# GENESCO INC (GCO)

Informational only - not investment advice.

CIK: 0000018498
SIC: 5661 Retail-Shoe Stores
SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 56](/major-group/56/) > [SIC 5661 Retail-Shoe Stores](/industry/5661/)
Latest 10-K filed: 2026-03-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=18498
Filing source: https://www.sec.gov/Archives/edgar/data/18498/000119312526123492/gco-20260131.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-25 · accession 0001193125-26-123492 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000018498.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,436,096,000 USD | 2026 | verified |
| Net income | 13,269,000 USD | 2026 | verified |
| Assets | 1,392,978,000 USD | 2026 | verified |
| Free cash flow | 83,706,000 USD | 2026 | computed |
| Net margin | 0.54% | 2026 | computed |
| Operating margin | 0.71% | 2026 | computed |
| Revenue YoY | +4.78% | 2026 | computed |
| ROE | 2.34% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | GCO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.5% | 4.0% | 20 | 16 |
| Operating margin | 0.7% | 4.1% | 7 | 15 |
| Revenue growth | 4.8% | 5.0% | 47 | 16 |
| FCF margin | 3.4% | 4.7% | 33 | 16 |
| ROE | 2.3% | 16.5% | 14 | 15 |
| ROA | 1.0% | 4.6% | 20 | 16 |
| Liabilities / equity | 1.46 | 1.51 | 43 | 15 |
| Current ratio | 1.64 | 1.55 | 67 | 16 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 56 SIC Major Group 56, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2436096000 | USD | 2026 | 2026-03-25 |
| Net income | 13269000 | USD | 2026 | 2026-03-25 |
| Assets | 1392978000 | USD | 2026 | 2026-03-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000018498.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 2,020,831,000 | 2,127,547,000 | 2,188,553,000 | 2,197,066,000 | 1,786,530,000 | 2,422,084,000 | 2,384,888,000 | 2,324,624,000 | 2,325,062,000 | 2,436,096,000 |
| Net income |  | 97,431,000 | -111,839,000 | -51,930,000 | 61,384,000 | -56,429,000 | 114,850,000 | 71,915,000 | -16,827,000 | -18,890,000 | 13,269,000 |
| Operating income |  | 107,793,000 | 74,372,000 | 81,817,000 | 83,318,000 | -107,249,000 | 155,567,000 | 93,241,000 | -13,460,000 | 13,925,000 | 17,314,000 |
| Gross profit |  | 1,417,526,000 | 1,011,383,000 | 1,047,056,000 | 1,063,115,000 | 804,467,000 | 1,181,136,000 | 1,136,190,000 | 1,098,820,000 | 1,096,813,000 | 1,126,850,000 |
| Diluted EPS |  | 4.83 | -5.80 | -2.66 | 3.92 | -3.97 | 7.92 | 5.66 | -1.50 | -1.74 | 1.25 |
| Operating cash flow |  | 165,249,000 | 164,591,000 | 237,143,000 | 117,170,000 | 157,741,000 | 239,870,000 | -164,884,000 | 94,796,000 | 87,886,000 | 145,760,000 |
| Capital expenditures |  | 93,970,000 | 127,853,000 | 57,230,000 | 29,767,000 | 24,130,000 | 53,905,000 | 59,934,000 | 60,303,000 | 41,132,000 | 62,054,000 |
| Share buybacks |  | 140,499,000 | 16,163,000 | 44,935,000 | 190,384,000 | 0.00 | 78,068,000 | 77,470,000 | 32,027,000 | 9,789,000 | 12,566,000 |
| Assets |  | 1,440,999,000 | 1,315,353,000 | 1,181,081,000 | 1,680,478,000 | 1,587,368,000 | 1,562,099,000 | 1,456,426,000 | 1,329,890,000 | 1,335,536,000 | 1,392,978,000 |
| Liabilities |  | 518,478,000 | 484,649,000 | 443,530,000 | 1,061,135,000 | 1,020,609,000 | 959,631,000 | 849,460,000 | 758,688,000 | 788,566,000 | 825,934,000 |
