10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended May 5, 2018

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from              to             

Commission File No. 1-3083

Genesco Inc.

(Exact name of registrant as specified in its charter)

Tennessee	62-0211340
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Genesco Park, 1415 Murfreesboro Road Nashville, Tennessee	37217-2895
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (615) 367-7000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer; an accelerated filer; a non-accelerated filer; a smaller reporting company; or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o   (Do not check if smaller reporting company)	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  o    No  x

As of June 1, 2018, 19,915,132 shares of the registrant's common stock were outstanding.

INDEX
Part I. Financial Information
Item 1. Financial Statements (unaudited):
Condensed Consolidated Balance Sheets - May 5, 2018, February 3, 2018 and April 29, 2017	3
Condensed Consolidated Statements of Operations - Three Months ended May 5, 2018 and April 29, 2017	5
Condensed Consolidated Statements of Comprehensive Income - Three Months ended May 5, 2018 and April 29, 2017	6
Condensed Consolidated Statements of Cash Flows - Three Months ended May 5, 2018 and April 29, 2017	7
Condensed Consolidated Statements of Equity - Year ended February 3, 2018 and Three Months ended May 5, 2018	8
Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures about Market Risk	45
Item 4. Controls and Procedures	45
Part II. Other Information	46
Item 1. Legal Proceedings	46
Item 1A. Risk Factors	46
Item 6. Exhibits	46
Signature	47

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Genesco Inc.

and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

Assets	May 5, 2018			February 3, 2018			April 29, 2017
Current Assets:
Cash and cash equivalents	$	30,880		$	39,937		$	43,371
Accounts receivable, net of allowances of $5,584 at May 5, 2018,
$4,593 at Feb. 3, 2018 and $3,764 at April 29, 2017	51,421			43,292			54,314
Inventories	552,475			542,625			578,102
Prepaids and other current assets	71,720			67,234			63,899
Total current assets	706,496			693,088			739,686
Property and equipment:
Land	7,954			8,065			7,847
Buildings and building equipment	81,347			79,587			56,032
Computer hardware, software and equipment	222,155			213,335			188,818
Furniture and fixtures	179,407			179,008			163,117
Construction in progress	25,616			33,625			44,835
Improvements to leased property	440,293			440,719			415,043
Property and equipment, at cost	956,772			954,339			875,692
Accumulated depreciation	(579,409		)	(571,710		)	(533,082		)
Property and equipment, net	377,363			382,629			342,610
Deferred income taxes	24,842			25,077			15,289
Goodwill	96,086			100,308			272,880
Trademarks, net of accumulated amortization of $5,582 at May 5,
2018, $5,593 at Feb. 3, 2018 and $5,563 at April 29, 2017	86,303			87,898			84,387
Other intangibles, net of accumulated amortization of $17,372 at
May 5, 2018, $17,439 at Feb. 3, 2018 and $16,448 at April 29, 2017	1,578			1,794			2,165
Other noncurrent assets	24,757			24,559			22,359
Total Assets	$	1,317,425		$	1,315,353		$	1,479,376

3

Genesco Inc.

and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

Liabilities and Equity	May 5, 2018			February 3, 2018			April 29, 2017
Current Liabilities:
Accounts payable	$	146,375		$	140,962		$	175,588
Accrued employee compensation	23,557			20,616			19,761
Accrued other taxes	14,008			16,114			18,400
Accrued income taxes	67			1,488			8,746
Current portion – long-term debt	1,690			1,766			1,617
Other accrued liabilities	53,502			72,220			65,424
Provision for discontinued operations	1,804			1,902			3,164
Total current liabilities	241,003			255,068			292,700
Long-term debt	103,994			86,619			136,390
Pension liability	—			—			6,094
Deferred rent and other long-term liabilities	141,882			141,255			129,617
Provision for discontinued operations	1,707			1,707			1,713
Total liabilities	488,586			484,649			566,514
Commitments and contingent liabilities	—			—			—
Equity:
Non-redeemable preferred stock	1,040			1,052			1,059
Common equity:
Common stock, $1 par value:
Authorized: 80,000,000 shares
Issued/Outstanding:
May 5, 2018 – 20,404,230/19,915,766
February 3, 2018 – 20,392,253/19,903,789
April 29, 2017 – 20,082,245/19,593,781	20,404			20,392			20,082
Additional paid-in capital	254,230			250,877			241,023
Retained earnings	605,984			603,902			716,108
Accumulated other comprehensive loss	(36,890		)	(29,192		)	(48,947		)
Treasury shares, at cost (488,464 shares)	(17,857		)	(17,857		)	(17,857		)
Total Genesco equity	826,911			829,174			911,468
Noncontrolling interest – non-redeemable	1,928			1,530			1,394
Total equity	828,839			830,704			912,862
Total Liabilities and Equity	$	1,317,425		$	1,315,353		$	1,479,376

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

4

Genesco Inc.

and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

	Three Months Ended
	May 5, 2018			April 29, 2017
Net sales	$	644,959		$	643,368
Cost of sales	323,131			324,455
Selling and administrative expenses	322,124			315,968
Asset impairments and other, net	1,552			119
Earnings (loss) from operations	(1,848		)	2,826
Other components of net periodic benefit cost	20			32
Interest expense, net:
Interest expense	1,047			1,177
Interest income	(19		)	—
Total interest expense, net	1,028			1,177
Earnings (loss) from continuing operations before income taxes	(2,896		)	1,617
Income tax expense (benefit)	(588		)	620
Earnings (loss) from continuing operations	(2,308		)	997
Provision for discontinued operations, net	(23		)	(112		)
Net Earnings (Loss)	$	(2,331	)	$	885
Basic earnings (loss) per common share:
Continuing operations	$	(0.12	)	$	0.05
Discontinued operations	0.00			0.00
Net earnings (loss)	$	(0.12	)	$	0.05
Diluted earnings (loss) per common share:
Continuing operations	$	(0.12	)	$	0.05
Discontinued operations	0.00			0.00
Net earnings (loss)	$	(0.12	)	$	0.05

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

5

Genesco Inc.

and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

	Three Months Ended
	May 5, 2018			April 29, 2017
Net earnings (loss)	$	(2,331	)	$	885
Other comprehensive income (loss):
Pension liability adjustments, net of tax of $0.0 and $0.1 million for the three months ended May 5, 2018 and April 29, 2017, respectively.	140			132
Postretirement liability adjustments, net of tax of $0.0 million for each of the three months ended May 5, 2018 and April 29, 2017	26			23
Foreign currency translation adjustments	(7,864		)	2,190
Total other comprehensive income (loss)	(7,698		)	2,345
Comprehensive income (loss)	$	(10,029	)	$	3,230

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

6

Genesco Inc.

and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

	Three Months Ended
	May 5, 2018			April 29, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)	$	(2,331	)	$	885
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization	19,693			19,616
Amortization of deferred note expense and debt discount	153			206
Deferred income taxes	(1,546		)	(2,006		)
Provision on accounts receivable	17			151
Impairment of long-lived assets	1,274			119
Restricted stock expense	3,354			3,348
Provision for discontinued operations	31			184
Other	612			(182		)
Effect on cash from changes in working capital and other
assets and liabilities, net of acquisitions:
Accounts receivable	(9,395		)	(12,402		)
Inventories	(15,263		)	(14,418		)
Prepaids and other current assets	(2,708		)	(2,218		)
Accounts payable	14,249			4,699
Other accrued liabilities	(8,172		)	(17,713		)
Other assets and liabilities	838			1,749
Net cash provided by (used in) operating activities	806			(17,982		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(19,533		)	(30,326		)
Other investing activities	633			—
Proceeds from asset sales	56			211
Net cash used in investing activities	(18,844		)	(30,115		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt	(430		)	(8,018		)
Borrowings under revolving credit facility	119,217			191,394
Payments on revolving credit facility	(98,367		)	(128,413		)
Share repurchases	—			(16,163		)
Change in overdraft balances	(7,522		)	2,998
Additions to deferred note cost	(330		)	—
Other	(3,165		)	1,357
Net cash provided by financing activities	9,403			43,155
Effect of foreign exchange rate fluctuations on cash	(422		)	12
Net Decrease in Cash and Cash Equivalents	(9,057		)	(4,930		)
Cash and cash equivalents at beginning of period	39,937			48,301
Cash and cash equivalents at end of period	$	30,880		$	43,371
Supplemental Cash Flow Information:
Net cash paid for:
Interest	$	619		$	993
Income taxes	530			2,276

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

7

Genesco Inc.

and Subsidiaries

Condensed Consolidated Statements of Equity

(In thousands)

	Non-Redeemable Preferred Stock			Common Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Shares			Non Controlling Interest Non-Redeemable		Total Equity
Balance January 28, 2017	$	1,060		$	20,354		$	237,677		$	731,111		$	(51,292	)	$	(17,857	)	$	1,468	$	922,521
Net loss	—			—			—			(111,839		)	—			—			—		(111,839		)
Other comprehensive income	—			—			—			—			22,100			—			—		22,100
Stranded tax effect from tax reform	—			—			—			2,234			—			—			—		2,234
Employee and non-employee restricted stock	—			—			13,505			—			—			—			—		13,505
Restricted stock issuance	—			357			(357		)	—			—			—			—		—
Restricted shares withheld for taxes	—			(51		)	51			(1,716		)	—			—			—		(1,716		)
Shares repurchased	—			(275		)	—			(15,888		)	—			—			—		(16,163		)
Other	(8		)	7			1			—			—			—			—		—
Noncontrolling interest – earnings	—			—			—			—			—			—			62		62
Balance February 3, 2018	1,052			20,392			250,877			603,902			(29,192		)	(17,857		)	1,530		830,704
Cumulative adj from ASC 606, net of tax	—			—			—			4,413			—			—			—		4,413
Net loss				—			—			(2,331		)	—			—			—		(2,331		)
Other comprehensive loss	—			—			—			—			(7,698		)	—			—		(7,698		)
Employee and non-employee restricted stock	—			—			3,354			—			—			—			—		3,354
Restricted stock issuance	—			14			(14		)	—			—			—			—		—
Other	(12		)	(2		)	13			—			—			—			—		(1		)
Noncontrolling interest – earnings	—			—			—			—			—			—			398		398
Balance May 5, 2018	$	1,040		$	20,404		$	254,230		$	605,984		$	(36,890	)	$	(17,857	)	$	1,928	$	828,839

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

8

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 2, 2019 ("Fiscal 2019") and of the fiscal year ended February 3, 2018 ("Fiscal 2018"). The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted. The Condensed Consolidated Balance Sheet as of February 3, 2018 has been derived from the audited financial statements at that date. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and notes thereto for Fiscal 2018, which are contained in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on April 4, 2018.

