings per common share: | |||||||
Continuing operations (in dollars per share) | $ 1.68 | $ 2.30 | $ 2.61 | $ 3.69 | |||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | (0.01) | |||
Net earnings (in dollars per share) | 1.68 | 2.30 | 2.61 | 3.68 | |||
Diluted earnings per common share: | |||||||
Continuing operations (in dollars per share) | 1.66 | 2.26 | 2.56 | 3.60 | |||
Discontinued operations (in dollars per share) | (0.01) | (0.01) | 0 | 0 | |||
Net earnings (in dollars per share) | $ 1.65 | $ 2.25 | $ 2.56 | $ 3.60 | |||
Weighted average shares outstanding: | |||||||
Basic (in shares) | 12,138 | 14,314 | 12,637 | 14,313 | |||
Diluted (in shares) | 12,326 | 14,616 | 12,901 | 14,643 | |||
[1] Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 82 % and 18 % , respectively, of our net sales for the nine months ended October 29, 2022. Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 83 % and 17 % , respectively, of our net sales for the nine months ended October 30, 2021. Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 20,376 | $ 32,895 | $ 32,966 | $ 52,710 |
Other comprehensive income (loss): | ||||
Postretirement liability adjustments, net of tax | 13 | 21 | 76 | (2) |
Foreign currency translation adjustments | (4,420) | (470) | (9,999) | 1,184 |
Total other comprehensive income (loss) | (4,407) | (449) | (9,923) | 1,182 |
Comprehensive Income | $ 15,969 | $ 32,446 | $ 23,043 | $ 53,892 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2022 | Oct. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 32,966 | $ 52,710 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 31,901 | 32,258 |
Deferred income taxes | (10,728) | (11,101) |
Impairment of long-lived assets | 542 | 2,049 |
Share-based compensation expense | 10,464 | 6,476 |
Other | 999 | 1,103 |
Changes in working capital and other assets and liabilities, net of acquisitions/dispositions: | ||
Accounts receivable | (10,224) | (5,458) |
Inventories | (293,904) | (48,131) |
Prepaids and other current assets | 33,133 | 44,711 |
Accounts payable | 70,312 | 46,314 |
Other accrued liabilities | (45,194) | 53,515 |
Other assets and liabilities | (64,237) | (22,332) |
Net cash provided by (used in) operating activities | (243,970) | 152,114 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (39,845) | (34,507) |
Proceeds from asset sales | 0 | 12 |
Other | 0 | 74 |
Net cash used in investing activities | (39,845) | (34,421) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 212,086 | 25,279 |
Payments on revolving credit facility | (136,375) | (42,935) |
Shares repurchased related to share repurchase plan | (77,470) | (28,474) |
Shares repurchased related to taxes for share-based awards | (3,942) | (4,076) |
Change in overdraft balances | 4,052 | (459) |
Other | 2 | (35) |
Net cash used in financing activities | (1,647) | (50,700) |
Effect of foreign exchange rate fluctuations on cash | (2,950) | 680 |
Net increase (decrease) in cash | (288,412) | 67,673 |
Cash at beginning of period | 320,525 | 215,091 |
Cash at end of period | 32,113 | 282,764 |
Supplemental information: | ||
Interest paid | 1,276 | 1,714 |
Income taxes paid (refunded) | 33,941 | (20,916) |
Cash paid for amounts included in measurement of operating lease liabilities | 135,116 | 152,240 |
Operating lease assets obtained in exchange for new operating lease liabilities | $ 71,598 | $ 68,773 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares |
Beginning balance at Jan. 30, 2021 | $ 566,759 | $ 1,009 | $ 15,438 | $ 282,308 | $ 320,920 | $ (35,059) | $ (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 8,878 | 8,878 | |||||
Other comprehensive income (loss) | 1,458 | 1,458 | |||||
Share-based compensation expense | 1,912 | 1,912 | |||||
Other | 1 | (181) | 6 | 176 | |||
Ending balance at May. 01, 2021 | 579,008 | 828 | 15,444 | 284,396 | 329,798 | (33,601) | (17,857) |
Beginning balance at Jan. 30, 2021 | 566,759 | 1,009 | 15,438 | 282,308 | 320,920 | (35,059) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 52,710 | ||||||
Other comprehensive income (loss) | 1,182 | ||||||
Shares repurchased | (30,600) | ||||||
Ending balance at Oct. 30, 2021 | 592,424 | 827 | 15,071 | 288,813 | 339,447 | (33,877) | (17,857) |
Beginning balance at May. 01, 2021 | 579,008 | 828 | 15,444 | 284,396 | 329,798 | (33,601) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 10,937 | 10,937 | |||||
Other comprehensive income (loss) | 173 | 173 | |||||
Share-based compensation expense | 2,055 | 2,055 | |||||
Restricted stock issuance | 219 | (219) | |||||
Restricted shares withheld for taxes | (4,076) | (64) | 64 | (4,076) | |||
Other | (2) | 2 | |||||
Ending balance at Jul. 31, 2021 | 588,097 | 828 | 15,597 | 286,298 | 336,659 | (33,428) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 32,895 | 32,895 | |||||
Other comprehensive income (loss) | (449) | (449) | |||||
Share-based compensation expense | 2,509 | 2,509 | |||||
Shares repurchased | (30,629) | (522) | (30,107) | ||||
Other | 1 | (1) | (4) | 6 | |||
Ending balance at Oct. 30, 2021 | 592,424 | 827 | 15,071 | 288,813 | 339,447 | (33,877) | (17,857) |
Beginning balance at Jan. 29, 2022 | 602,468 | 827 | 14,256 | 291,444 | 350,206 | (36,408) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 4,947 | 4,947 | |||||
Other comprehensive income (loss) | (3,817) | (3,817) | |||||
Share-based compensation expense | 3,239 | 3,239 | |||||
Restricted stock issuance | 78 | (78) | |||||
Shares repurchased | (6,500) | (104) | (6,396) | ||||
Other | 1 | (9) | (13) | 23 | |||
Ending balance at Apr. 30, 2022 | 600,338 | 818 | 14,217 | 294,628 | 348,757 | (40,225) | (17,857) |
Beginning balance at Jan. 29, 2022 | 602,468 | 827 | 14,256 | 291,444 | 350,206 | (36,408) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 32,966 | ||||||
Other comprehensive income (loss) | (9,923) | ||||||
Shares repurchased | (72,700) | ||||||
Ending balance at Oct. 29, 2022 | 559,343 | 817 | 13,101 | 301,692 | 307,921 | (46,331) | (17,857) |
Beginning balance at Apr. 30, 2022 | 600,338 | 818 | 14,217 | 294,628 | 348,757 | (40,225) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 7,643 | 7,643 | |||||
Other comprehensive income (loss) | (1,699) | (1,699) | |||||
Share-based compensation expense | 3,549 | 3,549 | |||||
Restricted stock issuance | 239 | (239) | |||||
Restricted shares withheld for taxes | (3,875) | (72) | 72 | (3,875) | |||