| Stockholders' equity |  | 921,053,000 | 830,704,000 | 737,551,000 | 619,343,000 | 566,759,000 | 602,468,000 | 606,966,000 | 571,202,000 | 546,970,000 | 567,044,000 |
| Cash and cash equivalents | 133,288,000 | 48,301,000 | 39,937,000 | 167,355,000 | 81,418,000 | 215,091,000 | 320,525,000 |  | 35,155,000 | 34,007,000 | 105,405,000 |
| Free cash flow |  | 71,279,000 | 36,738,000 | 179,913,000 | 87,403,000 | 133,611,000 | 185,965,000 | -224,818,000 | 34,493,000 | 46,754,000 | 83,706,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 4.82% | -5.26% | -2.37% | 2.79% | -3.16% | 4.74% | 3.02% | -0.72% | -0.81% | 0.54% |
| Operating margin |  | 5.33% | 3.50% | 3.74% | 3.79% | -6.00% | 6.42% | 3.91% | -0.58% | 0.60% | 0.71% |
| Return on equity |  | 10.58% | -13.46% | -7.04% | 9.91% | -9.96% | 19.06% | 11.85% | -2.95% | -3.45% | 2.34% |
| Return on assets |  | 6.76% | -8.50% | -4.40% | 3.65% | -3.55% | 7.35% | 4.94% | -1.27% | -1.41% | 0.95% |
| Liabilities / equity |  | 0.56 | 0.58 | 0.60 | 1.71 | 1.80 | 1.59 | 1.40 | 1.33 | 1.44 | 1.46 |
| Current ratio |  | 2.32 | 2.72 | 2.65 | 1.40 | 1.66 | 1.64 | 1.59 | 1.59 | 1.60 | 1.64 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/GCO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000018498.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-30 |  |  | 0.59 | reported discrete quarter |
| 2023-Q3 | 2022-10-29 |  |  | 1.65 | reported discrete quarter |
| 2024-Q1 | 2023-04-29 |  |  | -1.60 | reported discrete quarter |
| 2024-Q2 | 2023-04-29 |  | -18,890,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-07-29 | 523,027,000 |  | -2.79 | reported discrete quarter |
| 2024-Q3 | 2023-07-29 |  | -31,665,000 |  | reported discrete quarter |
| 2024-Q3 | 2023-10-28 | 579,315,000 |  | 0.60 | reported discrete quarter |
| 2024-Q4 | 2024-02-03 | 738,950,000 | 27,189,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-05-04 | 457,597,000 | -24,347,000 | -2.23 | reported discrete quarter |
| 2025-Q2 | 2024-05-04 |  | -24,347,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-08-03 | 525,188,000 |  | -0.91 | reported discrete quarter |
| 2025-Q3 | 2024-08-03 |  | -9,992,000 |  | reported discrete quarter |
| 2025-Q3 | 2024-11-02 | 596,328,000 |  | -1.76 | reported discrete quarter |
| 2025-Q4 | 2025-02-01 | 745,949,000 | 34,381,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-05-03 | 473,973,000 | -21,227,000 | -2.02 | reported discrete quarter |
| 2026-Q2 | 2025-05-03 |  | -21,227,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-08-02 | 545,965,000 |  | -1.79 | reported discrete quarter |
| 2026-Q3 | 2025-08-02 |  | -18,471,000 |  | reported discrete quarter |
| 2026-Q3 | 2025-11-01 | 616,217,000 |  | 0.50 | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 799,941,000 | 47,611,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-05-02 | 487,025,000 | -14,814,000 | -1.42 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from GCO's latest 10-K: [/company/GCO/business/](/company/GCO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from GCO's latest 10-K: [/company/GCO/risk-factors/](/company/GCO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/18498/000119312526266889/gco-20260502.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-11
Report date: 2026-05-02