Nature of Operations

Genesco Inc. and its subsidiaries (collectively, the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S., Puerto Rico and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com. Including both the footwear businesses and the Lids Sports Group business, at May 5, 2018, the Company operated 2,680 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany.

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy^® and H.S. Trask^® brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a

9

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

Principles of Consolidation

All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated.

Financial Statement Reclassifications

Certain reclassifications have been made to conform prior years' data to the current year presentation with respect to fixed assets. In order to categorize the fixed assets of Schuh Group comparable to the Company's other business segments, $45.8 million was reclassified from furniture and fixtures to leasehold improvements as of April 29, 2017.

Revenue Recognition

On February 4, 2018, the Company adopted Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("ASC 606") using the modified retrospective approach for all contracts not completed as of the adoption date. Financial results for reporting periods beginning after February 3, 2018 are presented in accordance with ASC 606, while prior periods will continue to be reported in accordance with the Company's pre-adoption accounting policies and therefore have not been adjusted to conform to ASC 606.

The primary impact of adopting Topic 606 relates to the timing of revenue recognition for gift card breakage and the timing of recognizing expense for direct-mail advertising costs. Gift card breakage prior to adoption was recognized at the point gift card redemption was deemed remote. Upon adoption, the Company now recognizes gift card breakage over time in proportion to the pattern of rights exercised by the customer. Prior to adopting ASC 606, the Company capitalized direct-response advertising costs and expensed them over the period of benefit. Under ASC 606, the Company is recognizing these costs as expense when incurred. Additionally, the adoption of ASC 606 resulted in the Company presenting the asset for the carrying amount of product to be returned within prepaids and other current assets on the Condensed Consolidated Balance Sheets. Prior to adopting ASC 606, the value of product expected to be returned was presented as a component of inventories on the Condensed Consolidated Balance Sheets.

10

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheets as of February 4, 2018 for the adoption of ASC 606 were as follows (in thousands):

	Balance at		Adjustments			Balance at
	February 3, 2018		due to ASC 606			February 4, 2018
Assets
Current assets:
Prepaids and other current assets	$	67,234	$	2,537		$	69,771
Inventories	542,625		(4,788		)	537,837
Deferred income taxes	25,077		(1,568		)	23,509
Liabilities and Equity
Current liabilities:
Other accrued liabilities	72,220		(8,232		)	63,988
Equity
Retained Earnings	603,902		4,413			608,315

In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets for the three months ended May 5, 2018 was as follows (in thousands, except per share data):

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Inventories	$	552,475		$	556,442		$	(3,967	)
Prepaids and other current assets	71,720			69,111			2,609
Total current assets	706,496			707,854			(1,358		)
Deferred income taxes	24,842			26,584			(1,742		)
Total Assets	1,317,425			1,320,525			(3,100		)
Other accrued liabilities	53,502			61,684			(8,182		)
Total current liabilities	241,003			249,185			(8,182		)
Total liabilities	488,586			496,768			(8,182		)
Retained earnings	605,984			600,886			5,098
Accumulated other comprehensive loss	(36,890		)	(36,874		)	(16		)
Total equity	828,839			823,757			5,082
Total Liabilities and Equity	1,317,425			1,320,525			(3,100		)

11

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Net sales	$	644,959		$	644,991		$	(32	)
Selling and administrative expenses	322,124			323,016			$	(892	)
Earnings from operations	(1,848		)	(2,708		)	$	860
Earnings from continuing operations before income taxes	(2,896		)	(3,756		)	$	860
Income tax expense	(588		)	(763		)	$	175
Earnings from continuing operations	(2,308		)	(2,993		)	$	685
Net earnings (loss)	(2,331		)	(3,016		)	$	685
Diluted earnings (loss) per share from continuing operations	$	(0.12	)	$	(0.16	)	$	0.04

In accordance with ASC 606, revenue shall be recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for corresponding goods. The majority of the Company's sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product at the point of sale. Revenue from retail sales is recognized at the point of sale, is net of estimated returns, and excludes sales and value added taxes. Revenue from catalog and internet sales is recognized at estimated time of delivery to the customer, is net of estimated returns, and excludes sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Actual amounts of markdowns have not differed materially from estimates. Shipping and handling costs charged to customers are included in net sales. The Company elected the practical expedient within ASC 606 related to taxes that are assessed by a governmental authority, which allows for the exclusion of sales and value added tax from transaction price.

A provision for estimated returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Estimated returns are based on historical returns and claims. Actual returns and claims in any future period may differ from historical experience. Revenue from gift cards is deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Condensed Consolidated Statements of Operations within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity.

The Condensed Consolidated Balance Sheets include an accrued liability for gift cards of $8.2 million, $18.1 million and $16.2 million at May 5, 2018, February 3, 2018 and April 29, 2017,

12

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

respectively. Gift card breakage recognized as revenue was $0.3 million for each of the first quarters of Fiscal 2019 and Fiscal 2018. During the three months ended May 5, 2018, the Company

recognized $2.8 million of gift card redemptions and gift card breakage revenue that were included in the gift card liability as of February 3, 2018.

Cash and Cash Equivalents

The Company had total available cash and cash equivalents of $30.9 million, $39.9 million and $43.4 million as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively, of which approximately $8.6 million, $21.2 million and $6.8 million was held by the Company's foreign subsidiaries as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at May 5, 2018, February 3, 2018 and April 29, 2017. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At May 5, 2018, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Condensed Consolidated Balance Sheets.

At May 5, 2018, February 3, 2018 and April 29, 2017, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $6.6 million, $14.2 million and $39.7 million, respectively. These amounts are included in accounts payable in the Condensed Consolidated Balance Sheets.

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to department stores and independent retailers across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer accounted for 15%, one customer accounted for 8% and one customer accounted for 7% of the

Company’s total trade receivables balance, while no other customer accounted for more than 6% of the Company’s total trade receivables balance as of May 5, 2018.

Leases

The Company occasionally receives reimbursements from landlords to be used towards construction of a store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $29.2 million, $29.0 million and $25.8 million at May 5, 2018, February 3, 2018 and April 29, 2017, respectively, and deferred

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

rent of $59.2 million, $59.3 million and $53.3 million, at May 5, 2018, February 3, 2018 and April 29, 2017, respectively, are included in deferred rent and other long-term liabilities on the Condensed Consolidated Balance Sheets.

The Condensed Consolidated Balance Sheets include asset retirement obligations related to leases of $12.6 million, $11.5 million and $10.6 million as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively.

Fair Value of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments at May 5, 2018 and February 3, 2018 are as follows:

Fair Values
In thousands	May 5, 2018				February 3, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Credit Facility Borrowings	$	77,727	$	78,392	$	69,372	$	69,421
UK Term Loans	10,516		10,656		11,419		11,602
UK Revolver Borrowings	17,441		17,631		7,594		7,671

Debt fair values were estimated using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5.

Carrying amounts reported on the Condensed Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and from the warehouse to the customer and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale costs of distribution are included in selling and administrative expenses

on the Condensed Consolidated Statements of Operations in the amount of $1.5 million and $1.6 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively.

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense on the Condensed Consolidated Statements of Operations. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail store occupancy costs

14

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

recorded in selling and administrative expense were $114.1 million and $113.3 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively.

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $19.0 million and $19.6 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. Prior to adopting ASC 606, the Company capitalized these costs and such costs were expensed over the period of benefit in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. For prior periods, the Condensed Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million and $1.1 million at February 3, 2018 and April 29, 2017, respectively.

Cooperative Advertising

Cooperative advertising costs recognized in selling and administrative expenses on the Condensed Consolidated Statements of Operations were $0.8 million and $1.2 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. During the first three months of Fiscal 2019 and Fiscal 2018, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements.

Vendor Allowances

Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $2.1 million and $2.7 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. During the first three months of Fiscal 2019 and Fiscal 2018, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred.

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting

from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are

reported as an item of income and resulted in a net loss of $0.3 million for each of the first quarters of Fiscal 2019 and Fiscal 2018.

Other Comprehensive Income

ASC 220 requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustment to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at May 5, 2018 consisted of $6.0 million of cumulative pension liability adjustments, net of tax, a cumulative post-retirement liability adjustment of $2.2 million, net of tax, and a cumulative foreign currency translation adjustment of $28.7 million.