Shares repurchased | (45,422) | (826) | (44,596) | ||||
Other | (1) | (1) | |||||
Ending balance at Jul. 30, 2022 | 560,533 | 818 | 13,557 | 298,010 | 307,929 | (41,924) | (17,857) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 20,376 | 20,376 | |||||
Other comprehensive income (loss) | (4,407) | (4,407) | |||||
Share-based compensation expense | 3,676 | 3,676 | |||||
Restricted shares withheld for taxes | (67) | (2) | 2 | (67) | |||
Shares repurchased | (20,768) | (451) | (20,317) | ||||
Other | (1) | (3) | 4 | ||||
Ending balance at Oct. 29, 2022 | $ 559,343 | $ 817 | $ 13,101 | $ 301,692 | $ 307,921 | $ (46,331) | $ (17,857) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 29, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Sig nificant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending January 28, 2023 ("Fiscal 2023") and of the fiscal year ended January 29, 2022 ("Fiscal 2022"). All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of January 29, 2022 has been derived from the audited financial statements at that date. These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2022, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 23, 2022. Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys ® , Journeys Kidz ® , Little Burgundy ® and Johnston & Murphy ® banners and under the Schuh ® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com and at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's ® brand, the licensed Dockers ® brand, the licensed G.H. Bass ® brand and other brands that we license for footwear. At October 29, 2022, we operated 1,404 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three and nine months ended October 29, 2022 and October 30, 2021, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Licensed Brands, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear. Selling and Administrative Expenses Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $ 3.7 million and $ 2.7 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 9.5 million and $ 9.9 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. Retail occupancy costs recorded in selling and administrative expense were $ 77.5 million and $ 75.0 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 231.8 million and $ 220.9 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. Fiscal 2022 included COVID-related rent credits and government property tax relief. Advertising Costs Advertising costs were $ 31.3 million and $ 27.0 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 81.4 million and $ 71.6 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 5.0 million and $ 2.3 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 11.7 million and $ 7.7 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. During the first nine months of each of Fiscal 2023 and Fiscal 2022, our cooperative advertising reimbursements received were not in excess of the costs incurred. Note 1 Summary of Significant Accounting Policies, Continued Income Taxes In the fourth quarter of Fiscal 2021, we implemented tax strategies allowed under the 5-year carryback provisions in the CARES Act which we believed would generate approximately $ 55 million of net tax refunds. We received approximately $ 26 million of such net tax refunds in Fiscal 2022 and anticipated receipt of the remaining outstanding net tax refund in Fiscal 2023. However, in the third quarter of Fiscal 2023, we were notified the IRS would conduct an audit of the periods related to the outstanding net tax refund. While we do not believe any uncertainty with the technical merits of the positions generating the net tax refunds exists, we do anticipate the timing of the net tax refund will be extended as a result of the audit process. Accordingly, we have adjusted the presentation of the outstanding refund to non-current prepaid income taxes on the Condensed Consolidated Balance Sheets for Fiscal 2023. COVID-19 Pandemic The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty, and volatility which may negatively affect our business operations. As a result, if the pandemic persists or worsens, our accounting estimates and assumptions could be impacted in subsequent interim reports and upon final determination at year-end, and it is reasonably possible such changes could be significant. New Accounting Pronouncements We do not currently have any new accounting pronouncements pending adoption. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Oct. 29, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 2 Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Journeys Licensed Total Balance, January 29, 2022 $ 10,087 $ 28,469 $ 38,556 Effect of foreign currency exchange rates ( 637 ) ( 16 ) ( 653 ) Balance, October 29, 2022 $ 9,450 $ 28,453 $ 37,903 Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Gross other intangibles $ 22,713 $ 25,935 $ 6,393 $ 6,586 $ 400 $ 400 $ 29,506 $ 32,921 Accumulated amortization — — ( 2,898 ) ( 2,666 ) ( 400 ) ( 400 ) ( 3,298 ) ( 3,066 ) Net Other Intangibles $ 22,713 $ 25,935 $ 3,495 $ 3,920 $ — $ — $ 26,208 $ 29,855 |
Asset Impairments and Other Cha
Asset Impairments and Other Charges | 9 Months Ended |
Oct. 29, 2022 | |
Asset Impairment Charges [Abstract] | |
Asset Impairments and Other Charges | Note 3 Asset Impairments and Other Charges Asset impairment and other charges for the first nine months ended October 29, 2022 are not considered material. We recorded pretax charges of $ 0.3 million in the third quarter of Fiscal 2022, including $ 0.1 million for professional fees related to actions of an activist shareholder and $ 0.2 for retail store asset impairments. We recorded charges of $ 10.1 million in the first nine months of Fiscal 2022, including $ 8.6 million for professional fees related to actions of an activist shareholder and $ 2.0 million for retail store asset impairments, partially offset by a $ 0.6 million insurance gain. |
Inventories
Inventories | 9 Months Ended |
Oct. 29, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 Inventories Inventories (In thousands) October 29, 2022 January 29, 2022 Wholesale finished goods $ 71,425 $ 28,432 Retail merchandise 492,065 249,768 Total Inventories $ 563,490 $ 278,200 |
Fair Value
Fair Value | 9 Months Ended |