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This section discusses management’s view of the financial condition, results of operations and cash flows of the Company. This section should be read in conjunction with the information contained in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, including the Risk Factors section, and information contained elsewhere in this Quarterly Report on Form 10-Q, including the Condensed Consolidated Financial Statements and Notes to those financial statements. The results of operations for any interim period may not necessarily be indicative of the results that may be expected for any future interim period or the entire fiscal year.

Summary of Results of Operations

Our net sales increased 2.8% to $487.0 million in the first quarter of Fiscal 2027 compared to $474.0 million in the first quarter of Fiscal 2026. The net sales increase compared to last year's first quarter reflects a 2% increase in comparable sales, including a 3% increase in same store sales, other non-comparable gains and a favorable foreign exchange impact, partially offset by the impact of net store closings resulting from our ongoing footprint optimization. The Journeys Group business had a strong first quarter of Fiscal 2027 with comparable sales up 5%, driven by strength in the product assortment and other initiatives. Schuh Group comparable sales were down 9% for the first quarter of Fiscal 2027 reflecting a weaker U.K. consumer market and our decision to prioritize full-price selling. Johnston & Murphy Group comparable sales were up 7% in the first quarter of Fiscal 2027 driven by increased store and e-commerce sales driven by strength in product assortment, both apparel and footwear, as a result of increased brand awareness through marketing and social media campaigns. By segment, Journeys Group sales increased 5%, Schuh Group sales decreased 5%, Johnston & Murphy Group sales increased 6% and Genesco Brands Group sales increased 4% in the first quarter of Fiscal 2027 compared to the first quarter of Fiscal 2026. Schuh Group's sales decreased 9% on a local currency basis for the first quarter of Fiscal 2027.

Gross margin increased 3.5% to $228.9 million in the first quarter of Fiscal 2027 from $221.2 million in the first quarter of Fiscal 2026 and increased 30 basis points as a percentage of net sales from 46.7% in the first quarter of Fiscal 2026 to 47.0% in the first quarter of Fiscal 2027. The overall increase in gross margin as a percentage of net sales is due primarily to efficiencies in shipping and warehouse costs and less promotional activity across our businesses, partially offset by changes in brand mix at Journeys Group and Schuh Group.

Selling and administrative expenses in the first quarter of Fiscal 2027 increased 2.2% to $254.4 million from $249.0 million compared to the first quarter of Fiscal 2026, but decreased 30 basis points as a percentage of net sales in the first quarter of Fiscal 2027 compared to the first quarter of Fiscal 2026 from 52.5% to 52.2%. The decrease as a percentage of net sales reflects decreased selling salaries, occupancy, freight and warehouse expenses as well as ongoing cost savings initiatives, partially offset by increased performance-based incentive compensation expenses.

Operating margin was (3.2)% in the first quarter of Fiscal 2027 compared to (5.9)% in the first quarter of Fiscal 2026. The overall improvement in operating margin for the first quarter of Fiscal 2027 compared to the first quarter of Fiscal 2026 primarily reflects increased sales, increased gross margin as a percentage of net sales, decreased expenses as a percentage of net sales and a net gain in asset impairment and other charges.

The loss from continuing operations before income taxes (“pretax loss”) for the first quarter of Fiscal 2027 was $15.9 million compared to $29.7 million for the first quarter of Fiscal 2026. The pretax loss for the first quarter of Fiscal 2027 included an asset impairment and other gain of $10.1 million which included a gain of $13.4 million related to payment card interchange fee litigation, partially offset by a $3.0 million charge for store restructuring, a $0.2 million charge for costs associated with information technology transformation and a $0.1 million charge for severance. Pretax loss for the first quarter of Fiscal 2026 included asset impairment and other charges of $0.3 million for severance.

We had an effective income tax rate of 6.8% and 28.5% in the first quarter of Fiscal 2027 and Fiscal 2026, respectively. The lower effective tax rate in the first quarter of Fiscal 2027 compared to the first quarter of Fiscal 2026 primarily reflects a lower expected tax rate for Fiscal 2027 versus our expectation for Fiscal 2026 as of the prior year first quarter due to the impact of the valuation allowance in certain jurisdictions combined with the income tax law changes from the OBBBA.

The net loss in the first quarter of Fiscal 2027 was $14.8 million, or $1.42 diluted loss per share, compared to a net loss of $21.2 million, or $2.02 diluted loss per share, in the first quarter of Fiscal 2026.

Critical Accounting Estimates

We discuss our critical accounting estimates in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations", in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026. We describe our significant accounting policies in Note 1, "Summary of Significant Accounting Policies", of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026. There have been no significant changes in our definition of significant accounting policies or critical accounting estimates since the end of Fiscal 2026.