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

The following table summarizes the components of accumulated other comprehensive loss for the three months ended May 5, 2018:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 3, 2018	$	(20,808	)	$	(8,384	)	$	(29,192	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(6,890		)	—			(6,890		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(974		)	—			(974		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			224			224
Income tax expense	—			58			58
Current period other comprehensive income (loss), net of tax	(7,864		)	166			(7,698		)
Balance May 5, 2018	$	(28,672	)	$	(8,218	)	$	(36,890	)

(1) Amount is included in other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations.

Income Taxes

The Company recorded an effective income tax rate of 20.3% and 38.3% in the first quarter of Fiscal 2019 and 2018, respectively. The lower tax rate for the first quarter of Fiscal 2019 reflects the lower U.S. federal income tax rate following the passage of the Tax Cut and Jobs Act (the "Act") in December 2017, partially offset by the inability to recognize a tax benefit for certain overseas losses.

New Accounting Pronouncements

New Accounting Pronouncements Recently Adopted

In March 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.”  The new guidance provides SEC Staff views on income tax accounting implications of the Act signed into law in December 2017.  The guidance clarifies the measurement period timeframe, changes in subsequent reporting periods and reporting requirements as a result of the Act.  The Company adopted this guidance in the first quarter of Fiscal 2019. The Company recorded a provisional impact of the Act in Fiscal 2018 and will recognize any changes to this provisional amount as the Company refines its estimates of its cumulative temporary differences and interpretations of guidance related to the application of the Act. The adoption of this guidance has not had, nor is expected to have, a material impact on the Company's Consolidated Financial Statements and related disclosures.

16

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

In February 2018, the FASB issued issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASC 220"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The amendments in ASC 220 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company adopted ASC 220 in the fourth quarter of Fiscal 2018 and reclassed $2.2 million to retained earnings for the impact of stranded tax effects resulting from the Act.

In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)" ("ASC 715"). The standard requires the sponsors of benefit plans to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. The standard will require the Company to present the non-service pension costs as a component of expense below operating income. The amendments to this standard allow a practical expedient that permits an employer to use the amounts disclosed in its employee benefits footnote for the prior comparative period as the estimation basis for applying the retrospective presentation. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

The Company adopted ASC 715 in the first quarter of Fiscal 2019 and utilized the practical expedient to estimate the impact on the prior comparative period information presented in the Condensed

Consolidated Statements of Operations. As required by the amendments in this update, the presentation of the service cost component and other components of net periodic benefit cost in the Condensed Consolidated Statements of Operations were applied retrospectively on and after the effective date. Upon adoption of this standard update, the Company reclassified the other components of net periodic benefit cost from selling and administrative expenses to other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations. The retrospective adoption of this standard update resulted in an increase to earnings from operations of less than $0.1 million for the three months ended April 29, 2017 which was fully offset by the same amount on the other components of net periodic benefit cost line on the Condensed Consolidated Statements of Operations. As such, there was no impact to consolidated net earnings for the three months ended April 29, 2017.

17

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1

Summary of Significant Accounting Policies, Continued

The Company adopted ASC 606 in the first quarter of Fiscal 2019 using the modified retrospective method by recognizing the cumulative effect of $4.4 million as an adjustment to the opening balance of retained earnings at February 4, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. While the adoption of this standard did not have a material impact on the Company's Consolidated Financial Statements and related disclosures, it did impact the timing of revenue recognition for gift card breakage and the timing of recognizing expense for direct-mail advertising costs as presented in the Condensed Consolidated Statements of Operations for Fiscal 2019.

New Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and

liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts.

Note 2

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill by segment were as follows:

(In Thousands)	Schuh Group			Journeys Group		Total Goodwill
Balance, February 3, 2018	$89,915			$10,393		$	100,308
Effect of foreign currency exchange rates	(3,853		)	(369	)	$	(4,222	)
Balance, May 5, 2018	$	86,062		10,024		$	96,086

As required under ASC 350, the Company annually assesses its goodwill and indefinite lived trade names for impairment and on an interim basis if indicators of impairment are present. The Company’s annual assessment date of goodwill and indefinite lived trade names is the first day of the fourth quarter.

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 2

Goodwill and Other Intangible Assets, Continued

Other Intangibles

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
(In Thousands)	May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018
Gross other intangibles	$	14,817		$	14,981		$	2,064		$	2,130		$	2,069		$	2,122		$	18,950		$	19,233
Accumulated amortization	(13,690		)	(13,714		)	(2,064		)	(2,130		)	(1,618		)	(1,595		)	(17,372		)	(17,439		)
Net Other Intangibles	$	1,127		$	1,267		$	—		$	—		$	451		$	527		$	1,578		$	1,794

*Includes non-compete agreements, vendor contract and backlog.

The amortization of intangibles, including trademarks, was $0.1 million for each of the first quarters of Fiscal 2019 and 2018. The amortization of intangibles, including trademarks, is expected to be

$0.2 million for Fiscal 2019 and less than $0.1 million for Fiscal 2020, 2021, 2022 and 2023.

Note 3

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges

In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets.

Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment in the accompanying Condensed Consolidated Balance Sheets, and in asset impairments and other, net in the accompanying Condensed Consolidated Statements of Operations.

The Company recorded pretax charges of $1.6 millionin the first quarter of Fiscal 2019, including $1.3 million for retail store asset impairments and $0.3 million for legal and other matters.

The Company recorded pretax charges of $0.1 million in the first quarter of Fiscal 2018 for retail store asset impairments.

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 3

Asset Impairments and Other Charges and Discontinued Operations, Continued

Discontinued Operations

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2017	$	5,043
Additional provision Fiscal 2018	552
Charges and adjustments, net	(1,986		)
Balance February 3, 2018	3,609
Additional provision Fiscal 2019	31
Charges and adjustments, net	(129		)
Balance May 5, 2018*	3,511
Current provision for discontinued operations	1,804
Total Noncurrent Provision forDiscontinued Operations	$	1,707

*Includes a $2.9 million environmental provision, including $1.8 million in current provision for discontinued operations (see Note 8).

Note 4

Inventories

In thousands	May 5, 2018		February 3, 2018
Wholesale finished goods	$	33,741	$	52,924
Retail merchandise	518,734		489,701
Total Inventories	$	552,475	$	542,625

20

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 5

Fair Value

The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value measurements. This topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table presents the Company's assets and liabilities measured at fair value on a nonrecurring basis as of May 5, 2018 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Total Losses
Measured as of May 5, 2018	$	552	$	—	$	—	$	552	$	1,274

In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $1.3 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used during the three months ended May 5, 2018. These charges are reflected in asset impairments and other, net on the Condensed Consolidated Statements of Operations.

The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 6

Defined Benefit Pension Plans and Other Benefit Plans

The following table summarizes the components of net periodic benefit cost related to the Company's pension and postretirement health care and life insurance plans:

Components of Net Periodic Benefit Cost
	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
In thousands	May 5, 2018			April 29, 2017			May 5, 2018		April 29, 2017
Service cost	$	113		$	138		$	253	$	209
Interest cost	$	754		$	824		$	93	$	85
Expected return on plan assets	(1,051		)	(1,130		)	—		—
Amortization of losses	189			215			35		38
Total other components of net periodic benefit cost	$	(108	)	$	(91	)	$	128	$	123
Net Periodic Benefit Cost	$	5		$	47		$	381	$	332

The service cost component of net periodic benefit cost is recorded in selling and administrative expenses in the Consolidated Statements of Operations, while the other components are recorded in other components of net periodic benefit cost in the Consolidated Statements of Operations.

There is no cash contribution required for the pension plan in calendar 2018.

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Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 7

Earnings Per Share

	For the Three Months Ended							For the Three Months Ended
	May 5, 2018							April 29, 2017
(In thousands, except      per share amounts)	Income (Numerator)			Shares (Denominator)	Per Share Amount			Income (Numerator)		Shares (Denominator)	Per Share Amount
Earnings (loss) from continuing operations	$	(2,308	)					$	997
Basic EPS from continuing operations
Income (loss) available to
common shareholders	(2,308		)	19,278	$	(0.12	)	997		19,189	$	0.05
Effect of Dilutive Securities from continuing operations
Dilutive share-based awards(1)				—						66
Employees' preferred stock(2)				—						38
Diluted EPS from continuing operations
Income (loss) available to
common shareholders plus
assumed conversions	$	(2,308	)	19,278	$	(0.12	)	$	997	19,293	$	0.05

(1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the first quarter ended May 5, 2018.

(2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the first quarter ended May 5, 2018. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the first quarter ended April 29, 2017.

The weighted shares outstanding reflects the effect of the Company's Board-approved share repurchase program. The Company did not repurchase any shares of common stock during the three months ended May 5, 2018 and repurchased 275,300shares of common stock during the three months ended April 29, 2017 for $16.2 million. The Company has $24.0 million remaining under its current $100.0 million share repurchase authorization.

23

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 8

Legal Proceedings

Environmental Matters

New York State Environmental Matters

In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study and implementing an interim remedial measure with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The United States Environmental Protection Agency (“EPA”), which assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination of groundwater extraction and treatment and in-situ chemical oxidation.

