Genesco Announces $50 Million Increase to Its Share Repurchase Authorization
June 26 2023 - 5:50AM
Business Wire
Genesco Inc. (NYSE: GCO) announced today that its board of
directors has authorized a $50 million increase to its existing
$200 million share repurchase authorization.
Under Genesco’s existing $200 million share repurchase, since
September 2019 the Company has repurchased 3.9 million shares at a
total cost of approximately $189.5 million leaving the remaining
authorization of $10.5 million under the existing program. This
includes repurchasing during the current quarter approximately
676,000 shares for a total cost of $14.5 million, at an average
price of $21.41 per share.
Since December 2018, the Company has repurchased an aggregate of
approximately 9.2 million shares at a total cost of approximately
$415 million. These shares represent more than 46% of the shares
outstanding at the start of these purchases.
The new authorization is intended to be implemented through
purchases made from time to time using a variety of methods, which
may include open market purchases, private transactions, block
trades, or otherwise, or by any combination of such methods, in
accordance with SEC and other applicable legal requirements. The
timing, prices and sizes of purchases will depend upon prevailing
stock prices, general economic and market conditions and other
considerations. The repurchase program does not obligate the
Company to acquire any particular amount of common stock and the
repurchase program may be suspended or discontinued at any time at
the Company's discretion.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer and branded
company, sells footwear and accessories in more than 1,390 retail
stores throughout the U.S., Canada, the United Kingdom and the
Republic of Ireland, principally under the names Journeys, Journeys
Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy,
and on internet websites www.journeys.com, www.journeyskidz.com,
www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk,
www.schuh.ie, www.schuh.eu, www.johnstonmurphy.com,
www.johnstonmurphy.ca, www.nashvilleshoewarehouse.com, and
www.dockersshoes.com. 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. Genesco is committed to progress in its
diversity, equity and inclusion efforts, and the Company's
environmental, social and governance stewardship. For more
information on Genesco and its operating divisions, please visit
www.genesco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230625314383/en/
Genesco Financial Contacts
Thomas A. George (615) 367-7465 tgeorge@genesco.com Darryl
MacQuarrie (615) 367-7672 dmacquarrie@genesco.com Genesco Media Contact Claire S. McCall (615)
367-8283 cmccall@genesco.com
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