15

Key Performance Indicators

In assessing the performance of our business, we consider a variety of performance and financial measures. The key performance indicators we use to evaluate the financial condition and operating performance of our business are comparable sales, net sales, gross margin, operating income and operating margin. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S. GAAP financial measures presented herein. These measures may not be comparable to similarly titled performance indicators used by other companies.

Comparable Sales

We consider comparable sales to be an important indicator of our current performance, and investors may find it useful as such. Comparable sales results are important to achieve leveraging of our costs, including occupancy, selling salaries, depreciation, etc. Comparable sales also have a direct impact on our total net revenue, working capital and cash. We define "comparable sales" as sales from stores open longer than one year, beginning with the first day a store has comparable sales (which we refer to as "same store sales"), and sales from websites operated longer than one year and direct mail catalog sales (which we refer to in this report as "comparable e-commerce sales"). Temporarily closed stores are excluded from the comparable sales calculation if closed for more than seven days. Expanded stores are excluded from the comparable sales calculation until the first day an expanded store has comparable prior year sales. Current year foreign exchange rates are applied to both current year and prior year comparable sales to achieve a consistent basis for comparison.

Operating Margin

Operating margin is a ratio calculated by dividing operating income (loss) by net sales. We believe operating margin provides investors with useful information related to the profitability of our business after considering all of the selling, general and administrative expenses and other operating charges incurred. We use this measure in making financial, operating and planning decisions and in evaluating our overall performance.

Results of Operations – First Quarter of Fiscal 2027 Compared to First Quarter of Fiscal 2026

Journeys Group

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","May 2, 2026","","May 3, 2025","% Change"],["","","(dollars in thousands)"],["Net sales","","$285,323","","$272,634","4.7%"],["Cost of sales","","147,051","","139,515"],["Gross margin","","138,272","","133,119","3.9%"],["% of sales","","48.5%","","48.8%"],["Selling and administrative expenses","","149,827","","148,402","1.0%"],["% of sales","","52.5%","","54.4%"],["Operating loss","","$(11,555)","","$(15,283)","24.4%"],["Operating margin","","(4.0)%","","(5.6)%"]]
[[/GREPCENT_TABLE]]

Net sales from Journeys Group increased 4.7% to $285.3 million in the first quarter of Fiscal 2027, compared to $272.6 million in the first quarter of Fiscal 2026. The net sales increase compared to the first quarter of Fiscal 2026 reflects a 5% increase in comparable sales, with increases in both stores and e-commerce channels, and other non-comparable gains, partially offset by a 4% decrease in the average number of stores in the first quarter of Fiscal 2027. The increased comparable sales in the first quarter of Fiscal 2027 was driven by the continued strength in Journeys Group's product assortment with brands across athletic and casual achieving healthy growth. Journeys Group's strong store performance was driven by gains in conversion and higher average transaction size in the first quarter of Fiscal 2027.

We closed 25 Journeys Group stores in the first quarter of Fiscal 2027. Journeys Group operated 940 stores at the end of the first quarter of Fiscal 2027, including 189 Journeys Kidz stores in the United States, 33 Journeys stores in Canada and 30 Little Burgundy stores in Canada, compared to 989 stores at the end of the first quarter of Fiscal 2026, including 203 Journeys Kidz stores in the United States, 34 Journeys stores in Canada and 29 Little Burgundy stores in Canada.

The 160 basis point improvement in operating margin for Journeys Group for the first quarter of Fiscal 2027 compared to the first quarter of Fiscal 2026 was primarily due to a 190 basis point decrease in selling and administrative expenses as a percentage of net sales. This improvement reflects leverage of expenses as a result of increased revenue in the first quarter of Fiscal 2027, especially selling salaries and occupancy expense, partially offset by increased marketing expense. The increase in operating margin was partially offset by a 30 basis point decrease in gross margin as a percentage of net sales, reflecting lower initial margins as a result of changes in brand mix, partially offset by lower markdowns. The decrease

16

in selling and administrative expenses as a percentage of net sales demonstrates the impact of our cost savings initiatives and closing underperforming stores.