In September 2015, the EPA adopted an amendment to the Record of Decision eliminating the separate ground-water extraction and treatment systems and the use of in-situ oxidation from the remedy adopted in the Record of Decision. The amendment provides for the continued operation and maintenance of the existing wellhead treatment systems on wells operated by the Village of Garden City, New York (the "Village"). It also requires the Company to perform certain ongoing monitoring, operation and maintenance activities and to reimburse EPA's future oversight cost, involving future costs to the Company estimated to be between $1.7 million and $2.0 million, and to reimburse EPA for approximately $1.25 million of interim oversight costs. On August 15, 2016, the Court entered a Consent Judgment implementing the remedy provided for by the amendment.

The Village additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint (the "Village Lawsuit") against the Company and the owner of the property under the Resource Conservation and Recovery Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it.

In June 2016 the Company and the Village reached an agreement providing for the Village to continue to operate and maintain the well head treatment systems in accordance with the Record of Decision and to release its claims against the Company asserted in the Village Lawsuit in exchange for a lump-sum payment of $10.0 million by the Company. On August 25, 2016, the Village Lawsuit was dismissed with prejudice. The cost of the settlement with the Village and the estimated costs associated with the Company's compliance with the Consent Judgment were covered by the Company's existing provision for the site. The settlement with the Village did not have, and the Company expects that the Consent Judgment will not have, a material effect on its financial condition or results of operations.

24

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 8

Legal Proceedings, Continued

In April 2015, the Company received from the EPA a Notice of Potential Liability and Demand for Costs (the "Notice") pursuant to CERCLA regarding the site in Gloversville, New York of a former leather tannery operated by the Company and by other, unrelated parties. The Notice demanded payment of approximately $2.2 million of response costs claimed by EPA to have been incurred to conduct assessments and removal activities at the site. In February 2017, the Company and EPA entered into a settlement agreement resolving EPA's claim for past response costs in exchange for a payment by the Company of $1.5 million which was paid in May 2017. The Company's environmental insurance carrier has reimbursed the Company for 75% of the settlement amount, subject to a $500,000 self-insured retention. The Company does not expect that the matter will have a material effect on its financial condition or results of operations.

Whitehall Environmental Matters

The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan.

In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, the Company had accrued $2.9 million as of May 5, 2018, $3.0 million as of February 3, 2018 and $4.2 million as of April 29, 2017. All such provisions reflect the Company's estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because they relate to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $0.0 million in the first quarter of Fiscal 2019 and $0.2 million in the first quarter of Fiscal 2018. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates.

Other Matters

On February 22, 2017, a former employee of a subsidiary of the Company filed a putative class and collective action, Shumate v. Genesco, Inc., et al., in the U.S District Court for the Southern District of Ohio, alleging violations of the federal Fair Labor Standards Act ("FLSA") and Ohio wages and hours law including failure to pay minimum wages and overtime to the subsidiary's store managers and seeking back pay, damages, penalties, and declaratory and injunctive relief. On April 21, 2017, a former

25

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 8

Legal Proceedings, Continued

employee of the same subsidiary filed a putative class and collective action, Ward v. Hat World, Inc., in the Superior Court for the State of Washington, alleging violations of the FLSA and certain Washington wages and hours laws, including, among others, failure to pay overtime to certain loss prevention investigators, and seeking back pay, damages, attorneys' fees and other relief. A total of seven loss prevention investigators elected to join the suit at the expiration of the opt-in period. The Company has removed the case to federal court and the court has approved its transfer to the U.S. District Court for the Southern District of Indiana. On May 19, 2017, two former employees of the same subsidiary filed a putative class and collective action, Chen and Salas v. Genesco Inc., et al., in the U.S. District Court for the Northern District of Illinois alleging violations of the FLSA and certain Illinois and New York wages and hours laws, including, among others, failure to pay overtime to store managers, and also seeking back pay, damages, statutory penalties, and declaratory and injunctive relief. On March 8, 2018, the court granted the Company's motion to transfer venue to the U.S. District Court for the Southern District of Indiana. On March 9, 2018, a former employee of the same subsidiary filed a putative class action in the Superior Court of the Commonwealth of Massachusetts claiming violations of the Massachusetts Overtime Law, M.G.L.C. 151§1A, by failing to pay overtime to employees classified as store managers, and seeking restitution, an incentive award, treble damages, interest, attorneys fees and costs. The Company disputes the material allegations in each of these complaints and intends to defend the matters.

On April 30, 2015, an employee of a subsidiary of the Company filed an action, Stewart v. Hat World, Inc., et al., under the California Labor Code Private Attorneys General Act on behalf of herself, the State of California, and other non-exempt, hourly-paid employees of the subsidiary in California, seeking unspecified damages and penalties for various alleged violations of the California Labor Code, including failure to pay for all hours worked, minimum wage and overtime violations, failure to provide

required meal and rest periods, failure to timely pay wages, failure to provide complete and accurate wage statements, and failure to provide full reimbursement of business-related costs and expenses incurred in the course of employment. On March 5, 2018, the court issued a proposed statement of decision in the first phase of the case, tentatively finding that the plaintiff is an "aggrieved employee" with regard to meal period and rest break claims only, and not with respect to any other violations alleged in the complaint and that she can represent other employees only with respect to meal and rest break claims. The Company disputes the material allegations in the complaint and intends to continue defending the matter.

In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have

a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements.

26

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 9

Business Segment Information

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations, catalog and wholesale distribution of products under the Johnston & Murphy^® and H.S. Trask^® brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 1, under Item 8 in the Company's Annual Report on Form10-K for the fiscal year ended February 3, 2018).

The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed brands.

Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense on revolver debt and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order to make decisions and assess performance. These costs include corporate overhead, bank fees, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations and goodwill impairment charges.

27

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 9

Business Segment Information, Continued

Three Months Ended
May 5, 2018	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	306,142	$	80,266		$	158,740		$	75,684	$	24,066		$	62		$	644,960
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	306,142	$	80,266		$	158,740		$	75,684	$	24,065		$	62		$	644,959
Segment operating income (loss)	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(8,243	)	$	(296	)
Asset Impairments and other*	—		—			—			—		—			(1,552		)	(1,552		)
Earnings (loss) from operations	13,637		(5,640		)	(5,362		)	5,006		306			(9,795		)	(1,848		)
Other components of net periodic benefit cost	—		—			—			—		—			(20		)	(20		)
Interest expense	—		—			—			—		—			(1,047		)	(1,047		)
Interest income	—		—			—			—		—			19			19
Earnings (loss) from continuing operations before income taxes	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(10,843	)	$	(2,896	)
Total assets**	$	446,001	$	243,921		$	337,835		$	119,854	$	29,520		$	140,294		$	1,317,425
Depreciation and amortization***	6,795		3,927			6,657			1,568		155			591			19,693
Capital expenditures	10,543		2,907			4,490			1,470		60			63			19,533

*Asset Impairments and other charge includes a $1.3 million charge for asset impairments, which includes $0.3 million for Lids Sports Group, $0.2 million for Journeys Group and $0.8 million for Schuh Group.

**Total assets for the Schuh Group and Journeys Group include $86.1 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group decreased by $3.9 million, and $0.4 million, respectively, from February 3, 2018, due to foreign currency translation adjustments. Of the Company's $377.4 million of property and equipment, $54.8 million and $21.9 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended May 5, 2018.

28

Genesco Inc.

and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 9

Business Segment Information, Continued

Three Months Ended
April 29, 2017	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	284,119	76,456			$	176,901		$	72,793	$	33,011		$	89		$	643,369
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	284,119	$	76,456		$	176,901		$	72,793	$	33,010		$	89		$	643,368
Segment operating income (loss)	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(8,149	)	$	2,945
Asset Impairments and other*	—		—			—			—		—			(119		)	(119		)
Earnings (loss) from operations	7,472		(687		)	(1,786		)	3,820		2,275			(8,268		)	2,826
Other components of net periodic benefit cost	—		—			—			—		—			(32		)	(32		)
Interest expense	—		—			—			—		—			(1,177		)	(1,177		)
Interest income	—		—			—			—		—			—			—
Earnings (loss) from continuing operations before income taxes	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(9,477	)	$	1,617
Total assets**	$	424,477	231,395			$	537,901		$	120,048	$	36,803		$	128,752		$	1,479,376
Depreciation and amortization***	6,515		3,364			6,937			1,566		167			1,067			19,616
Capital expenditures	19,195		2,758			5,131			1,057		77			2,108			30,326

*Asset Impairments and other includes a $0.1 million charge for assets impairments, which relates to Journeys Group and Lids Sports Group equally.

**Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $181.1 million, $82.4 million and $9.4 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group decreased by $0.5 million and $0.4 million, respectively, from January 28, 2017 and Schuh Group goodwill increased by $2.6 million from January 28, 2017 due to foreign currency translation adjustments. Of the Company's $342.6 million of property and equipment, $55.4 million and $20.7 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended April 29, 2017.

29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

This discussion and the Notes to the Condensed Consolidated Financial Statements include certain forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, sales, expenses, margins and earnings) and all other statements not addressing solely historical facts or present conditions. Words such as "may," "will," "should," "likely," "anticipate," "expect," "intend," "plan," "project," "believe," "estimate" and similar expressions can be used to identify these forward-looking statements. Actual results, including those regarding the Company's performance outlook for Fiscal 2019 and beyond, could differ materially from those reflected by the forward-looking statements in this discussion, in the Notes to the Condensed Consolidated Financial Statements, and in other disclosures.

