Genesco (GCO) 6 Dec 242025 Q3 Earnings call transcript

Good day, everyone, and welcome to Genesco's Third Quarter Fiscal 2025 Conference Call.

Just a reminder, today's call is being recorded. Genesco management included in the conference call will be Mimi Vaughn, Board Chair, President and Chief Executive Officer; Sandra Harris, Senior Vice President, Chief Financial Officer; Tom George, Senior Vice President, Principal Accounting Officer; and Darryl MacQuarrie, Senior Director, FP&A. I will now turn the call over to Darryl MacQuarrie, Senior Director of FP&A. Please go ahead.

thank fiscal joining 'XX and our to everyone, quarter third results. morning, you us for discuss Good Participants on results the reflecting our call expect to as today, make of but actual could different. expectations be forward-looking statements to forward-looking you expect differences filings, its adjusted for from reflected SEC certain some the refers the XX-Q factors to the the XX-K including to release expectations most earnings Genesco during and statements morning's measures that also company's the of and refer recent made today. Participants filings this financial could in cause call. reconciled financial measures and their non-GAAP the the Quarterly All in available attachments schedules this are company's release to press section. GAAP the in Results morning's counterparts website on to in

me President Chief on Board Sandra call Mimi posted Vaughn, Chief Officer; Principal President, is and Finance the have and Financial results summarizing We also With a today Chair, Officer; presentation Senior Vice and Accounting Officer. well. Tom Executive Harris, George, our here as

to to like I'd Now turn call over Mimi. the

Good responsible morning, Officer in lifestyle you welcoming years Genesco business brands. where years Financial Chief you, at to including for as iconic experience, financial Darryl, with VF global was who VF Thank over by across leadership like I'd everyone, she of October, XX begin Daryl. for XX us. driving joined joining thank finance and Corp and strategies

will record to late consumer shared take a Her well-deserved Tom start in growth, XX-year numerous multichannel, finance, all as a quarter Darryl pleased more raised as across experience I'll the strong team quarter of happy profitable and outlook. through contributions and of third and and review we some unique consumer technology. of return a want career many growth expertise retirement. exceeded provide change our company. Tom direct-to-consumer pivotal and to first, to of businesses. I as including in in helping comps. navigate from services, joined for walk on very our a CFO Journeys with review CFO, moment return thank public deliver Tom and were terrific in our also wish at expectations, an we'll both detail to successfully update third during Genesco questions. financials a year-over-year to years a chain Then us drivers to since environment, the XX highs tremendous challenges. After time But elsewhere to company initiatives VF we drive company with stepping results at a increases includes our XXXX. supply information our sales to addition our another answer you serving is and in his as performance quarter invaluable for Chief Financial marking key multibrand including your we global the best Officer strategic bringing the to She that drive be a positive

driven as business our face headwinds. resilience the Journeys execution of growth of near-term the outstanding was outperformance even plan unfolds, of Our by continued of the strategic underscoring and this the Journeys' in initiatives initial consumer phase

our only total strong been offset more in Journeys deliver not Congratulations actions. finish comp and among the were digits, continued & and percentage gross with comp Andy digital quarter reaching a sales, all excellent digital assortment performance as by margins inflected declines fueled the over allowing with and XX% to Murphy, and third up above the exceeded and the retail for were the also contributed Gray year. reduction nicely improvement stores, for penetration Schuh other positive year. QX, both optimization than consumer visual sales the for Ongoing the up expectations and to the speed comparable an and growth to of efforts Journeys' to they've a the experience well our of the and of of business entire but our reset quarter. This exiting projection last quarter cost in was enhance us Johnston well, deliver positive store the X%. sales. Overall, meaningfully us our sales in modest mid-teens which digital standout, of to product third which balance versus positions adjusted and for clean comps double able store and inventory back-to-school team expenses Both EPS as up