Schuh Group

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","May 2, 2026","","May 3, 2025","% Change"],["","","(dollars in thousands)"],["Net sales","","$90,702","","$95,915","(5.4)%"],["Cost of sales","","53,492","","57,738"],["Gross margin","","37,210","","38,177","(2.5)%"],["% of sales","","41.0%","","39.8%"],["Selling and administrative expenses","","44,197","","44,308","(0.3)%"],["% of sales","","48.7%","","46.2%"],["Operating loss","","$(6,987)","","$(6,131)","(14.0)%"],["Operating margin","","(7.7)%","","(6.4)%"]]
[[/GREPCENT_TABLE]]

Net sales from Schuh Group decreased 5.4% to $90.7 million in the first quarter of Fiscal 2027 compared to $95.9 million in the first quarter of Fiscal 2026. The net sales decrease for the first quarter of Fiscal 2027 includes a 9% decrease in comparable sales, reflecting decreased e-commerce comparable sales and same store sales, and a 7% decrease in the average number of stores in the first quarter of Fiscal 2027, partially offset by a favorable impact of $3.7 million due to cha

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/18498/000119312526123492/gco-20260131.htm
Complete FY 2026 MD&A: /company/GCO/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-25
Report date: 2026-01-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and related Notes and other financial information appearing elsewhere in this Annual Report on Form 10-K, and with Part II, Item 7 (“Management’s Discussion and Analysis of Financial Condition and Results of Operations”) of our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, filed with the SEC on March 26, 2025, which provides a discussion of our financial condition and results of operations for Fiscal 2025 compared to our Fiscal 2024.

Summary of Results of Operations

•
Net sales increased 4.8% to $2.4 billion in Fiscal 2026 compared to Fiscal 2025.

•
Journeys Group sales increased 7% and Schuh Group sales increased 4%, partially offset by a sales decrease of 4% at Genesco Brands Group, while Johnston & Murphy Group sales were flat for Fiscal 2026 as compared to Fiscal 2025.

•
Total comparable sales increased 6% for Fiscal 2026, including a 6% increase in same store sales and a 4% increase in comparable e-commerce sales.

•
Gross margin decreased 90 basis points as a percentage of net sales from 47.2% in Fiscal 2025 to 46.3% in Fiscal 2026.

•
Selling and administrative expenses decreased 120 basis points as a percentage of net sales from 46.4% in Fiscal 2025 to 45.2% in Fiscal 2026.

•
Operating margin increased 10 basis points as a percentage of net sales from 0.6% in Fiscal 2025 to 0.7% in Fiscal 2026.

•
The effective income tax rate decreased from 309.6% in Fiscal 2025 to (5.4)% in Fiscal 2026 as a result of the impact of the One Big Beautiful Bill Act ("OBBBA") in Fiscal 2026 and a $26.2 million valuation allowance in Fiscal 2025.

•
Diluted earnings per share from continuing operations was $1.25 per share in Fiscal 2026 compared to a diluted loss per share from continuing operations of $1.80 per share in Fiscal 2025.

Key Performance Indicators

In assessing the performance of our business, we consider a variety of performance and financial measures. The key performance indicators we use to evaluate the financial condition and operating performance of our business are comparable sales, net sales, gross margin, operating income and operating margin. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S. GAAP financial measures presented herein. These measures may not be comparable to similarly-titled performance indicators used by other companies.

Comparable Sales

We consider comparable sales to be an important indicator of our current performance, and investors may find it useful as such. Comparable sales results are important to achieve leveraging of our costs, including occupancy, selling salaries, depreciation, etc. Comparable sales also have a direct impact on our total net revenue, working capital and cash. We define "comparable sales" as sales from stores open longer than one year, beginning with the first day a store has comparable sales (which we refer to in

31

this report as "same store sales"), and sales from websites operated longer than one year and direct mail catalog sales (which we refer to in this report as "comparable e-commerce sales"). Temporarily closed stores are excluded from the comparable sales calculation if closed for more than seven days. Expanded stores are excluded from the comparable sales calculation until the first day an expanded store has comparable prior year sales. Current year foreign exchange rates are applied to both current year and prior year comparable sales to achieve a consistent basis for comparison.

