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Genesco with new stock repurchase authorization

May 3, 2019 United States
Genesco with new stock repurchase authorization
The Nashville-based footwear specialty retailer announced today that its board of directors has authorized it to repurchase up to 100 million US dollars of the company's common stock
Genesco announced today that its Board of Directors has authorized it to repurchase up to 100 million US dollars of the company's common stock.

The company has exhausted its previous 125 million US dollars authorization from December 2018, pursuant to which Genesco has repurchased roughly 2.8 million shares at a total cost of approximately 125 million US dollars. During the first quarter of fiscal 2020, 1.8 million of those shares were repurchased at a total cost of approximately 79.1 million US dollars.

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 Genesco 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

Genesco Inc., a Nashville-based footwear specialty retailer and branded company, selling footwear and accessories in more than 1 500 retail stores throughout the US, Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Johnston & Murphy, and on internet websites. Genesco also sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, and other brands.

Photo by M. B. M. on Unsplash

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