$X.XX third costs calendar into to quarter positive move the platform week and week shift, you the the reduced count profitable instead been driving back from would we've of lower of second year, EPS up the including the highlighting this important share back-to-school been growth further have the add If approximately of of comps building. $X.XX an the XXrd quarter impact on

Our to improve Journeys. is #X performance at priority

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retention. term, personalized up we've over this actions And solidify in market forward. customer look plan sharing going lastly, a long-term longer all to evolving members the membership our X Journeys we experience for forward already little and value year will program, and position and million These to details Access provide where increase leading signed more a more you with a over of

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specifics. This our will all modestly raising the view Cassandra take for in year, results us and through the you

to the Before call, passing thank I'd like incredible our people.

to with our unmatched understanding and evolve our as true advantage the XXXth reinvent company cause and wants year. this profound anniversary a years ability is customer celebration grow a Our of with ourselves competitive our over what real for

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Thanks, we Mimi. were per back comps drive share year-over-year upside with to exceeded in for great cost Getting given provides results an at the Journeys made and earnings to model. us reductions higher We positive operating pleased repurchases, have quarter expectations. share overall the our leverage meaningfully

shift million, the included results. a $XX QX the of QX or approximately week X%. to last another by $XXX million sales to quarter. which which X% significant Turning was Consolidated revenue given up impacted and than back-to-school was negatively shift into better The calendar, we anticipated for strong

addition, X% In in size year, in closed over productivity improved only sales. and impact the total stores last total we which fleet, reduction roughly had the resulted the a drove of on net X% our Journeys a overall

business, We of continue to to our XX% which direct-to-consumer revenues. digital grew drive

higher up e-com a and XX%. reported selling division, sequential X% Journeys primarily initial down are due We X%, were QX, as product was last total average was Overall, and margins basis from X% XX XX but Total and major the compared brands negative we down to acceleration in gross points mix gross This prices. company stores with to X% QX respectively. year. up lower with selling comps. up comps margin basis was By negative margin points

due and Schuh's margin gross lower was points margin to points markdowns decreased up J&M's margins, channel and improved gross XX basis mix. XXX initial basis

Brands up gross Genesco Lastly, due basis points margins. was initial improved margin to XXX

sales, of the of offset expenses additional combination expenses compared well expense. basis was in last closure savings SG&A direct expense salaries improvement some The variable growth and P&L. Moving unproductive marketing cost increased selling down stores as year. initiatives, of sales as support our our improvement other to the of XX XX.X% to an points and the

approximately fleet QX, to channel the remains objectives. achieved one term store fixed a X% store of financial levels reduce costs our in rent lease we X our key Optimizing with the occupancy and straight-line in XX expense In on reduction average of renewals across expense an years. company,

X% renewals straight-line with year-to-date XXX rent expense. reduction to an in our brings This

annualized to an at further savings, end million 'XX million on by $XX reinvestment. Looking to costs before the plan cost by to traction on of basis continue we fiscal gain our $XX reduce

The our incurred other to logistics for costs income improve store a profitability inventory, to cost quarter, adjusted third of better-than-expected we efficiencies. and warehouse, QX procurement $XX.X Summary optimizing initiatives occupancy as the lowering as compared million include year. operating last well for freight million $XX

week negatively share. to income $X Keep in $X mind, or operating the impacted million by per approximately to million XXrd $X.XX $X.XX QX shift

Turning ended the $XX the position clean now and approximately up a quarter with of capital million sheet. inventories, debt from X% to last allocation balance We net in year.

sales to plan especially for our fiscal half up drive be of Journeys well sales year inventory 'XX. We to to the QX build and in first positioned drive levels

objectives. line pursue all free financial of our balance strong Looking at with generation, flexibility, and provide cash combined liquidity with credit, our ample sheet our our flow us revolving strategic to

opened XX a where benefits, and with our currently quarter the stores X ending Capital shifting expenditures stores. stores digital in the of emphasis directed closed the digital are were After omnichannel X,XXX in total million, We our to and getting $XX cycle stores, investment investment are omnichannel, initiatives. store investments we we primarily with in QX to base. retail and refreshing and