Results of Operations—Fiscal 2026 Compared to Fiscal 2025

Our net sales for Fiscal 2026 increased 4.8% to $2.4 billion compared to $2.3 billion in Fiscal 2025. The net sales increase for Fiscal 2026 reflected a 6% increase in comparable sales, including a 6% increase in same store sales and a 4% increase in e-commerce comparable sales, and a favorable foreign exchange impact, partially offset by 42 net store closings and decreased wholesale sales. The consumer environment remains selective and intentional. Consumers tend to engage during key shopping moments and reduce discretionary spending outside of key shopping moments. Journeys Group had a strong year with comparable sales up 9%, fueled by strength in product assortment and other initiatives. Schuh Group comparable sales were flat for the year, reflecting the challenging retail environment in the U.K. Johnston & Murphy Group comparable sales were flat for the year reflecting lower store sales. Journeys Group sales increased 7% and Schuh Group sales increased 4%, partially offset by a sales decrease of 4% at Genesco Brands Group, reflecting the wind-down of Levis and other licenses, while Johnston & Murphy Group sales were flat for Fiscal 2026 compared to Fiscal 2025. Schuh Group's sales were flat on a local currency basis for Fiscal 2026.

Gross margin increased 2.7% to $1.127 billion in Fiscal 2026 from $1.097 billion in Fiscal 2025. Gross margin decreased 90 basis points as a percentage of net sales from 47.2% in Fiscal 2025 to 46.3% in Fiscal 2026, reflecting decreased gross margin as a percentage of net sales in Schuh Group and Genesco Brands Group, while gross margin as a percentage of net sales was flat in both Journeys Group and Johnston & Murphy Group. The overall decrease in gross margin as a percentage of net sales reflects increased promotional activity at Schuh Group and lower margins at Genesco Brands Group related to the exit of licenses and ongoing tariff pressure.

Selling and administrative expenses in Fiscal 2026 increased 2.0% to $1.101 billion compared to $1.080 billion in Fiscal 2025. Selling and administrative expenses decreased 120 basis points as a percentage of net sales from 46.4% in Fiscal 2025 to 45.2% in Fiscal 2026, reflecting decreased expenses as a percentage of net sales at Journeys Group and Genesco Brands Group, partially offset by increased expenses as a percentage of net sales at Schuh Group and Johnston & Murphy Group. The overall decrease in expenses as a percentage of net sales in Fiscal 2026 reflects a decrease in occupancy costs and selling salaries along with other expenses as part of our cost savings initiatives. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.

Operating margin was 0.7% in Fiscal 2026 compared to 0.6% in Fiscal 2025 reflecting improved operating margin at Journeys Group, partially offset by decreased operating margin at Schuh Group, Johnston & Murphy Group and Genesco Brands Group. The overall improvement in operating margin in Fiscal 2026 primarily reflects decreased selling and administrative expenses as a percentage of net sales, partially offset by decreased gross margin as a percentage of net sales and higher asset impairment and other charges in Fiscal 2026 compared to Fiscal 2025.

Earnings from continuing operations before income taxes (“pretax earnings") for Fiscal 2026 were $12.6 million, compared to $9.3 million for Fiscal 2025. Pretax earnings for Fiscal 2026 included asset impairment and other charges of $8.1 million which included $3.9 million for store restructuring, $2.9 million for costs associated with information technology transformation, $0.7 million for asset impairments and $0.6 million for severance. Pretax earnings for Fiscal 2025 included asset impairment and other charges of $3.2 million which included $1.8 million for severance and $1.4 million for asset impairments.

The effective income tax rate was (5.4)% for Fiscal 2026 compared to 309.6% for Fiscal 2025. The lower effective tax rate for Fiscal 2026 compared to Fiscal 2025 reflects the impact of the enactment of income tax law changes under the OBBBA in Fiscal 2026 and their interaction with our valuation allowance in the U.S. jurisdiction coupled with a tax benefit associated with our

32

losses generated in our U.K. tax jurisdiction. Conversely, the higher effective tax rate for Fiscal 2025 reflects a $26.2 million U.S. valuation allowance recorded in Fiscal 2025, reflecting the uncertainty regarding our ability to realize the benefit of our general tax attributes in the U.S. See Item 8, Note 11, "Income Taxes", to our Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information.

