Genesco Inc Ended Q3 with 1,360 Stores Vs 1,404 YoY, Down by 3%, Square Footage was Down 1% YoY
Portfolio Pulse from Benzinga Newsdesk
Genesco Inc reported a 3% decrease in store count and a 1% reduction in square footage YoY in Q3. The company had capital expenditures of $15 million, mainly for retail and digital initiatives, and a depreciation and amortization of $12 million. Five new stores were opened and 20 were closed during the quarter.
December 01, 2023 | 12:01 pm
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NEGATIVE IMPACT
Genesco Inc's store count decreased by 3% and square footage by 1% YoY in Q3, with $15 million spent on capex for retail and digital initiatives.
The decrease in store count and square footage indicates a contraction in Genesco's physical retail presence, which could be viewed negatively by investors concerned about retail footprint. However, the investment in digital and omnichannel initiatives suggests a strategic shift that could mitigate the impact. The negative score reflects the immediate reaction to store closures, but the importance is not at the highest level as the company is investing in growth areas.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100