Genesco Inc. Reports Fiscal 2021 First Quarter Results.

NASHVILLE, Tenn: First Quarter Fiscal 2021 Financial Summary

Net sales decreased 44% to $279 million with stores closed starting in mid-March

GAAP EPS from continuing operations was ($9.54) vs. $0.36 last year

Non-GAAP EPS from continuing operations was ($3.65)1 vs. $0.33 last year

Genesco Inc. (NYSE: GCO) today reported a GAAP loss from continuing operations per diluted share of ($9.54) for the three months ended May 2, 2020, compared to earnings from continuing operations per diluted share of $0.36 in the first quarter last year. Adjusted for the excluded items in both periods, the Company reported a first quarter loss from continuing operations per diluted share of ($3.65), compared to earnings from continuing operations per diluted share of $0.33 last year.

Mimi E. Vaughn, Genesco President and Chief Executive Officer, 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 positon 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 investments we've made advancing our digital commerce capabilities. 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.

"As the second quarter got underway, we began reopening our stores with the health and safety of our teams and customers as our top priority. Today, approximately 1,000 stores are open and we are pleased with the initial results we've experienced thus far, especially at Journeys where sales in the stores that have reopened are comping nicely positive to last year's volumes for the same period. That said, there continues to be a good deal of uncertainty about near-term trends and therefore we are planning sales conservatively and managing expenses and inventory accordingly. We feel good about the strategic positioning of our businesses for the longer-term, and we believe that we've taken the necessary steps to...