XX Journeys stores. we've Year-to-date, closed

of optimize in year to Journeys serve program more today's to We store shopping expect the part to up our best as of close our consumer. order to this stores XX fleet habits

annualized expect roughly last to incremental run closures $XX is year. million the and we realized rate to we this $XX the eliminate to year We these of million cost, $XX million from million of for stores which approximately savings the are annualized $XX closed we SG&A of savings targeting

channel top actions These investment our of our the in cost to to economics structure initiatives our designed enable drive store growth. strengthen are reshape line strategic to and

share. XX,XXX $XX.XX quarter, Lastly, the average cost million shares or repurchased we almost per for during an $X.X of

authorization. $XX.X have current remaining We our on million

Over the outstanding past X years, shares. our we nearly of repurchased XX% have

it for me Let Darryl guidance. turn to over now

third coming and to total, driven results of of our expect partially view a year. more EPS the Journeys, by for from offset full guidance of the for Thanks, expectations, quarter Johnson higher in prior are sales Tom. ahead Schuh in With range to we Murphy our We raising & balance up now year $X. to $X, cautious $X.XX $X.XX by

also some We additional expect expenses.

in sales Johnston the our given in For the positive than our Journeys, consumer-focused third put have we has quarter. premium on weak combined market started adjustments prior more category we QX ongoing weakness we level and the fourth & be although expect to at positive, thanks the Murphy. brand, in footwear expectations the made expect product pressure to the saw well, the assortment, somewhat Schuh and we with muted the We to more to men's now the of quarter investments be to demand expect not U.K. the comps in

X% be sales of versus now decrease factors, a of expectations flat we total to these full prior all to X% X%. down year Combining expect to our

to front expect back week meaningfully estimated be share, negative of a we the XXrd to sales flat per which we impact, be $XX year-over-year on small half. earnings the approximately slightly the half with Excluding to up over effect sales accelerating and million

year low total are compared increase to Journeys. sales expected for division, By a single-digit be last year-end to

Murphy, now expect And sales & mid-single to the relatively we Murphy we store Schuh, closings. be the For for to flat. be Johnston down from & digits, including expect Johnston impact

expect Shifting a fourth in our more We quarter the promotional had to gross margin in to in pickup some gross in do QX. but somewhat margin. businesses of be

will initiatives be versus margin help athletic pressure. demand to be should to to consumer offset expect still overall impacted this cost savings year. in margin the still to our Although XX expect by gross gross down footwear, shift XX we we Therefore, points basis lower-margin last

a prior This compensation to of flat higher We largely adjusted is now by of XX as in to our to compared be incentive to a of guidance of SG&A the of percentage was XX our of leverage sales that range flat result basis basis leverage. triggered stronger points expect performance. points

'XX and average guidance assumes results approximately million, share approximately in XX%. tax shares be rate no year Our outstanding of expect repurchases, which additional the a we $XX to fiscal

we greater customers, better operations swiftly strategic changes open efficient the to are Operator, consumer will ready creates our enhances for serves streamlining questions. to are now adapting for that changing close, and our a and demands. more our profitability These To the company call create shareholders. we value

first Our from of Seaport Instructions] Research. [Operator comes Kummetz line the Mitch question with