Oct. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 5 Fair Value Fair Value of Financial Instruments The carrying amounts and fair values of our financial instruments at October 29, 2022 and January 29, 2022 are as follows: Fair Values (In thousands) October 29, 2022 January 29, 2022 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 85,904 $ 85,716 $ 15,679 $ 15,679 U.K. Revolver Borrowings 3,484 3,413 — — Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 within the fair value hierarchy. As of October 29, 2022, we have $ 10.5 million of investments held and used which were measured using Level 1 inputs within the fair value hierarchy. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 29, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6 Earnings Per Share Weighted-average number of shares used to calculate earnings per share are as follows: Three Months Ended Nine Months Ended (Shares in thousands) October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Weighted-average number of shares - basic 12,138 14,314 12,637 14,313 Common stock equivalents 188 302 264 330 Weighted-average number of shares - diluted 12,326 14,616 12,901 14,643 We repurchased 451,343 shares during the third quarter of Fiscal 2023 at a cost of $ 20.8 million, or $ 46.01 per share and repurchased 1,380,272 shares during the first nine months of Fiscal 2023 at a cost of $ 72.7 million, or $ 52.66 per share. We accrued $ 4.8 million of share repurchases in the fourth quarter of Fiscal 2022 due to timing of the cash settlement which are included on the Condensed Consolidated Statements of Cash Flows for the nine months ended October 29, 2022. We have $ 34.1 million remaining as of October 29, 2022 under our expanded share repurchase authorization announced in February 2022. We repurchased 521,693 shares during the third quarter and first nine months of Fiscal 2022 at a cost of $ 30.6 million, or $ 58.71 per share. We accrued $ 2.1 million for share repurchases as of October 30, 2021. During the fourth quarter of Fiscal 2023, through December 7, 2022, we have no t repurchased any shares. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 29, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7 Long-Term Debt (In thousands) October 29, 2022 January 29, 2022 U.S. revolver borrowings $ 85,904 $ 15,679 U.K. revolver borrowings 3,484 — Total long-term debt 89,388 15,679 Current portion 3,484 — Total Noncurrent Portion of Long-Term Debt $ 85,904 $ 15,679 The revolver borrowings outstanding under the Credit Facility as of October 29, 2022 included $ 72.2 million U.S. revolver borrowings and $ 13.7 million ( £ 11.8 million) related to Genesco (UK) Limited. In addition, revolver borrowings outstanding under Schuh's Facility Letter were $ 3.5 million ( £ 3.0 million). We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Letter as of October 29, 2022. Excess availability under the Credit Facility was $ 237.0 million at October 29, 2022. On November 2, 2022, Schuh entered into a facility agreement (the "Facility Agreement") with Lloyds Bank PLC ("Lloyds") for a £ 19.0 million revolving credit facility. The Facility Agreement expires November 2, 2025, with options to request two one-year extensions to this termination date subject to lender approval, and bears interest at 2.35 % over the Bank of England Base Rate. This Facility Agreement replaces Schuh's Facility Letter that would have expired in October 2023 . The Facility Agreement includes certain financial covenants specific to Schuh. Following certain customary events of default outlined in the Facility Agreement, payment of outstanding amounts due may be accelerated or the commitments may be terminated. The Facility Agreement is secured by charges over all of the assets of Schuh, and Schuh's subsidiary, Schuh (ROI) Limited. Pursuant to a Guarantee in favor of Lloyds in its capacity as security trustee, Genesco Inc. has guaranteed the obligations of Schuh under the Facility Agreement and certain existing ancillary facilities on an unsecured basis. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Oct. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 8 Legal Proceedings Environmental Matters The Company has legacy obligations including environmental monitoring and reporting costs related to: (i) a 2016 Consent Judgment entered into with the United States Environmental Protection Agency involving the site of a knitting mill operated by a former subsidiary of ours from 1965 to 1969 in Garden City, New York; and (ii) a 2010 Consent Decree with the Michigan Department of Natural Resources and Environment relating to our former Volunteer Leather Company facility in Whitehall, Michigan. We do not expect that future obligations related to either of these sites will have a material effect on our consolidated financial condition or results of operations. Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, we had accrued $ 1.4 million as of each of October 29, 2022, January 29, 2022 and October 30, 2021. All such provisions reflect our estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because they relate to former facilities operated by us. We have made pretax accruals for certain of these contingencies which were not material for the first nine months of Fiscal 2023 or Fiscal 2022. These charges are included in loss from discontinued operations, net in the Condensed Consolidated Statements of Operations and represent changes in estimates. In addition to the matters specifically described in this Note, we are a party to other legal and regulatory proceedings and claims arising in the ordinary course of our business. While management does not believe that our liability with respect to any of these other matters is likely to have a material effect on our condensed consolidated financial statements, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could have a material adverse impact on our condensed consolidated financial statements. |
Commitments
Commitments | 9 Months Ended |
