Genesco in new share buyback program

The parent company of Journeys and other footwear brands said that its board has authorized a $100 million increase to its existing $100 million share repurchase authorization.

Under Genesco's existing $100 million share repurchase authorization announced in September 2019, the company has repurchased roughly 1.72 million shares at a total cost of approximately $99.0 million, at an average price of $57.49 per share, leaving remaining authorization of $1.0 million under the existing program.

Since December 2018, Genesco has repurchased approximately 7.0 million shares at a total cost of approximately $324 million, at an average price of $46.34 per share. The shares represent more than 34% of the outstanding stock since the start of the purchase.

In January, Genesco said that its total overall sales increased by 18% and 9% for the quarter-to-date period ended Dec. 25, versus the same period for fiscal 2021 and fiscal 2020, respectively. Total store sales rose 23% over the year-ago period.

Genesco operates more than 1,430 stores throughout the U.S., Canada, the United Kingdom 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.