Tom with I for guess And years. working look I again all first health I the off, welcome. forward the to thank Darryl, over want you. to he's provided

start As with curious, want far you to innings. as I about Mini, And assortment. early the talked I'm

back-to-school You still it a is you'd to changing that the and help but of be? there looking to much you access, at results? to changing the going of progress allocations the your are like better does How and mix? lot like improving where taking where notice strong And some how brand better in allocations? is opportunity what terms -- made And for of it relative brands extent access forward there,

and really consumers and we're have out for purchasing in the the for of your about we a question. through And change coming really the as looking Tom, innovation. Mitch, fact cycle welcome for thanks full. that the assortment, of pandemic as talked to closets lot for gone and nice had the and their Sandra far newness looking that journeys to assortment tribute in And a large

customer more interested they're -- in that. as of and diversified what cannabis And they vulcanized wearing very are embracing through well wearing, see We wanting a that today, is product in our we call went as embracing cycle we products. customer well much teams occasions. And success a of with our more long had it lot

take positioned well is of this. -- has Journeys to advantage

number us. so assortments X as said, I X And more seasonless was the where well. brands means from business. as is this back-to-school not And consumers X driving success a brands into or greater been. fashion There it shift are for we've The was brands, of a or really moving away, X

so we I'd in say team. strong Journeys, that Gray. bringing merchant Andy a [indiscernible] bolstered have And merchant that We've bringing in for team

We us our both. And are typically partner casual the to on helped on X want or brands they for our #X relationships increase the side. and the athletic teams side

And so I'd strong. stronger. say are partnerships getting They're that our brand

I Our Girl. is brands our Team it more allocation. of taking results. hope not the notice we'd team serving holistic It of And that back-to-school that like one is to customer, that is strong certainly just "Hey, approach so. a particularly saying, partnership action

brands to girl. want access our And that

made provide an have to store We to environment. a excellent commitment them

We our have customers who people stores. serve terrific within the

and the go where And believe profitability, of to of brand we said, and will where early look build in in the so of to sales restoring we on we -- today. are terms the innings we're as we levels Journeys historically we we

some the on to design. because question you parts store then, new have this then X And really also and this many, you're stores, stores closing

not seeing much stores curious the a little sales terms know, you in as stores, stores So in what of of bit. you like a you're general those remain are to It sounds seeing of productivity first stores where to of hit close open in markets and close I'm all, continue that closing? are

a stores, that stores we'll see be a those productivity So some closing. might they're other imagine where of there of yours lift market would I in when

you know new XX sounds open had potential there. about could just that the kind could But of you've So there speak can that go as term? there it rollout kind then design, results on to. any are you And longer maybe of that. you stores talk for store through don't guess so, and more you like I the early the also see if I what being

Sure.

at you need our stores. have really patterns, the we're there of know. closing consumer to necessarily lots Mitch, So shopping calling terms customers is We're we're footprint. calling just changes optimizing it, And there a it serve about in way differently. And is not of as been thinking

store that. some help to analytics closings really demographics us So that store on we about have make are decisions to other patterns and terrific able based and understand

the so And that traffic or of more shopping they because shift to productive got we sophisticated are the in of are less when traffic venues, you and nearby drive closing are stores we've other capabilities said, stores, to or online. shift different to as places patterns that

we've information about that. the more got And lets us that do sophisticated consumer

our And store in footprint And seeing. said, in make best to in been that locations strategy so the is our optimizing are we've more we locations to really than changes you But certainly, the the overall less. response productivity productivity to locations as these best are even our drive productive they are.

assortment We It's its and a a are see the store a product. It's cleaner closest of We'd got to brands here to across a in in really showcases in style-led here and but environment it. environment. and And assortment so showcase the set designed we've been couple love you our shops think showroom is you our I retains the Nashville, We've more attitude it maybe But the brand aesthetic. stores team really visible a that With and necessitates the assortment. new it statements, and as energy it we some but create this element location. about positioning the can it categories. of and with DNA said, It's a need can journey's brands. environment. cleaner excited more the also is who I and for this We aspirational the premium with is personalization neutral We up product Utah. doing footwear for plan. what more partially that And a of the change.