Net earnings for Fiscal 2026 were $13.3 million, or $1.25 diluted earnings per share compared to a net loss of $18.9 million, or $1.74 diluted loss per share for Fiscal 2025. The net loss for Fiscal 2025 includes a $1.2 million ($0.9 million, net of tax) gain from insurance proceeds related to legacy environmental matters.

Journeys Group

[[GREPCENT_TABLE]]
[["","","Fiscal Year Ended","","","%"],["","","2026","","","2025","","","Change"],["","","(dollars in thousands)"],["Net sales","","$","1,494,649","","","$","1,398,922","","","","6.8","%"],["Cost of sales","","","764,615","","","","715,723"],["Gross margin","","","730,034","","","","683,199","","","","6.9","%"],["% of sales","","","48.8","%","","","48.8","%"],["Selling and administrative expenses","","","669,544","","","","656,854","","","","1.9","%"],["% of sales","","","44.8","%","","","47.0","%"],["Operating income","","$","60,490","","","$","26,345","","","","129.6","%"],["Operating margin","","","4.0","%","","","1.9","%"]]
[[/GREPCENT_TABLE]]

Net sales from Journeys Group increased 6.8% to $1.49 billion for Fiscal 2026 compared to $1.40 billion for Fiscal 2025. The increase in net sales was primarily due to a total comparable sales increase of 9% primarily reflecting increased store sales, partially offset by a 5% decrease in the average number of Journeys stores for Fiscal 2026 due to 41 net store closures. The increase in comparable sales in Fiscal 2026 was fueled by strength in Journeys Group's product assortment with brands across both casual and athletic posting gains. Journeys Group drove strong gains in conversion and transaction size. We continue to elevate the product assortment and invest in the Journeys brand to improve the customer experience.

The store count for Journeys Group was 965 stores at the end of Fiscal 2026, including 194 Journeys Kidz stores, 33 Journeys stores in Canada and 30 Little Burgundy stores in Canada, compared to 1,006 stores at the end of Fiscal 2025, including 211 Journeys Kidz stores, 35 Journeys stores in Canada and 30 Little Burgundy stores in Canada.

The 210 basis point improvement in operating margin for Journeys Group in Fiscal 2026 compared to Fiscal 2025 was primarily due to decreased selling and administrative expenses as a percentage of net sales reflecting leverage of expense as a result of increased revenue in Fiscal 2026, especially occupancy expense and selling salaries, and also reflecting our cost savings initiatives. The decrease in selling and administrative expense as a percentage of net sales demonstrates the impact of our cost savings initiatives and closing underperforming stores. Gross margin as a percentage of net sales was flat in Fiscal 2026 as changes in product mix were offset by lower markdowns and decreased shipping and warehouse expense.

33

Schuh Group

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/GCO/mda/fy2026/
All MD&A years: /company/GCO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/GCO/mda/fy2025/): filed 2025-03-26; accession 0000950170-25-044864 (https://www.sec.gov/Archives/edgar/data/18498/000095017025044864/gco-20250201.htm)
- [FY 2024 MD&A](/company/GCO/mda/fy2024/): filed 2024-03-27; accession 0000950170-24-036902 (https://www.sec.gov/Archives/edgar/data/18498/000095017024036902/gco-20240203.htm)
- [FY 2023 MD&A](/company/GCO/mda/fy2023/): filed 2023-03-22; accession 0000950170-23-009103 (https://www.sec.gov/Archives/edgar/data/18498/000095017023009103/gco-20230128.htm)
- [FY 2022 MD&A](/company/GCO/mda/fy2022/): filed 2022-03-23; accession 0000950170-22-004397 (https://www.sec.gov/Archives/edgar/data/18498/000095017022004397/gco-20220129.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5661 Retail-Shoe Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/GCO.md · JSON record: /company/GCO.json · verified financials: /company/GCO/financials.json / /company/GCO/financials.csv · machine TOC for the whole site: /llms.txt