Oct. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 9 Commitments As part of our Licensed Brands business, we have a commitment to Samsung C&T America, Inc. (“Samsung”) related to the ultimate sale and valuation of inventories owned by Samsung. If product is sold below Samsung’s cost, we are required to pay to Samsung the difference between the sales price and its cost. At October 29, 2022, the inventory owned by Samsung had a historical cost of $ 19.8 million. As of October 29, 2022, we believe that we have appropriately accounted for any differences between the fair value of the Samsung inventory and Samsung's historical cost. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Oct. 29, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 10 Business Segment Information Three Months Ended October 29, 2022 ( In thousands) Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 380,619 $ 104,809 $ 79,614 $ 40,661 $ — $ 605,703 Intercompany sales — — — ( 1,915 ) — ( 1,915 ) Net sales to external customers 380,619 104,809 79,614 38,746 — 603,788 Operating income (loss) 27,083 5,912 3,494 ( 1,927 ) ( 8,489 ) 26,073 Other components of net periodic benefit cost — — — — ( 50 ) ( 50 ) Interest expense, net — — — — ( 906 ) ( 906 ) Earnings (loss) from continuing operations before income taxes $ 27,083 $ 5,912 $ 3,494 $ ( 1,927 ) $ ( 9,445 ) $ 25,117 Total assets (1) $ 841,021 $ 206,996 $ 193,039 $ 72,586 $ 223,351 $ 1,536,993 Depreciation and amortization 6,849 1,485 1,092 214 1,032 10,672 Capital expenditures 4,638 2,405 1,719 370 1,708 10,840 (1) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended October 30, 2021 ( In thousands) Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 379,927 $ 119,791 $ 66,835 $ 34,154 $ — $ 600,707 Intercompany sales — — — ( 161 ) — ( 161 ) Net sales to external customers 379,927 119,791 66,835 33,993 — 600,546 Segment operating income (loss) 43,403 9,701 1,641 ( 132 ) ( 10,543 ) 44,070 Asset impairments and other (1) — — — — ( 314 ) ( 314 ) Operating income (loss) 43,403 9,701 1,641 ( 132 ) ( 10,857 ) 43,756 Other components of net periodic benefit cost — — — — ( 55 ) ( 55 ) Interest expense, net — — — — ( 585 ) ( 585 ) Earnings (loss) from continuing operations before income taxes $ 43,403 $ 9,701 $ 1,641 $ ( 132 ) $ ( 11,497 ) $ 43,116 Total assets (2) $ 760,370 $ 229,347 $ 131,378 $ 53,310 $ 442,404 $ 1,616,809 Depreciation and amortization 7,160 1,675 1,148 266 375 10,624 Capital expenditures 4,645 718 1,104 270 8,225 14,962 (1) Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. (2) Of our $ 781.3 million of long-lived assets, $ 120.3 million and $ 29.1 million relate to long-lived assets in the U.K. and Canada, respectively. Note 10 Business Segment Information, Continued Nine Months Ended October 29, 2022 Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 1,016,396 $ 294,486 $ 225,448 $ 126,442 $ — $ 1,662,772 Intercompany sales — — — ( 2,904 ) — ( 2,904 ) Net sales to external customers (1) 1,016,396 294,486 225,448 123,538 — 1,659,868 Segment operating income (loss) 51,235 5,260 7,256 2,551 ( 23,055 ) 43,247 Asset impairments and other (2) — — — — 154 154 Operating income (loss) 51,235 5,260 7,256 2,551 ( 22,901 ) 43,401 Other components of net periodic benefit cost — — — — ( 198 ) ( 198 ) Interest expense, net — — — — ( 1,608 ) ( 1,608 ) Earnings (loss) from continuing $ 51,235 $ 5,260 $ 7,256 $ 2,551 $ ( 24,707 ) $ 41,595 Depreciation and amortization $ 21,060 $ 4,607 $ 3,271 $ 692 $ 2,271 $ 31,901 Capital expenditures 15,539 6,278 5,528 1,033 11,467 39,845 (1) Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 82 % and 18 % , respectively, of our net sales for the nine months ended October 29, 2022. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Nine Months Ended October 30, 2021 Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 1,102,750 $ 294,581 $ 176,756 $ 120,952 $ — $ 1,695,039 Intercompany sales — — — ( 615 ) — ( 615 ) Net sales to external customers (1) 1,102,750 294,581 176,756 120,337 — $ 1,694,424 Segment operating income (loss) 106,895 9,477 2,412 3,420 ( 39,966 ) $ 82,238 Asset impairments and other (2) — — — — ( 10,054 ) ( 10,054 ) Operating income (loss) 106,895 9,477 2,412 3,420 ( 50,020 ) 72,184 Other components of net periodic benefit cost — — — — ( 72 ) ( 72 ) Interest expense — — — — ( 1,931 ) ( 1,931 ) Earnings (loss) from continuing $ 106,895 $ 9,477 $ 2,412 $ 3,420 $ ( 52,023 ) $ 70,181 Depreciation and amortization $ 21,549 $ 5,356 $ 3,460 $ 820 $ 1,073 $ 32,258 Capital expenditures 18,418 1,945 3,666 750 9,728 34,507 (1) Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 83 % and 17 % , respectively, of our net sales for the nine months ended October 30, 2021. (2) Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending January 28, 2023 ("Fiscal 2023") and of the fiscal year ended January 29, 2022 ("Fiscal 2022"). All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The Condensed Consolidated Balance Sheet as of January 29, 2022 has been derived from the audited financial statements at that date. These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2022, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 23, 2022. |
Nature of Operations | Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "Genesco," "we", "our", or "us") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys ® , Journeys Kidz ® , Little Burgundy ® and Johnston & Murphy ® banners and under the Schuh ® banner in the United Kingdom (“U.K.”) and the Republic of Ireland (“ROI”); through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, littleburgundyshoes.com, schuh.co.uk, schuh.ie, schuh.eu, johnstonmurphy.com, johnstonmurphy.ca, nashvilleshoewarehouse.com and dockersshoes.com and at wholesale, primarily under our Johnston & Murphy brand, the licensed Levi's ® brand, the licensed Dockers ® brand, the licensed G.H. Bass ® brand and other brands that we license for footwear. At October 29, 2022, we operated 1,404 retail stores in the U.S., Puerto Rico, Canada, the U.K. and the ROI. During the three and nine months ended October 29, 2022 and October 30, 2021, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Licensed Brands, comprised of the licensed Dockers, Levi's, and G.H. Bass brands, as well as other brands we license for footwear. |
Selling and Administrative Expenses | Selling and Administrative Expenses Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $ 3.7 million and $ 2.7 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 9.5 million and $ 9.9 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. Retail occupancy costs recorded in selling and administrative expense were $ 77.5 million and $ 75.0 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 231.8 million and $ 220.9 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. Fiscal 2022 included COVID-related rent credits and government property tax relief. |