So it's really open environment. a shopping

have our We days. early first we -- October. had And store it's in opened

quite are the going to and we pleased tracking be been results we've this seen carefully. have with so And that

to again follow you say what as next just plan And is into go up, year? you can the rollout

Yes, sure.

so year. for XX opened XX far. be will about the So It

see to next results, number do have we some We And for least that can at forward. year, pull designated want but we Mitch.

we estate. We've partners have working excited landlord really In as our about fact, with are working our who been real well. quite with been this

renewal. pull And the very can with so lease anticipate this these and warrant remodels. are can some if pull it, we well But we doing we they could, forward, forward of typically which results we really

create -- we're this are other do for with comps the that we on will excess driving we our a so in these initiatives. growth that of planning of wave And stores comps

the open many X that at so opportunity And least for year and next to Xso forward. far, pull

things. couple just you've of of year. maybe Journeys the comp, up guide Okay. terms last a the obviously And in of One, full for then just comp bumped

quarter, I Sandra, quarter? And And I get think in also little but And Are thinking wondering for fourth in pretty one you bit with can you I if for have single say? low with mentioned -- positive of wide where then as what you a I'm mid-single, Q. looking you as whole? last it of line is a guess is as one. the quarter-to-date kind sort -- single, if the That's quarter-to-date, is business the quarter you're for more strong specific? high a the range. not Journeys the

Great.

an is in in Journeys absolutely. outlier Journeys terms the So of market. comp,

is they're setting in the earnings good a October you've the until that I that seen periods, others back-to-school, demonstrated there of to and most nonpeak that people think have and a most over saw out reason end just it consumers and we cycle but as report during buy. waiting anticipated that the September

We a the into And rolling right really in see Journeys. of that and we winter out beat. our winter consumers saw not fall buying back-to-school assortment started assortment, miss didn't the and did that

had for we that whether don't positive comp, as a And have -- saw Sandra because we mean, level in an there the pull was QX are the XX% at at Journeys that so I not not purchasing, winter said, we not the level we right? or forward of QX, know --

and Friday that assortment are little That footwear, But a promotional, November [ -- athletic disconnect that. of pleased And strength November. think on. you the our in and business. about The calendar the thing that's I we're offsets, particularly we promotional. business the are is of talk Friday spending ] we footwear comparable I quarter are to results. I'll was lot Black I think not focus bit with where quite time the looking the date, for is carried We can't to Journeys at a just was the rest of saw really -- Black And

And did full not a activity. need promotional selling. match the to price had We we lot of

we And going so we're to the quarter, to can. full for positioned extent are and well in the the that inventory we drive business fourth

demand one for I about question, as you talked -- your some about new last opportunities. then creating you guess And talked maybe creation Journeys, of priorities

were just million being do was exactly What to that. I these targeted Are you market? opportunities, you the X -- and apply any what looking some loyalty to are hoping elaborate to on you might members that more demand new So you Is could in see analytics advertising? digital looking more those creation be?

Sure.

things is more. it that and all you of talked about those So

We have been driving our business. digital

even we've seeing because And also serve across pandemic. when between club. of disposal As at been But loyalty you better customer our things and who in is -- something digital loyalty is saw, know CRM. positive our place ability we since our are loyalty and doubled all they now this our put in we've the business that really And we've the than more businesses. right to

articulating it back better This a of it to of new as far news Journeys Journeys consumer isn't creating to But around really is as the the And for mind of where in top this the to purpose was. strategy. in teens shop terms decision that Journeys, our bring way, part just for even levels. take more is to creating be having demand, brand

And at teams may today. our an Journeys think know the consider We more the brand that awareness. We're opportunity of to Journeys, but there broader awareness. appealing who group we teams the teams not surprised aperture, for about is a talked know to build about we widening opportunity all

hard Levi's, online. a in really to stores, And exciting on Head so new on the we're like brand working We've across social our She's a She from terrific. we across things of very of team here presence Marketing. positioning the versed put platforms in increasing articulate TikTok got store important one. consumer, in very really came being and well able

updated new that going increase to with the on we're and help positioning. just We have and board that, talk to brand agency about a in marketing investment creative

in And so dollars, in out out reaching stores, it's on all things. out social our of marketing presence, It's increasing those reaching increasing on reaching our digital.