A number of factors may adversely affect the outlook reflected in forward looking statements and the Company's future results, liquidity, capital resources and prospects. These factors (some of which are beyond the Company's control) include:

• The level and timing of promotional activity necessary to maintain inventories at appropriate levels.

• The Company's ability to complete the sale of the Lids Sports Group business on acceptable terms and the timing of any sale transaction.

• The effectiveness of the Company's omni-channel initiatives.

• Costs associated with changes in minimum wage and overtime requirements.

• The level of chargebacks from credit card issuers for fraudulent purchases or other reasons.

• Weakness in the consumer economy and retail industry.

• Competition in the Company's markets, including online and including competition from some of the Company's vendors in both the licensed sports and branded footwear markets.

• Fashion trends, including the lack of new fashion trends or products, that affect the sales or product margins of the Company's retail product offerings.

• Weakness in shopping mall traffic and challenges to the viability of malls where the Company operates stores, related to planned closings of department stores or other factors, and the extent and pace of growth of online shopping.

• The effects of the implementation of federal tax reform on the estimated tax rate reflected in certain forward-looking statements.

• Risks related to the potential for terrorist events, especially in malls and shopping districts.

• Imposition of tariffs on imported products or the disallowance of tax deductions on imported products.

• Changes in buying patterns by significant wholesale customers.

• Bankruptcies or deterioration in the financial condition of significant wholesale customers or the inability of wholesale customers or consumers to obtain credit.

• The Company's ability to obtain from suppliers products that are in-demand on a timely basis and disruptions in product supply or distribution.

• Unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs and other factors affecting the cost of products.

• The effects of the British decision to exit the European Union, including potential effects on consumer demand, currency exchange rates, and the supply chain.

• The Company's ability to continue to complete and integrate acquisitions, expand its business and diversify its product base.

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• Changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons.

• The performance of athletic teams, the participants in major sporting events such as NBA finals, Super Bowl and World Series, developments with respect to certain individual athletes and other sports-related events or changes, including the timing of major sporting events, that may affect period-to-period comparisons in the Company's Lids Sports Group retail businesses.

• The Company's ability to build, open, staff and support additional retail stores and to renew leases in existing stores and control or lower occupancy costs, and to conduct required remodeling or refurbishment on schedule and at expected expense levels.

• Ability to attract and retain employees in a full employment environment.

• Deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of fixed assets or intangible assets or other adverse financial consequences.

• Unexpected changes to the market for the Company's shares.

• Variations from expected pension-related charges caused by conditions in the financial markets.

• Costs and reputational harm as a result of disruptions in the Company's business or information technology systems either by security breaches and incidents or by potential problems associated with the implementation of new or upgraded systems.

• The cost and outcome of litigation, investigations and environmental matters involving the Company, including but not limited to the matters discussed in Note 8 to the Condensed Consolidated Financial Statements.

• The Company's ability to execute its cost-reduction initiatives and to achieve acceptable levels of expense in a changing retail environment.

• Other factors cited in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of, and elsewhere in, our SEC filings, copies of which may be obtained from the SEC website, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com.

Many of the factors that will determine the outcome of the subject matter of this Form 10-Q are beyond Genesco's ability to control or predict. Genesco undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.

Overview

Description of Business

The Company’s business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores, including Journeys^®, Journeys Kidz^®, Little Burgundy^® and Johnston & Murphy^® in the U.S., Puerto Rico and Canada and through Schuh^® stores in the United Kingdom, the Republic of Ireland and Germany, and through e-commerce websites and catalogs, and at wholesale, primarily under the Company’s Johnston & Murphy^® brand, the H.S. Trask^® brand, the licensed Dockers^® brand, and other brands that the Company licenses for footwear. The Company’s wholesale footwear brands are distributed to more than 1,325 retail accounts in the United States, including a number of leading department, discount, and specialty stores. The Company’s business also includes Lids Sports Group, which operates (i) headwear and accessory stores under the Lids^® name and other names in the U.S., Puerto Rico and Canada, (ii) the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names, (iii) licensed team merchandise departments

31

in Macy's department stores operated under the name Locker Room by Lids and on macys.com under a license agreement with Macy's, and (iv) e-commerce operations. Including both the footwear businesses and the Lids Sports business, at May 5, 2018, the Company operated 2,680 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany.

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy^® and H.S.Trask^® brands; and (v) Licensed Brands, comprised of Dockers^®Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

The Journeys retail footwear stores sell footwear and accessories primarily for 13 to 22 year old men and women. The stores average approximately 2,075 square feet. The Journeys Kidz retail footwear stores sell footwear primarily for younger children, ages five to 12. These stores average approximately 1,525 square feet. The Journeys Group stores are primarily in malls and factory outlet centers throughout the United States, Puerto Rico and Canada. The Company's Canadian subsidiary acquired the Little Burgundy retail footwear chain in Canada during the fourth quarter of Fiscal 2016. Little Burgundy is being operated under the Journeys Group. Little Burgundy retail footwear stores sell footwear and accessories to fashion-oriented men and women in the 18 to 34 age group ranging from students to young professionals. These stores average approximately 1,825 square feet. With the 39 Little Burgundy stores, Journeys Group now operates 85 stores in Canada. Journeys also sells footwear and accessories through direct-to-consumer catalog and e-commerce operations.

The Schuh retail footwear stores sell a broad range of branded casual and athletic footwear along with a meaningful private label offering primarily for 15 to 30 year old men and women. The stores, which average approximately 4,875 square feet, include both street-level and mall locations in the United Kingdom, the Republic of Ireland and Germany. The Schuh Group also sells footwear through e-commerce operations.

The Lids Sports Group includes stores and kiosks, primarily under the Lids banner, that sell licensed and branded headwear to men and women primarily in the early-teens to mid-20's age group. The Lids store locations average approximately 900 square feet and are primarily in malls, airports, street-level stores and factory outlet centers throughout the United States, Puerto Rico and Canada. The Lids Sports Group also operates Lids Locker Room and Lids Clubhouse stores under a number of trade names, selling licensed sports headwear, apparel and accessories to sports fans of all ages in locations averaging approximately 2,825 square feet in malls and other locations primarily in the United States and Canada. The Lids Sports Group operates 143 stores in Canada. The Lids Sports Group also operates Locker Room by Lids leased departments in Macy's department stores offering headwear, apparel, accessories and novelties representing an assortment of college and professional teams specific to particular Macy's department stores' geographic locations. As of May 5, 2018, the Company operated 122 Locker Room by Lids leased departments averaging approximately 650 square feet. The Lids Sports Group also sells headwear and accessories through e-commerce operations.

Johnston & Murphy retail shops sell a broad range of men's footwear, apparel and accessories. Women's footwear and accessories are sold in select Johnston & Murphy retail locations. Johnston & Murphy shops average approximately 1,600 square feet and are located primarily in better malls and in airports throughout

32

the United States. As of May 5, 2018, Johnston & Murphy operated eight stores in Canada. The Company also has license and distribution agreements for wholesale and retail sales of Johnston & Murphy products in various non - U.S. jurisdictions. The Company also sells Johnston & Murphy footwear and accessories in factory stores, averaging approximately 2,400 square feet, located in factory outlet malls, and through a direct-to-consumer catalog and e-commerce operations. In addition, Johnston & Murphy shoes are distributed through the Company's wholesale operations to better department stores, independent specialty stores and e-commerce. Additionally, the Company offers the H.S. Trask brand, with men's and women's footwear and leather accessories distributed to better independent retailers and department stores.

The Licensed Brands segment markets casual and dress casual footwear under the licensed Dockers^® brand to men aged 30 to 55 through many of the same national retail chains that carry Dockers slacks and sportswear and in department and specialty stores across the United States. The Company entered into an exclusive license with Levi Strauss & Co. to market men's footwear in the United States under the Dockers brand name in 1991. Levi Strauss & Co. and the Company have subsequently added additional territories, including Canada and Mexico and certain other Latin American countries. The Dockers license agreement expires on November 30, 2018. The Company also sells footwear under other licenses and in March 2015 entered into a license agreement to source and distribute certain men's and women's footwear under the G.H. Bass trademark and related marks. This license was terminated in January 2018.

Strategy

The Company's long-term strategy has been to seek organic growth by: 1) improving comparable sales, both in stores and e-commerce, 2) increasing operating margin, 3) increasing the Company's store base in its newer concepts and opportunistically in more mature concepts, 4) expanding retail square footage in proven locations with upside opportunity, and 5) enhancing the value of its brands. As a result of the degree of penetration of many of our concepts in their current geographic markets and the increasing trend of consumer purchases through e-commerce channels, the Company anticipates opening fewer new stores in the future, concentrating on locations that the Company believes will be most productive, as well as closing certain stores, perhaps reducing the overall square footage and store count from current levels, and has enhanced its investments in technology and infrastructure to support omni-channel retailing. In recognition of a continuing shift in added expense associated with omni-channel operations, the Company has undertaken a profit enhancement initiative, targeting annualized expense reductions in the range of $35 million to $40 million in an effort to reduce the fixed cost structure of its retail stores and improve efficiency in e-commerce.