Advertising Costs | Advertising Costs Advertising costs were $ 31.3 million and $ 27.0 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 81.4 million and $ 71.6 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. |
Vendor Allowances | Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $ 5.0 million and $ 2.3 million for the third quarters of Fiscal 2023 and Fiscal 2022, respectively, and $ 11.7 million and $ 7.7 million for the first nine months of Fiscal 2023 and Fiscal 2022, respectively. During the first nine months of each of Fiscal 2023 and Fiscal 2022, our cooperative advertising reimbursements received were not in excess of the costs incurred. |
Income Taxes | Income Taxes In the fourth quarter of Fiscal 2021, we implemented tax strategies allowed under the 5-year carryback provisions in the CARES Act which we believed would generate approximately $ 55 million of net tax refunds. We received approximately $ 26 million of such net tax refunds in Fiscal 2022 and anticipated receipt of the remaining outstanding net tax refund in Fiscal 2023. However, in the third quarter of Fiscal 2023, we were notified the IRS would conduct an audit of the periods related to the outstanding net tax refund. While we do not believe any uncertainty with the technical merits of the positions generating the net tax refunds exists, we do anticipate the timing of the net tax refund will be extended as a result of the audit process. Accordingly, we have adjusted the presentation of the outstanding refund to non-current prepaid income taxes on the Condensed Consolidated Balance Sheets for Fiscal 2023. |
Covid-19 Pandemic | COVID-19 Pandemic The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty, and volatility which may negatively affect our business operations. As a result, if the pandemic persists or worsens, our accounting estimates and assumptions could be impacted in subsequent interim reports and upon final determination at year-end, and it is reasonably possible such changes could be significant. |
New Accounting Pronouncements | New Accounting Pronouncements We do not currently have any new accounting pronouncements pending adoption. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Journeys Licensed Total Balance, January 29, 2022 $ 10,087 $ 28,469 $ 38,556 Effect of foreign currency exchange rates ( 637 ) ( 16 ) ( 653 ) Balance, October 29, 2022 $ 9,450 $ 28,453 $ 37,903 |
Summary of Other Intangible Assets | Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Oct. 29, 2022 Jan. 29, Gross other intangibles $ 22,713 $ 25,935 $ 6,393 $ 6,586 $ 400 $ 400 $ 29,506 $ 32,921 Accumulated amortization — — ( 2,898 ) ( 2,666 ) ( 400 ) ( 400 ) ( 3,298 ) ( 3,066 ) Net Other Intangibles $ 22,713 $ 25,935 $ 3,495 $ 3,920 $ — $ — $ 26,208 $ 29,855 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories (In thousands) October 29, 2022 January 29, 2022 Wholesale finished goods $ 71,425 $ 28,432 Retail merchandise 492,065 249,768 Total Inventories $ 563,490 $ 278,200 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments | The carrying amounts and fair values of our financial instruments at October 29, 2022 and January 29, 2022 are as follows: Fair Values (In thousands) October 29, 2022 January 29, 2022 Carrying Fair Carrying Fair U.S. Revolver Borrowings $ 85,904 $ 85,716 $ 15,679 $ 15,679 U.K. Revolver Borrowings 3,484 3,413 — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Number of Shares | Weighted-average number of shares used to calculate earnings per share are as follows: Three Months Ended Nine Months Ended (Shares in thousands) October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Weighted-average number of shares - basic 12,138 14,314 12,637 14,313 Common stock equivalents 188 302 264 330 Weighted-average number of shares - diluted 12,326 14,616 12,901 14,643 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-Term Debt (In thousands) October 29, 2022 January 29, 2022 U.S. revolver borrowings $ 85,904 $ 15,679 U.K. revolver borrowings 3,484 — Total long-term debt 89,388 15,679 Current portion 3,484 — Total Noncurrent Portion of Long-Term Debt $ 85,904 $ 15,679 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Three Months Ended October 29, 2022 ( In thousands) Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 380,619 $ 104,809 $ 79,614 $ 40,661 $ — $ 605,703 Intercompany sales — — — ( 1,915 ) — ( 1,915 ) Net sales to external customers 380,619 104,809 79,614 38,746 — 603,788 Operating income (loss) 27,083 5,912 3,494 ( 1,927 ) ( 8,489 ) 26,073 Other components of net periodic benefit cost — — — — ( 50 ) ( 50 ) Interest expense, net — — — — ( 906 ) ( 906 ) Earnings (loss) from continuing operations before income taxes $ 27,083 $ 5,912 $ 3,494 $ ( 1,927 ) $ ( 9,445 ) $ 25,117 Total assets (1) $ 841,021 $ 206,996 $ 193,039 $ 72,586 $ 223,351 $ 1,536,993 Depreciation and amortization 6,849 1,485 1,092 214 1,032 10,672 Capital expenditures 4,638 2,405 1,719 370 1,708 10,840 (1) Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Three Months Ended October 30, 2021 ( In thousands) Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 379,927 $ 119,791 $ 66,835 $ 34,154 $ — $ 600,707 Intercompany sales — — — ( 161 ) — ( 161 ) Net sales to external customers 379,927 119,791 66,835 33,993 — 600,546 Segment operating income (loss) 43,403 9,701 1,641 ( 132 ) ( 10,543 ) 44,070 Asset impairments and other (1) — — — — ( 314 ) ( 314 ) Operating income (loss) 43,403 9,701 1,641 ( 132 ) ( 10,857 ) 43,756 Other components of net periodic benefit cost — — — — ( 55 ) ( 55 ) Interest expense, net — — — — ( 585 ) ( 585 ) Earnings (loss) from continuing operations before income taxes $ 43,403 $ 9,701 $ 1,641 $ ( 132 ) $ ( 11,497 ) $ 43,116 Total assets (2) $ 760,370 $ 229,347 $ 131,378 $ 53,310 $ 442,404 $ 1,616,809 Depreciation and amortization 7,160 1,675 1,148 266 375 10,624 Capital expenditures 4,645 718 1,104 270 8,225 14,962 (1) Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. (2) Of our $ 781.3 million of long-lived assets, $ 120.3 million and $ 29.1 million relate to long-lived assets in the U.K. and Canada, respectively. Note 10 Business Segment Information, Continued Nine Months Ended October 29, 2022 Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 1,016,396 $ 294,486 $ 225,448 $ 126,442 $ — $ 1,662,772 Intercompany sales — — — ( 2,904 ) — ( 2,904 ) Net sales to external customers (1) 1,016,396 294,486 225,448 123,538 — 1,659,868 Segment operating income (loss) 