line Our the Jefferies. with of from comes question Moreno-Cheek next Mantero

mentioned holiday and so I pretty which lot talked a Friday you And then encouraging want you touch and start discussed on you how far. to quarter, today. was the stream, show guess I how on Black you The Journeys. periods event and pretty last had the assortment, Journeys about about improved

add I What guess footwear out the we levers do to wasn't in what a how maybe the strength little [indiscernible] want anything it Journey just as well? have think with fewer season perform shopping about you So a rest you days. outerwear. And -- pocket And and of should working called then the holy you to on better? else pull

Sure.

we what's able are assortment to we have and But holiday product. with said that sell really just back-to-school pleased we seasonless to pursuing The that customer have between observed the is known assortment said, more I our as weather having typically So in be There opportunity cold is that, as quite team place. more fashion. shift.

of sandals In are great have a clogs. our assortment which They winter, clogs the and driving we business. is wearing

we product. product. demand significantly the partnership with The We a don't, work out be very than more find it's expect that and brands right market. on is the is that of we aligned what focused our sold market it believe we say with business you footwear the items. must-have scarce going model holiday, We model in because in in brands there you that and drive during to we our to going product allocated can't there to the to means demand more will now And sell is need you allocation supply be buy if on at everywhere, specific brought create now

to key consumer and assorted in and we that have our And believe assortment holiday. what for those the well changes demand for, the the so we thanks is looking the we're items that support will

last about In years. sell of would that time terms that at something I least boots. typically we've footwear, are the couple a say of in year, And talked boots of this strength bit

The for strong. consumer not been boots the demand as has on part the of

planning So seen that boots boots, whether shorter this a lot and say leaning of and moccasins I'll talk we're are specific up. the out it's focused for specific there. are brands. to year, into going And category, trend we into and very the be necessarily or just as have we items on season go the that about But minute mini for a we not

[indiscernible] then driving early and , a how environment more reason And the there's during for just also -- mix should product gross you mentioned on promotional we margins about next year? then think a just lower also operating is margin. any But

Yes.

talked about we've mix. the and promotional then product So about we talked have environment,

So I'm of both going take separately. those to

not So in Journeys. promotional we more are

were we in In were the fact, are quarter than last third less significantly less promotional significantly we promotional. We year.

so both And activity and a be lower which promotional product, margin selling assortment to start athletic is more our a higher really moving that It with affecting tends not Vulcanized casual from that gross at And -- margins. initial broader initial Canvas of markdowns are and more is brands that our and margin. what's it's affecting what mix is or mix. we're we

the prices. it's good positive selling news the But news is average that higher and

that to able really make we're so And formula work.

in will that gross part so and we but some on shift the the of puts as year, for part we front of of may next see year margin some gross margin our And of the assortment. in year we anniversary in back terms the takes

the anniversarying some sales of been time. for have some point and margins period Canvas those -- We

And should over so that normalize time.

else performed for how add exists then Okay. across at me. also thinking just that performed to is And about anything light you're for one going a to discussed add And e-comm? more forward? else ask, the opportunity journeys to how just to wanted the your want then board how Perfect. e-comm And and We well about journeys. e-com you I anything there

Sure.

front-end So e-com actions product, last quarter. over And it's that our performance was through a years upgrading systems last but we to of new an this gone lots been Journeys improving team it Certainly, And taking. digital our inventory as drove everything in have really to with over and the well. also management several good investment new order they technology tremendous cycle have in real-time the from

And how Schuh less in when about XX%, the think while shoe really market PAUSE is same much more is the e-com we our talk U.K. than digital, Journeys opportunity business And for penetration is Journeys, the very for about is so U.K. for we XX%. over at today the advanced

be with but more there drive And able quite so journeys, think a perhaps digital is we still to we to opportunity XX% don't to get that lot sales.