To supplement its organic growth potential, the Company has made acquisitions, including the acquisition of the Schuh Group in June 2011, Little Burgundy in December 2015 and several smaller acquisitions of businesses in the Lids Sports Group's markets, and expects to consider acquisition opportunities, either to augment its existing businesses or to enter new businesses that it considers compatible with its existing businesses, core expertise and strategic profile. Acquisitions involve a number of risks, including, among others, inaccurate valuation of the acquired business, the assumption of undisclosed liabilities, the failure to integrate the acquired business appropriately, and distraction of management from existing businesses. The Company seeks to mitigate these risks by applying appropriate financial metrics in its valuation analysis and developing and executing plans for due diligence and integration that are appropriate to each acquisition. The Company also seeks appropriate opportunities to extend existing brands and retail concepts. The Company typically tests such extensions on a relatively small scale to determine their viability and to refine their strategies and operations before making significant, long-term commitments.

More generally, the Company attempts to develop strategies to mitigate the risks it views as material, including those discussed under the caption “Forward Looking Statements,” above, and those discussed in Part I, Item 1A, Risk Factors in the Company's Annual Report on Form 10-K. Among the most important

33

of these factors are those related to consumer demand. Conditions in the external economy can affect demand, resulting in changes in sales and, as prices are adjusted to drive sales and manage inventories, in gross margins. Because fashion trends influencing many of the Company's target customers can change rapidly, the Company's ability to react quickly to those changes is critical. Even when the Company succeeds in aligning its merchandise offerings with consumer preferences, those preferences may affect results by, for example, driving sales of products with lower average selling prices or lower average margins or products which are more widely available in the marketplace and thus more subject to competitive pressures than the Company's typical offering. Moreover, economic factors, such as persistent unemployment and any future economic contraction and changes in tax policies, may reduce the consumer's disposable income or his or her willingness to purchase discretionary items, and thus may reduce demand for the Company's merchandise, regardless of the Company's skill in detecting and responding to fashion trends. Similarly, consumers may choose to spend their disposable income in merchandise categories other than those the Company sells. The Company believes its experience and discipline in merchandising and the buying power associated with its relative size and importance in the industry segments in which it competes are important to its ability to mitigate risks associated with changing customer preferences and other changes in consumer demand.

Summary of Results of Operations

The Company's net sales increased to $645 million during the first quarter of Fiscal 2019 compared to $643 million for the same quarter of Fiscal 2018. Excluding the impact of exchange rates, sales would have decreased 1% for the first quarter. Journeys Group sales increased 8%, Schuh Group sales increased 5% and Johnston & Murphy sales increased 4%, while Lids Sports Group and Licensed Brands decreased 10% and 27%, respectively, during the first quarter of Fiscal 2019. Gross margin as a percentage of net sales increased to 49.9% during the first quarter of Fiscal 2019, compared to 49.6% for the same period last year, reflecting increased gross margin in Journeys Group and Johnston & Murphy Group, partially offset by decreased gross margin in Schuh Group, Lids Sports Group and Licensed Brands. Selling and administrative expenses increased to 49.9% of net sales during the first quarter of Fiscal 2019 from 49.1% for the same quarter of Fiscal 2018, reflecting increases in expenses as a percentage of net sales in all of the Company's business segments, except Journeys Group, while Corporate remained flat for the quarter. Earnings (loss) from operations decreased as a percentage of net sales to (0.3%) during the first quarter of Fiscal 2019 compared to 0.4% in the same quarter of Fiscal 2018, reflecting decreased earnings from operations as a percentage of net sales in all of the Company's business segments, except Journeys Group and Johnston & Murphy Group.

Significant Developments

The potential sale of Lids Sports Group

The Company announced in February 2018 it was initiating a formal process to explore the sale of its Lids Sports Group business. The Company's board of directors concluded through a strategic review process that it is in the best interest of the Company and its shareholders to focus on its industry-leading footwear businesses, which it believes is the optimal platform to deliver enhanced shareholder value over the long term.

Asset Impairment and Other Charges

The Company recorded pretax charges of $1.6 million in the first quarter of Fiscal 2019, including $1.3 million for retail store asset impairments and $0.3 million for legal and other matters.

The Company recorded pretax charges of $0.1 million in the first quarter of Fiscal 2018 for retail store asset impairments.

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Critical Accounting Policies

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The Company has identified the critical accounting policies used in determining estimates and assumptions in the amounts reported in Management's Discussion and Analysis of Financial Condition and Results of Operations in its Annual Report on Form 10-K for the fiscal year ended February 3, 2018. Management believes that there have been no material changes in those critical accounting policies.

Comparable Sales

For purposes of this report, "comparable sales" are sales from stores open longer than one year, beginning with the first day it has comparable prior year sales (which we refer to in this report as "same store sales"), and sales from websites operated longer than one year and direct mail catalog sales (which we refer to in this report as "comparable direct sales"). Temporarily closed stores are excluded from the comparable sales calculation if closed more than seven days. Expanded stores are excluded from the comparable sales calculation until the first day it has comparable prior year sales. Current year foreign exchange rates are applied to both current year and prior year comparable sales to achieve a consistent basis for comparison.

Results of Operations - First Quarter Fiscal 2019 Compared to First Quarter Fiscal 2018

The Company's net sales in the first quarter ended May 5, 2018 increased to $645.0 million from $643.4 million in the first quarter ended April 29, 2017, reflecting increased net sales in Journeys Group, Schuh Group and Johnston & Murphy Group, partially offset by decreased net sales in Lids Sports Group and Licensed Brands. Excluding the impact of exchange rates, net sales would have decreased 1%. Comparable sales decreased 1% for the first quarter of Fiscal 2019, which included a decrease of 2% in same store sales and an increase of 10% in comparable direct sales. Gross margin increased 0.9% to $321.8 million in the first quarter of Fiscal 2019 from $318.9 million in the same period last year and increased as a percentage of net sales from 49.6% to 49.9%, reflecting increased gross margin in Journeys Group and Johnston & Murphy Group, partially offset by decreased gross margin in Schuh Group, Lids Sports Group and Licensed Brands. Selling and administrative expenses in the first quarter of Fiscal 2019 increased 1.9% and increased as a percentage of net sales from 49.1% to 49.9%, reflecting increased expenses as a percentage of net sales in all of the Company's business segments, except Journeys Group, while Corporate was flat. The increase in selling and administrative expense as a percentage of net sales reflects higher expenses relating primarily to selling salaries and benefits and bonus accruals. The Company records buying and merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company's gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.

Earnings (loss) from continuing operations before income taxes (“pretax earnings (loss)”) for the first quarter ended May 5, 2018 was a loss of ($2.9) million compared to earnings of $1.6 million for the first quarter ended April 29, 2017. The pretax loss for the first quarter ended May 5, 2018 included an asset impairment and other charge of $1.6 million for retail store asset impairments and legal and other matters. Pretax earnings for the first quarter ended April 29, 2017 included an asset impairment and other charge of $0.1 million for retail store asset impairments.

35

The net loss for the first quarter ended May 5, 2018 was ($2.3) million ($0.12 diluted loss per share) compared to net earnings of $0.9 million ($0.05 diluted earnings per share) for the first quarter ended April 29, 2017. The Company recorded an effective income tax rate of 20.3% and 38.3% in the first quarter of Fiscal 2019 and 2018, respectively. The tax rate for the first quarter of Fiscal 2019 was impacted by the lower U.S. federal income tax rate following the passage of the Tax Cut and Jobs Act in December 2017, partially offset by the inability to recognize a tax benefit for certain overseas losses.

Journeys Group

	Three Months Ended
	May 5, 2018			April 29, 2017			% Change
	(dollars in thousands)
Net sales	$	306,142		$	284,119		7.8	%
Earnings from operations	$	13,637		$	7,472		82.5	%
Operating margin	4.5		%	2.6		%

Net sales from Journeys Group increased 7.8% to $306.1 million for the first quarter ended May 5, 2018, compared to $284.1 million for the same period last year. The increase reflects a 6% increase in comparable sales, partially offset by a 2% decrease in the average number of Journeys Group stores operated (i.e. the sum of the number of stores open on the first day of the fiscal quarter and the last day of each fiscal month during the quarter divided by four). The comparable sales increase reflected a 2% increase in the average price per pair of shoes and a 4% increase in footwear unit sales. Journeys Group operated 1,221 stores at the end of the first quarter of Fiscal 2019, including 245 Journeys Kidz stores, 46 Journeys stores in Canada and 39 Little Burgundy stores in Canada, compared to 1,250 stores at the end of the first quarter last year, including 236 Journeys Kidz stores, 46 Journeys stores in Canada and 36 Little Burgundy stores in Canada.

Journeys Group earnings from operations increased 82.5% to $13.6 million for the first quarter ended May 5, 2018 compared to $7.5 million for the first quarter ended April 29, 2017. The increase in earnings from operations for Journeys Group was due to (i) increased net sales, (ii) increased gross margin as a percentage of net sales, reflecting increased initial margins and decreased markdowns, partially offset by higher shipping and warehouse expenses, and (iii) decreased expenses as a percentage of net sales, reflecting leverage of occupancy related costs and depreciation, partially offset by increased bonus expense.

Schuh Group

	Three Months Ended
	May 5, 2018			April 29, 2017			% Change
	(dollars in thousands)
Net sales	$	80,266		$	76,456		5.0	%
Loss from operations	$	(5,640	)	$	(687	)	NM
Operating margin	(7.0		)%	(0.9		)%

Net sales from Schuh Group increased 5.0% to $80.3 million for the first quarter ended May 5, 2018, compared to $76.5 million for the first quarter ended April 29, 2017. The increase reflects a sales increase of $8.7 million due to increases in foreign exchange rates this year and a 6% increase in the average number of Schuh stores operated, partially offset by a comparable sales decrease of 13%. Schuh Group operated

36

136 stores at the end of the first quarter of Fiscal 2019, compared to 129 stores at the end of the first quarter of Fiscal 2018.

