The parent company of Journeys and other footwear brands said that its board has authorized a $100M increase to its existing $100M share repurchase authorisation.
Under Genesco’s existing $100M share repurchase authorisation announced in September 2019, the company has repurchased roughly 1.72 million shares at a total cost of approximately $99M, at an average price of $57.49 per share, leaving remaining authorisation of $1M under the existing program.
Since December 2018, Genesco has repurchased approximately seven million shares at a total cost of approximately $324M, at an average price of $46.34 per share. The shares represent more than 34 per cent of the outstanding stock since the start of the purchase.
In January, Genesco said that its total overall sales increased by 18 per cent and 9 per cent for the quarter-to-date period ending 25 December, versus the same period for fiscal 2021 and fiscal 2020, respectively. Total store sales rose 23 per cent over the year-ago period.
Genesco operates more than 1,430 stores throughout the US, Canada, the UK and the Republic of Ireland under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids and Johnston & Murphy. In addition, Genesco sells footwear at wholesale under its Johnston & Murphy brand, the licensed Levi’s brand, the licensed Dockers brand, the licensed Bass brand, and other brands.