51,235 5,260 7,256 2,551 ( 23,055 ) 43,247 Asset impairments and other (2) — — — — 154 154 Operating income (loss) 51,235 5,260 7,256 2,551 ( 22,901 ) 43,401 Other components of net periodic benefit cost — — — — ( 198 ) ( 198 ) Interest expense, net — — — — ( 1,608 ) ( 1,608 ) Earnings (loss) from continuing $ 51,235 $ 5,260 $ 7,256 $ 2,551 $ ( 24,707 ) $ 41,595 Depreciation and amortization $ 21,060 $ 4,607 $ 3,271 $ 692 $ 2,271 $ 31,901 Capital expenditures 15,539 6,278 5,528 1,033 11,467 39,845 (1) Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 82 % and 18 % , respectively, of our net sales for the nine months ended October 29, 2022. (2) Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Nine Months Ended October 30, 2021 Journeys Schuh Johnston Licensed Corporate Consolidated Sales $ 1,102,750 $ 294,581 $ 176,756 $ 120,952 $ — $ 1,695,039 Intercompany sales — — — ( 615 ) — ( 615 ) Net sales to external customers (1) 1,102,750 294,581 176,756 120,337 — $ 1,694,424 Segment operating income (loss) 106,895 9,477 2,412 3,420 ( 39,966 ) $ 82,238 Asset impairments and other (2) — — — — ( 10,054 ) ( 10,054 ) Operating income (loss) 106,895 9,477 2,412 3,420 ( 50,020 ) 72,184 Other components of net periodic benefit cost — — — — ( 72 ) ( 72 ) Interest expense — — — — ( 1,931 ) ( 1,931 ) Earnings (loss) from continuing $ 106,895 $ 9,477 $ 2,412 $ 3,420 $ ( 52,023 ) $ 70,181 Depreciation and amortization $ 21,549 $ 5,356 $ 3,460 $ 820 $ 1,073 $ 32,258 Capital expenditures 18,418 1,945 3,666 750 9,728 34,507 (1) Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 83 % and 17 % , respectively, of our net sales for the nine months ended October 30, 2021. (2) Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 29, 2022 USD ($) Segment Store | Oct. 30, 2021 USD ($) Segment | Oct. 29, 2022 USD ($) Segment Store | Oct. 30, 2021 USD ($) Segment | Jan. 29, 2022 USD ($) | Jan. 29, 2021 USD ($) | |
Summary of Accounting Policies [Line Items] | ||||||
Number of retail stores operated by company | Store | 1,404 | 1,404 | ||||
Number of reportable business segments | Segment | 4 | 4 | 4 | 4 | ||
Selling and administrative expenses | $ 267,734 | $ 251,131 | $ 756,318 | $ 743,147 | ||
Net tax refunds | $ 26,000 | $ 55,000 | ||||
Advertising costs | 31,300 | 27,000 | 81,400 | 71,600 | ||
Vendor reimbursements of cooperative advertising costs | 5,000 | 2,300 | 11,700 | 7,700 | ||
Wholesale Costs of Distribution | ||||||
Summary of Accounting Policies [Line Items] | ||||||
Selling and administrative expenses | 3,700 | 2,700 | 9,500 | 9,900 | ||
Retail Occupancy Costs | ||||||
Summary of Accounting Policies [Line Items] | ||||||
Selling and administrative expenses | $ 77,500 | $ 75,000 | $ 231,800 | $ 220,900 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Segment (Details) $ in Thousands | 9 Months Ended |
Oct. 29, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 38,556 |
Effect of foreign currency exchange rates | (653) |
Goodwill, ending balance | 37,903 |
Journeys Group | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 10,087 |
Effect of foreign currency exchange rates | (637) |
Goodwill, ending balance | 9,450 |
Licensed Brands Group | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 28,469 |
Effect of foreign currency exchange rates | (16) |
Goodwill, ending balance | $ 28,453 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Other intangibles by major classes | |||
Gross other intangibles | $ 29,506 | $ 32,921 | |
Accumulated amortization | (3,298) | (3,066) | |
Net Other Intangibles | 26,208 | 29,855 | $ 30,592 |
Trademarks | |||
Other intangibles by major classes | |||
Gross other intangibles | 22,713 | 25,935 | |
Accumulated amortization | 0 | 0 | |
Net Other Intangibles | 22,713 | 25,935 | |
Customer Lists | |||
Other intangibles by major classes | |||
Gross other intangibles | 6,393 | 6,586 | |
Accumulated amortization | (2,898) | (2,666) | |
Net Other Intangibles | 3,495 | 3,920 | |
Other | |||
Other intangibles by major classes | |||
Gross other intangibles | 400 | 400 | |
Accumulated amortization | (400) | (400) | |
Net Other Intangibles | $ 0 | $ 0 |
Asset Impairments and Other C_2
Asset Impairments and Other Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | ||||
Restructuring Cost And Reserve [Line Items] | |||||||
Asset impairments and other, net | $ 0 | $ 314 | [1] | $ (154) | [2] | $ 10,054 | [3] |
Insurance gain | 600 | ||||||
Professional Fees Related to Actions of Activist Shareholder | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Asset impairments and other, net | 100 | 8,600 | |||||
Retail Store Asset Impairments | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Asset impairments and other, net | $ 200 | $ 500 | $ 2,000 | ||||
[1] Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Inventories | |||
Wholesale finished goods | $ 71,425 | $ 28,432 | |
Retail merchandise | 492,065 | 249,768 | |
Total Inventories | $ 563,490 | $ 278,200 | $ 339,198 |
Inventories - Schedule of Other
Inventories - Schedule of Other Current Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Accrued Liabilities, Current [Abstract] | |||
Total Other Current Accrued Liabilities | $ 82,193 | $ 134,156 | $ 133,569 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 89,388 | $ 15,679 |
U.S. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 85,904 | 15,679 |
Fair Value | 85,716 | 15,679 |
U.S. Revolver Borrowings | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 72,200 | |
U.K. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 3,484 | 0 |
Fair Value | $ 3,413 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Millions | Oct. 29, 2022 USD ($) |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments held | $ 10.5 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of shares - basic (in shares) | 12,138 | 14,314 | 12,637 | 14,313 |
Common stock equivalents (in shares) | 188 | 302 | 264 | 330 |
Weighted-average number of shares - diluted (in shares) | 12,326 | 14,616 | 12,901 | 14,643 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Dec. 07, 2022 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Jan. 29, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Stock repurchased during period (in shares) | 0 | 451,343 | 1,380,272 | 521,693 | ||||
Shares repurchased | $ 20,768 | $ 45,422 | $ 6,500 | $ 30,629 | $ 72,700 | $ 30,600 | ||
Share price | $ 46.01 | $ 52.66 | $ 58.71 | |||||
