Genesco Announces Additional Stock Repurchase Authorization
By PRN NewsWire
By PRN NewsWire
NASHVILLE, Tenn., Sept. 21, 2015 /PRNewswire/ — Genesco Inc. (NYSE: GCO) announced today that its board of directors has authorized it to repurchase up to $100 million of the Company’s common stock. The authorization replaces the remaining balance of a previous $75 million repurchase program authorized in September 2013, pursuant to which the Company has repurchased 1,025,458 shares at a total cost of approximately $64.6 million, including 388,000 shares repurchased during the Company’s third quarter ending October 31, 2015, to date at a total cost of approximately $23.0 million. For the fiscal year ending January 30, 2016, to date the Company has repurchased 812,384 shares at a total cost of approximately $50.5 million. This program 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, sells footwear, headwear, sports apparel and accessories in approximately 2,800 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.schuh.co.uk, www.johnstonmurphy.com, www.lids.com, www.lids.ca, www.lidslockerroom.com, www.lidsteamsports.com, www.lidsclubhouse.com, www.trask.com, www.suregripfootwear.com and www.dockersshoes.com . The Company’s Lids Sports Group division operates the Lids headwear stores, the Locker Room by Lids and other team sports fan shops and single team clubhouse stores, and the Lids Team Sports team dealer business. In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, SureGrip, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.
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CONTACT: Financial Contact: Mimi Vaughn (615) 367-7386; Media Contact:Claire S. McCall (615) 367-8283
Web site: http://www.genesco.com/