Genesco Inc. has announced the quarter first 2021 fiscal results of the company. According to the details, the new sales of the company decreased up to 44% and reached the figure of USD 279 million in the mid-march. The GAAP EPS from the company’s continuing operations reported $9.54 in the Q1 2021 as compared to the $0.36 for the previous year.
The Non-GAAP EPS from the continuing operations recorded at $3.65 in the Q1 2021 as compared to the $0.33 of the previous year. The company has borrowed $208 million on the existing lines of extended payment terms suppliers, reduced capital expenditure of 50%, managed inventory by reducing future receipts and existing line of credit.
The company has also maximized its benefits provided by the CARES Act and the economic relief package provided by the UK government.
Chief Executive Officer and President of Genesco, Mimi Vaughn said, “I am proud of how our organization has responded in these extraordinary times as we strived to protect our people, our customers and our business. Thanks to the work we did last year creating a footwear-focused company and building on the turnaround in profitability that began in Fiscal 2019, we entered the pandemic in a position of strength.”
“Despite the challenges we faced from the decision in mid-March to temporarily close all of our stores, we were able to stay actively engaged with existing and new customers as we successfully leveraged the multi-year investment we’ve made advancing our digital commerce capabilities,” Mimi Vaughn added.
“Our targeted actions combined with the accelerated shift in online purchasing brought on by COVID-19, helped fuel a triple digit e-commerce comp gain for the month of April and 64% comp growth for the first quarter. In May, e-commerce sales increased further above April’s substantial levels,” Mimi Vaughn concluded.