Stock repurchase accrued amount | $ 2,100 | $ 2,100 | $ 4,800 | |||||
Remaining authorized repurchase amount | $ 34,100 | $ 34,100 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 89,388 | $ 15,679 | |
Current portion | 3,484 | 0 | $ 0 |
Total Noncurrent Portion of Long-Term Debt | 85,904 | 15,679 | $ 15,610 |
U.S. Revolver Borrowings | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 85,904 | 15,679 | |
U.K. Revolver Borrowings | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 3,484 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands, £ in Millions | 9 Months Ended | |||
Nov. 02, 2022 GBP (£) | Oct. 29, 2022 USD ($) | Oct. 29, 2022 GBP (£) | Jan. 29, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 89,388 | $ 15,679 | ||
Long term debt description | The revolver borrowings outstanding under the Credit Facility as of October 29, 2022 included $72.2 million U.S. revolver borrowings and $13.7 million (£11.8 million) related to Genesco (UK) Limited. In addition, revolver borrowings outstanding under Schuh's Facility Letter were $3.5 million (£3.0 million). We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Letter as of October 29, 2022. Excess availability under the Credit Facility was $237.0 million at October 29, 2022. On November 2, 2022, Schuh entered into a facility agreement (the "Facility Agreement") with Lloyds Bank PLC ("Lloyds") for a £19.0 million revolving credit facility. The Facility Agreement expires November 2, 2025, with options to request two one-year extensions to this termination date subject to lender approval, and bears interest at 2.35% over the Bank of England Base Rate. This Facility Agreement replaces Schuh's Facility Letter that would have expired in October 2023. The Facility Agreement includes certain financial covenants specific to Schuh. Following certain customary events of default outlined in the Facility Agreement, payment of outstanding amounts due may be accelerated or the commitments may be terminated. The Facility Agreement is secured by charges over all of the assets of Schuh, and Schuh's subsidiary, Schuh (ROI) Limited. Pursuant to a Guarantee in favor of Lloyds in its capacity as security trustee, Genesco Inc. has guaranteed the obligations of Schuh under the Facility Agreement and certain existing ancillary facilities on an unsecured basis. | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Excess availability under credit facility | $ 237,000 | |||
Genesco (UK) Limited | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 13,700 | £ 11.8 | ||
Schuh Limited [Member] | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 3,500 | £ 3 | ||
Schuh Limited [Member] | BaseRateMember | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.35% | |||
U.S. Revolver Borrowings | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 85,904 | $ 15,679 | ||
U.S. Revolver Borrowings | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | $ 72,200 | |||
FacilityAgreementMember | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility expiration date | 2023-10 | |||
FacilityAgreementMember | Schuh Limited [Member] | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of credit facility | £ | £ 19 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Loss Contingencies [Line Items] | |||
Amount related to outstanding environmental contingencies | $ 1.4 | $ 1.4 | $ 1.4 |
Commitments - Additional Inform
Commitments - Additional Information (Details) $ in Millions | Oct. 29, 2022 USD ($) |
Samsung | |
Loss Contingencies [Line Items] | |
Historical cost of inventory | $ 19.8 |
Business Segment Information -
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Jan. 29, 2022 | |||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 603,788 | $ 600,546 | $ 1,659,868 | [1] | $ 1,694,424 | [2] | |||
Segment operating income (loss) | 44,070 | 43,247 | 82,238 | ||||||
Asset impairments and other | 0 | (314) | [3] | 154 | [4] | (10,054) | [5] | ||
Operating income | 26,073 | 43,756 | 43,401 | 72,184 | |||||
Other components of net periodic benefit income cost | (50) | (55) | (198) | (72) | |||||
Interest expense, net | (906) | (585) | (1,608) | (1,931) | |||||
Earnings from continuing operations before income taxes | 25,117 | 43,116 | 41,595 | 70,181 | |||||
Total assets | 1,536,993 | [6] | 1,616,809 | [7] | 1,536,993 | [6] | 1,616,809 | [7] | $ 1,562,099 |
Depreciation and amortization | 10,672 | 10,624 | 31,901 | 32,258 | |||||
Capital expenditures | 10,840 | 14,962 | 39,845 | 34,507 | |||||
Journeys Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 380,619 | 379,927 | 1,016,396 | [1] | 1,102,750 | [2] | |||
Schuh Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 104,809 | 119,791 | 294,486 | [1] | 294,581 | [2] | |||
Johnston & Murphy Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 79,614 | 66,835 | 225,448 | [1] | 176,756 | [2] | |||
Licensed Brands Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 38,746 | 33,993 | 123,538 | [1] | 120,337 | [2] | |||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 605,703 | 600,707 | 1,662,772 | 1,695,039 | |||||
Operating Segments | Journeys Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 380,619 | 379,927 | 1,016,396 | 1,102,750 | |||||
Segment operating income (loss) | 43,403 | 51,235 | 106,895 | ||||||
Asset impairments and other | 0 | [3] | 0 | [4] | 0 | [5] | |||
Operating income | 27,083 | 43,403 | 51,235 | 106,895 | |||||
Other components of net periodic benefit income cost | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Earnings from continuing operations before income taxes | 27,083 | 43,403 | 51,235 | 106,895 | |||||
Total assets | 841,021 | [6] | 760,370 | [7] | 841,021 | [6] | 760,370 | [7] | |
Depreciation and amortization | 6,849 | 7,160 | 21,060 | 21,549 | |||||
Capital expenditures | 4,638 | 4,645 | 15,539 | 18,418 | |||||
Operating Segments | Schuh Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 104,809 | 119,791 | 294,486 | 294,581 | |||||
Segment operating income (loss) | 9,701 | (5,260) | (9,477) | ||||||
Asset impairments and other | 0 | [3] | 0 | [4] | 0 | [5] | |||
Operating income | 5,912 | 9,701 | (5,260) | (9,477) | |||||
Other components of net periodic benefit income cost | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Earnings from continuing operations before income taxes | 5,912 | 9,701 | (5,260) | (9,477) | |||||
Total assets | 206,996 | [6] | 229,347 | [7] | 206,996 | [6] | 229,347 | [7] | |