to part we our CRM to forward online the consumer being drive of to and in believe growth And an going use capabilities we been working hard e-com. is it is experience the have really elevate important next us of data that wave And our very our to analytics plan that's build. able going for

question of next the follow-up from line a Our is

Seaport Research. Mitch Kummetz with

about got item-driven, key you a very a year and things I quarter, a historically, other to on Journeys. of it. you but -- fourth the you kind wasn't follow-ups. ran was and good remember job, out in of talked correctly, always year just that how couple Yes. last the it guess If didn't maybe like One, happening I of consumer in you were I've you steer of enough able do Journeys, towards And have had to ago. things

look of today the way to not it? that this as curious, to assuming is consumers have you as now things a you potentially other think a better that Is year. going steer you at you're business the right and Journeys, about that when that you're to run think out key just to items ability XQ really more these it at I'm lot have and you about

remained So and right order. we that quite Mitch, item-driven business year, business key And this And say this a fourth I a part the key year, for it fact, how that's a a would was expect item-driven you about a key it's quarter. last memory. lot have for for exactly in talked item-driven good we large

aspect and something of in isn't positive customer able up what they used us have for steerable. to get what for you average this stretching the wants them And is that that to really wanted, want. prices But A they could didn't much that else. fact, they're customer. serve We customer us the are be to higher to you we that if buy

greater items across same what's is they'll some that same -- -- we continue year, this items have for that item in different what's in more that so key is key What's But is more be also about. there key is the the we focused. And depth different breadth that of brands. what's excited are to

was but I X drove or our it X that business, brands said, that or X drove As it business. brands wasn't our X

depth anticipate formula for will, and year. we better be breadth a so this And

lastly, Schuh to guess, in on you're prepared to going remarks then, that mentioned key have access brands. better hoping forward, your I And you

this I access for on think future -- seasons. another? to the Can one just is might maybe improvement going spring? said the to Journeys you Is of be kind And Schuh year? new of more in us again, Or half I next getting you team that walk leaning -- all to are better you this mean, like as just, is -- of team help through back of the when that? drive you that? going happen? this about is leverage early expect kind off as be Is Or this do

X journeys Schuh. of the brands -- brands the business of Journeys Mitch, very top on and And the much are shoe with Atlantic. same overlap with business in So top XX both the sides the the

really these businesses. brand there's partnerships synergy great so And our across with

and a back experiences trends so and knowledge there's of lot good across teams. sharing forth sharing of And sharing and the

versa. certainly each and the that some of we for we same carry exclusives lean on vice journeys so exclusives. other And carry and We in the

and the terms in consumer worse the performed was pandemic headwinds. The post inflation of that has well In environment U.S. been business, pretty shoe worse. than some big has of remarkably the business face

brand places share with and the X some marketing -- of lot and rolled able positioning have rolled and benefited Journeys the has we of the from of We've Schuh's been has market purpose and And a there build market aspects And consumer access and playbook been pillars moved confidence for same that drive up have the the better that in out. out hasn't good. is the to we share. Schuh benefited from

to brands. to format, customer against doing brands we that our that happen. the that sitting we a testing and never-ending is a have access is the on They sitting to in when of like really allow with their up how they're Journeys sharing other consumer ability and their brands over quest shelves physical business longer to for the particularly brands, showcase information in, the Team interested about And It Schuh customers and Girl. that like we're brands what about we talk increase term going very are are our reaction

of sight to line got better into we've so And access some sure. product for

to in We that coming some spring. have are brands access

working keep challenge. because business will see be We expect it. a in And to to continue this access, some of do at will we improvement the headwinds the but consumer

question-and-answer gentlemen, you. comments. Vaughn back our the for that and floor Ms. final Thank any session. turn to I'll Ladies concludes

us year-end look holiday a Have with forward today. when holiday. results joining performance. our great all for you report to and we Thank We speaking you

Thank concludes call. you. today's conference This

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