Schuh Group loss from operations increased to $(5.6) million for the first quarter ended May 5, 2018 compared to $(0.7) million for the first quarter ended April 29, 2017. The decrease in earnings this year reflects decreased gross margin as a percentage of net sales, reflecting less full price selling and increased promotional activity, and increased expenses as a percentage of net sales reflecting the inability to leverage expenses, particularly occupancy related costs, due to the negative comparable sales for the quarter, partially offset by decreased bonus expense. In addition, Schuh Group's loss increased $0.6 million due to increases in foreign exchange rates this year compared to the same period last year.

Lids Sports Group

	Three Months Ended
	May 5, 2018			April 29, 2017			% Change
	(dollars in thousands)
Net sales	$	158,740		$	176,901		(10.3	)%
Loss from operations	$	(5,362	)	$	(1,786	)	NM
Operating margin	(3.4		)%	(1.0		)%

Net sales from Lids Sports Group decreased 10.3% to $158.7 million for the first quarter ended May 5, 2018, compared to $176.9 million for the same period last year. The decrease reflects primarily a comparable sales decrease of 7% and a decrease of 6% in the average number of Lids Sports Group stores operated, excluding leased departments, in the first quarter of Fiscal 2019. Comparable sales reflects a 10% decrease in comparable store hat and apparel units sold, while the average price increased 3% for the first quarter of Fiscal 2019. Lids Sports Group operated 1,141 stores at the end of the first quarter of Fiscal 2019, including 114 Lids stores in Canada, 179 Lids Locker Room and Clubhouse stores, which includes 29 Locker Room stores in Canada, and 122 Locker Room by Lids leased departments in Macy's, compared to 1,199 stores at the end of the first quarter last year, including 111 Lids stores in Canada, 202 Lids Locker Room and Clubhouse stores, which includes 33 Locker Room stores in Canada, and 124 Locker Room by Lids leased departments in Macy's.

Lids Sports Group loss from operations increased to $(5.4) million for the first quarter ended May 5, 2018 compared to $(1.8) million for the first quarter ended April 29, 2017. The decrease was due to (i) decreased net sales, (ii) decreased gross margin as a percentage of net sales, reflecting increased shipping and warehouse expense, and (iii) increased expenses as a percentage of net sales reflecting the inability to leverage expenses due to the negative comparable sales for the quarter, partially offset by decreased credit card expenses.

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Johnston & Murphy Group

	Three Months Ended
	May 5, 2018			April 29, 2017			% Change
	(dollars in thousands)
Net sales	$	75,684		$	72,793		4.0	%
Earnings from operations	$	5,006		$	3,820		31.0	%
Operating margin	6.6		%	5.2		%

Johnston & Murphy Group net sales increased 4.0% to $75.7 million for the first quarter ended May 5, 2018 from $72.8 million for the first quarter ended April 29, 2017, reflecting primarily a 7% increase in comparable sales and a 2% increase in the average number of stores operated for Johnston & Murphy retail operations, partially offset by a 7% decrease in Johnston & Murphy Group wholesale sales. Unit sales for the Johnston & Murphy wholesale business decreased 12% in the first quarter of Fiscal 2019, while the average price per pair of shoes increased 2% for the same period. Retail operations accounted for 70.8% of Johnston & Murphy Group's sales in the first quarter of Fiscal 2019, up from 67.2% in the first quarter last year. Comparable sales reflected a 6% increase in footwear unit comparable sales and the average price per pair of shoes for Johnston & Murphy retail operations increased 1%. The store count for Johnston & Murphy retail operations at the end of the first quarter of Fiscal 2019 was 182 stores, including eight stores in Canada, compared to 178 stores, including seven stores in Canada, at the end of the first quarter of Fiscal 2018.

Johnston & Murphy Group earnings from operations for the first quarter ended May 5, 2018 increased 31.0% to $5.0 million compared to $3.8 million for the same period last year. The increase was primarily due to increased net sales and increased gross margin as percentage of net sales, primarily due to increased weighting of retail sales, which carry a higher gross margin, and lower warehouse expenses. Expenses as a percentage of net sales increased for the first quarter in total due to increased rent expense and selling salaries, due primarily to a higher weighting of retail sales, and increased bonus expense, partially offset by decreased advertising expenses. However, expenses as a percentage of net sales decreased in the retail business.

Licensed Brands

	Three Months Ended
	May 5, 2018			April 29, 2017			% Change
	(dollars in thousands)
Net sales	$	24,065		$	33,010		(27.1	)%
Earnings from operations	$	306		$	2,275		(86.5	)%
Operating margin	1.3		%	6.9		%

Licensed Brands' net sales decreased 27.1% to $24.1 million for the first quarter ended May 5, 2018, from $33.0 million for the same period last year, primarily reflecting decreased sales of Dockers Footwear and the expiration of a small footwear license. Unit sales for Dockers footwear decreased 18% for the first quarter of Fiscal 2019 and the average price per pair of Dockers shoes decreased 9% compared to the same period last year.

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Licensed Brands earnings from operations decreased 86.5% to $0.3 million for the first quarter of Fiscal 2019, compared to $2.3 million for the first quarter of Fiscal 2018, primarily due to (i) decreased net sales, (ii) decreased gross margin as a percentage of net sales due to lower initial margins, reflecting increased closeout sales and (iii) increased expenses as a percentage of net sales due to decreased leverage from the lower sales across most expense categories and increased bonus expense, partially offset by decreased royalty, bad debt and advertising expenses.

Corporate, Interest Expenses and Other Charges

Corporate and other expense for the first quarter ended May 5, 2018 was $9.8 million compared to $8.3 million for the first quarter ended April 29, 2017. Corporate expense in the first quarter of Fiscal 2019 included $1.6 million in asset impairment and other charges for retail store asset impairments and legal and other matters. Corporate expense in the first quarter of Fiscal 2018 included $0.1 million in asset impairment and other charges for retail store asset impairments. Corporate expenses increased 1%, excluding asset impairment and other charges, reflecting increased professional fees, partially offset by decreased other corporate expenses.

Net interest expense decreased 12.7% from $1.2 million in the first quarter of Fiscal 2018 to $1.0 million for the first quarter of Fiscal 2019 resulting from decreased average revolver borrowings in the first quarter this year.

Liquidity and Capital Resources

The following table sets forth certain financial data at the dates indicated.

	May 5, 2018		February 3, 2018		April 29, 2017
	(dollars in millions)
Cash and cash equivalents	$	30.9	$	39.9	$	43.4
Working capital	$	465.5	$	438.0	$	447.0
Long-term debt (including current portion)	$	105.7	$	88.4	$	138.0

Working Capital

The Company's business is seasonal, with the Company's investment in inventory and accounts receivable normally reaching peaks in the spring and fall of each year. Historically, cash flows from operations have been generated principally in the fourth quarter of each fiscal year.

Cash flow changes:	Three Months Ended
							Increase
(dollars in millions)	May 5, 2018			April 29, 2017			(Decrease)
Net cash provided by (used in) operating activities	$	0.8		$	(18.0	)	$	18.8
Net cash used in investing activities	(18.9		)	(30.1		)	11.2
Net cash provided by financing activities	9.4			43.2			(33.8		)
Effect of foreign exchange rate fluctuations on cash	(0.4		)	—			(0.4		)
Decrease in cash and cash equivalents	$	(9.1	)	$	(4.9	)	$	(4.2	)

Reasons for the major variances in cash provided (used) in the table above are as follows:

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Cash provided by (used in) operating activities was $18.8 million higher for the three months ended May 5, 2018 compared to the same period last year, primarily reflecting the following factors:

• A $9.6 million increase in cash flow from changes in accounts payable reflecting changes in buying patterns and vendor mix;

• A $9.5 million increase in cash flow from changes in other accrued liabilities primarily reflecting decreased bonus payments; partially offset by

• Decreased net earnings.

Cash used in investing activities was $11.2 million lower for the three months ended May 5, 2018 primarily reflecting decreased capital expenditures. The Company expects capital expenditures in the range of $70-$75 million for Fiscal 2019.

Cash provided by financing activities was $33.8 million lower for the three months ended May 5, 2018 reflecting decreased revolver borrowings and no share repurchases in the first quarter this year compared to the same period last year.

Changes in inventory and accounts receivable

The $15.3 million increase in inventories at May 5, 2018 from February 3, 2018 levels reflected increased retail inventory in most business units, partially offset by seasonal decreases in footwear wholesale inventory.

Accounts receivable at May 5, 2018 increased by $9.4 million compared to February 3, 2018, due primarily to seasonal sales increases in the Company's wholesale businesses.

Sources of Liquidity

The Company has three principal sources of liquidity: cash from operations, cash and cash equivalents on hand and the credit facilities discussed below. The Company believes that cash and cash equivalents on hand, cash flow from operations and availability under its credit facilities will be sufficient to cover its working capital, capital expenditures and stock repurchases for the foreseeable future.

On January 31, 2018, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Credit Facility”) by and among the Company, certain subsidiaries of the Company party thereto, as other borrowers, with the lenders party thereto (the "Lenders") and Bank of America, N.A., as agent (the "Agent"). The Credit Facility provides revolving credit in the aggregate principal amount of $400.0 million, including (i) for the Company and the other borrowers formed in the U.S., a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $45.0 million, (ii) for GCO Canada Inc., a revolving credit subfacility in an aggregate amount not to exceed $70.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million, and (iii) for Genesco (UK) Limited, a revolving credit subfacility in an aggregate amount not to exceed $100.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The facility expires January 31, 2023. Any swingline loans and any letters of credit and borrowings under the Canadian and UK subfacilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis.