Depreciation and amortization | 1,485 | 1,675 | 4,607 | 5,356 | |||||
Capital expenditures | 2,405 | 718 | 6,278 | 1,945 | |||||
Operating Segments | Johnston & Murphy Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 79,614 | 66,835 | 225,448 | 176,756 | |||||
Segment operating income (loss) | 1,641 | 7,256 | 2,412 | ||||||
Asset impairments and other | 0 | [3] | 0 | [4] | 0 | [5] | |||
Operating income | 3,494 | 1,641 | 7,256 | 2,412 | |||||
Other components of net periodic benefit income cost | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Earnings from continuing operations before income taxes | 3,494 | 1,641 | 7,256 | 2,412 | |||||
Total assets | 193,039 | [6] | 131,378 | [7] | 193,039 | [6] | 131,378 | [7] | |
Depreciation and amortization | 1,092 | 1,148 | 3,271 | 3,460 | |||||
Capital expenditures | 1,719 | 1,104 | 5,528 | 3,666 | |||||
Operating Segments | Licensed Brands Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 40,661 | 34,154 | 126,442 | 120,952 | |||||
Segment operating income (loss) | 132 | 2,551 | 3,420 | ||||||
Asset impairments and other | 0 | [3] | 0 | [4] | 0 | [5] | |||
Operating income | 1,927 | 132 | 2,551 | 3,420 | |||||
Other components of net periodic benefit income cost | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Earnings from continuing operations before income taxes | 1,927 | 132 | 2,551 | 3,420 | |||||
Total assets | 72,586 | [6] | 53,310 | [7] | 72,586 | [6] | 53,310 | [7] | |
Depreciation and amortization | 214 | 266 | 692 | 820 | |||||
Capital expenditures | 370 | 270 | 1,033 | 750 | |||||
Corporate & Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | [1] | 0 | [2] | |||
Segment operating income (loss) | (10,543) | (23,055) | (39,966) | ||||||
Asset impairments and other | (314) | [3] | 154 | [4] | (10,054) | [5] | |||
Operating income | (8,489) | (10,857) | (22,901) | (50,020) | |||||
Other components of net periodic benefit income cost | (50) | (55) | (198) | (72) | |||||
Interest expense, net | (906) | (585) | (1,608) | (1,931) | |||||
Earnings from continuing operations before income taxes | (9,445) | (11,497) | (24,707) | (52,023) | |||||
Total assets | 223,351 | [6] | 442,404 | [7] | 223,351 | [6] | 442,404 | [7] | |
Depreciation and amortization | 1,032 | 375 | 2,271 | 1,073 | |||||
Capital expenditures | 1,708 | 8,225 | 11,467 | 9,728 | |||||
Intercompany Sales | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | (1,915) | (161) | (2,904) | (615) | |||||
Intercompany Sales | Journeys Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | 0 | |||||
Intercompany Sales | Schuh Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | 0 | |||||
Intercompany Sales | Johnston & Murphy Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | 0 | 0 | 0 | |||||
Intercompany Sales | Licensed Brands Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ (1,915) | $ (161) | $ (2,904) | $ (615) | |||||
[1] Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 82 % and 18 % , respectively, of our net sales for the nine months ended October 29, 2022. Net sales in North America and in the United Kingdom, which includes the Republic of Ireland, accounted for 83 % and 17 % , respectively, of our net sales for the nine months ended October 30, 2021. Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. Of our $ 704.6 million of long-lived assets, $ 89.3 million and $ 18.5 million relate to long-lived assets in the U.K. and Canada, respectively. Of our $ 781.3 million of long-lived assets, $ 120.3 million and $ 29.1 million relate to long-lived assets in the U.K. and Canada, respectively. |
Business Segment Information _2
Business Segment Information - Schedule of Business Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | ||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | $ 0 | $ 314 | [1] | $ (154) | [2] | $ 10,054 | [3] |
Long-lived assets | 704,600 | 781,300 | 704,600 | 781,300 | |||
Insurance gain | 600 | ||||||
U.K. | |||||||
Segment Reporting Information [Line Items] | |||||||
Long-lived assets | 89,300 | 120,300 | 89,300 | 120,300 | |||
Canada | |||||||
Segment Reporting Information [Line Items] | |||||||
Long-lived assets | $ 18,500 | 29,100 | $ 18,500 | $ 29,100 | |||
GeographicConcentrationRiskMember | SalesRevenueNetMember | U.K. | |||||||
Segment Reporting Information [Line Items] | |||||||
ConcentrationRiskPercentage1 | 18% | 17% | |||||
GeographicConcentrationRiskMember | SalesRevenueNetMember | NorthAmerica | |||||||
Segment Reporting Information [Line Items] | |||||||
ConcentrationRiskPercentage1 | 82% | 83% | |||||
Professional Fees Related to Actions of Activist Shareholder | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | 100 | $ 8,600 | |||||
Retail Store Asset Impairments | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | 200 | $ 500 | 2,000 | ||||
Retail Store Asset Impairments | Journeys Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | $ 200 | 200 | 1,000 | ||||
Retail Store Asset Impairments | Schuh Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | 200 | 800 | |||||
Retail Store Asset Impairments | Johnston & Murphy Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | 200 | ||||||
Asset Impairment | Licensed Brands Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | 100 | ||||||
Gain on the Termination of the Pension Plan | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | $ (700) | ||||||
Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Asset impairments and other, net | $ (600) | ||||||
[1] Asset impairments and other includes a $ 0.1 million charge for professional fees related to the actions of an activist shareholder and a $ 0.2 million charge for retail store asset impairments, which includes $ 0.2 million in Journeys Group. Asset impairments and other includes a $ 0.5 million charge for asset impairments, which includes $ 0.2 million in Journeys Group, $ 0.2 million in Schuh Group and $ 0.1 million in Licensed Brands, partially offset by a $ 0.7 million gain on the termination of the pension plan. Asset impairments and other includes an $ 8.6 million charge for professional fees related to the actions of an activist shareholder and a $ 2.0 million charge for retail store asset impairments, which includes $ 1.0 million in Journeys Group, $ 0.8 million in Schuh Group and $ 0.2 million in the Johnston & Murphy Group, partially offset by a $ 0.6 million insurance gain. |