Genesco Inc. (NYSE:GCO) Q2 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 08:30 am ET


Genesco Inc. (NYSE:GCO) Q2 2021 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to the Genesco Second Quarter Fiscal 2021 Conference Call. Just a reminder, today's call is being recorded.

I will now turn the call over to David Slater, Vice President of FP&A and Investor Relations. Thank you. Please go ahead.

David Slater

Good morning, everyone, and thank you for joining us to discuss our second quarter fiscal 2021 results. With me on the call today are Mimi Vaughn, our Board Chair, President and Chief Executive Officer; and Mel Tucker, our Chief Financial Officer.

Participants on the call expect to make forward-looking statements. These statements reflect the participants' expectations as of today, but actual results could be different. Genesco refers you to this morning's earnings release and the Company's SEC filings, including the most recent 10-K and 10-Q filings for some of the factors, including the impact of COVID-19 that could cause differences from the expectations reflected in the forward-looking statements made during the call today.

Participants also expect to refer to certain adjusted financial measures during the call. All non-GAAP financial measures referred to in the prepared remarks are reconciled to their GAAP counterparts in the attachments to this morning's press release and in the schedules available on the Company's homepage under Investor Relations in the Quarterly Earnings section. I want to remind everyone we have posted a presentation summarizing our results that is accessible on our website. We hope you're all staying safe and healthy.

Now I'd like to turn it over to Mimi to discuss the quarter, highlight the progress we're making on select strategic initiatives.

Mimi E. Vaughn

Thanks, Dave. Good morning, everyone. Thank you for joining us today. As we navigate through one of the more challenging retail environments in history, I want to begin by acknowledging the tremendous effort from our employees. The Genesco team has shown great ingenuity and resilience throughout the past several months as we tackled a myriad of new challenges brought on by the pandemic. I'm extremely proud of how our organization has executed during this incredibly fluid situation.

Our company began the year with positive momentum and from a position of strength following 11 consecutive quarters of comp sales growth. Regardless of the near-term volatility we're experiencing now and are likely to experience in the coming months with the pandemic, we remain confident in the strong strategic positioning of our businesses for the longer term.

With respect to the second quarter, fluid is a good way to describe how recent events unfolded. The quarter began with positive momentum from pent-up demand and government stimulus as customers enthusiastically returned to our stores when we reopened and continued to actively engage and shop with us online. This significant undertaking of reopening brick and mortar locations required bringing back necessary staff to first reconfigure our stores and then to operate them under the new protocols to ensure our highest priority, the health and safety of our people and customers.

The speed and executional excellence, our team demonstrated, in getting our stores open and operational was