The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $200.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit subfacility may be increased by no more than $15.0 million and the UK revolving credit subfacility may be increased by no more than $100.0 million.

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The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ($400.0 million or, if increased as described above, up to $600.0 million) or the "Borrowing Base", which generally is based on 90% of eligible inventory (increased to 92.5% during fiscal months September through November) plus 85% of eligible wholesale receivables plus 90% of eligible credit card and debit card receivables of the Company and the other borrowers formed in the U.S. and GCO Canada Inc. less applicable reserves (the "Loan Cap"). If requested by the Company and Genesco (UK) Limited and agreed to by the required percentage of Lenders, the relevant assets of Genesco (UK) Limited will be included in the Borrowing Base, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $100.0 million, subject to the increased facility as described above. At no time can the total loans outstanding to Genesco (UK) Limited and to GCO Canada Inc. exceed 50% of the Loan Cap. In the event that the availability for GCO Canada Inc. to borrow loans based solely on its own borrowing base is completely utilized, GCO Canada Inc. will have the ability, subject to certain terms and conditions, to obtain additional loans (but not to exceed its total revolving credit subfacility amount) to the extent of the then unused portion of the domestic Loan Cap.

The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche.

In April 2017, Schuh Group Limited entered into an Amendment and Restatement Agreement which amended the Form of Amended and Restated Facilities Agreement and Working Capital Facility Letter ("UK Credit Facilities") dated May 2015. The amendment includes a new Facility A of £1.0 million, a Facility B of £9.4 million, a Facility C revolving credit agreement of £16.5 million, a working capital facility of £2.5 million and an additional revolving credit facility, Facility D, of €7.2 million for its operations in Ireland and Germany. The Facility A loan was paid off in April 2017. The Facility B loan bears interest at LIBOR plus 2.5% per annum with quarterly payments through September 2019. The Facility C bears interest at LIBOR plus 2.2% per annum and expires in September 2019. The Facility D bears interest at EURIBOR plus 2.2% per annum and expires in September 2019.

There were $10.5 million in UK term loans and $17.4 million in UK revolver loans outstanding at May 5, 2018. The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant of 4.50x and a maximum leverage covenant of 1.75x. The Company was in compliance with all the covenants at May 5, 2018. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries.

The Company's revolving credit borrowings averaged $60.1 million during the three months ended May 5, 2018 and $87.8 million during the three months ended April 29, 2017, as cash on hand, cash generated from operations and revolver borrowings primarily funded seasonal working capital requirements, capital expenditures for the first three months each year and stock repurchases for the first quarter of Fiscal 2018. The borrowings outstanding during the first three months of Fiscal 2019 reflect funds borrowed to fund working capital requirements.

There were $11.3 million of letters of credit outstanding and $77.7 million of revolver borrowings outstanding, including $14.2 million (£10.5 million) related to Genesco (UK) Limited and $42.0 million (C$54.0 million) related to GCO Canada, under the Credit Facility at May 5, 2018. The Company is not required to comply with any financial covenants under the Credit Facility unless Excess Availability (as defined in the Credit Facility) is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the Company to meet a minimum fixed charge coverage ratio of (a) an amount

41

equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0:1.0. Excess Availability was $274.8 million at May 5, 2018. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at May 5, 2018.

The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control.

The Credit Facility prohibits the payment of dividends and other restricted payments unless, among other things, as of the date of the making of any Restricted Payment (as defined in the Credit Facility), (a) no Default (as defined in the Credit Facility) or Event of Default (as defined in the Credit Facility) exists or would arise after giving effect to such Restricted Payment and (b) either (i) the Borrowers (as defined in the Credit Facility) have pro forma Excess Availability for the prior 60 day period equal to or greater than 20% of the Loan Cap, after giving pro forma effect to such Restricted Payment, or (ii) (A) the Borrowers have pro forma Excess Availability for the prior 60 day period of less than 20% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio (as defined in the Credit Facility), on a pro-forma basis for the twelve months preceding such Restricted Payment, will be equal to or greater than 1.0:1.0 and (c) after giving effect to such Restricted Payment, the Borrowers are Solvent (as defined in the Credit Facility). Additionally, the Company may make cash dividends on preferred stock up to $0.5 million in any fiscal year absent a continuing Event of Default. The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2019.

The Company's contractual obligations at May 5, 2018 were flat compared to February 3, 2018 as the increase in long-term debt and purchase obligations was offset by decreased operating leases.

Capital Expenditures

Total capital expenditures in Fiscal 2019 are expected to be approximately $70 to $75 million. These include retail capital expenditures of approximately $40 to $45 million to open approximately 15 Journeys stores, 10 Journeys Kidz stores, three Little Burgundy stores in Canada, seven Schuh stores, five Johnston & Murphy shops and factory stores and 18 Lids Sports Group stores, including eleven Lids stores, with two stores in Canada, one Lids Locker Room store and six Locker Room by Lids leased departments and to complete approximately 188 major store renovations. The Company also expects to spend approximately $30 million on other initiatives, including omni-channel, IT and distribution centers.

Future Capital Needs

The Company expects that cash on hand, cash provided by operations and borrowings under its Credit Facilities will be sufficient to support seasonal working capital, capital expenditure requirements and stock repurchases during Fiscal 2019. The approximately $1.8 million of costs associated with discontinued operations that are expected to be paid during the next twelve months are expected to be funded from cash on hand, cash generated from operations and borrowings under the Credit Facility.

The Company had total available cash and cash equivalents of $30.9 million, $39.9 million and $43.4 million as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively, of which approximately $8.6 million, $21.2 million and $6.8 million was held by the Company's foreign subsidiaries as of May 5, 2018,

42

February 3, 2018 and April 29, 2017, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.

Common Stock Repurchases

The Company did not repurchase any shares of common stock during the three months ended May 5, 2018 and repurchased 275,300 shares of common stock during the three months ended April 29, 2017 for $16.2 million. The Company has $24.0 million remaining under its current $100.0 million share repurchase authorization.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters, including those disclosed in Note 8 to the Condensed Consolidated Financial Statements. The Company has made pretax accruals for certain of these contingencies, including approximately $0.0 million and $0.2 million for the first quarters of Fiscal 2019 and 2018, respectively. These charges are included in provision for discontinued operations, net in the Condensed Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company's accruals in relation to each of them, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its accrued liability in relation to each proceeding is a reasonable estimate of the probable loss connected to the proceeding, or in cases in which no reasonable estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional provisions, that some or all accruals may not be adequate or that the amounts of any such additional provisions or any such inadequacy will not have a material adverse effect upon the Company's financial condition or results of operations.

Financial Market Risk

The following discusses the Company's exposure to financial market risk related to changes in interest rates.

Outstanding Debt of the Company - The Company has $10.6 million of outstanding U.K. term loans at a weighted average interest rate of 3.21% as of May 5, 2018. A 100 basis point increase in interest rates would increase annual interest expense by $0.1 million on the $10.6 million term loans. The Company has $17.4 million of outstanding U.K. revolver borrowings at a weighted average interest rate of 2.51% as of May 5, 2018. A 100 basis point increase in interest rates would increase annual interest expense by $0.2 million on the $17.4 million revolver borrowings. The Company has $77.7 million of outstanding revolver borrowings at a weighted average interest rate of 3.68% as of May 5, 2018. A 100 basis point increase in interest rates would increase annual interest expense by $0.8 million on the $77.7 million revolver borrowings.

Cash and Cash Equivalents - The Company's cash and cash equivalent balances are invested in financial instruments with original maturities of three months or less. The Company did not have significant exposure to changing interest rates on invested cash at May 5, 2018. As a result, the Company considers the interest rate market risk implicit in these investments at May 5, 2018 to be low.

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Accounts Receivable - The Company's accounts receivable balance at May 5, 2018 is concentrated in two of its footwear wholesale businesses, which sell primarily to department stores and independent retailers across the United States. In its footwear wholesale businesses, one customer accounted for 15%, one customer accounted for 8% and one customer accounted for 7%, while no other customer accounted for more than 6% of the Company's total trade receivables balance as of May 5, 2018. The Company monitors the credit quality of its customers and establishes an allowance for doubtful accounts based upon factors surrounding credit risk of specific customers, historical trends and other information, as well as customer specific factors; however, credit risk is affected by conditions or occurrences within the economy and the retail industry, as well as company-specific information.

Foreign Currency Exchange Risk - The Company is exposed to translation risk because certain of its foreign operations utilize the local currency as their functional currency and those financial results must be translated into United States dollars. As currency exchange rates fluctuate, translation of the Company's financial statements of foreign businesses into United States dollars affects the comparability of financial results between years. Schuh Group's net sales for the first three months of Fiscal 2019 were positively impacted by $8.7 million due to the increase in foreign exchange rates and Schuh Group's loss from operations were negatively impacted by $0.6 million.

Summary - Based on the Company's overall market interest rate exposure at May 5, 2018, the Company believes that the effect, if any, of reasonably possible near-term changes in interest rates on the Company's consolidated financial position, results of operations or cash flows for Fiscal 2019 would not be material.

New Accounting Pronouncements

Descriptions of the recently issued accounting pronouncements, if any, and the accounting pronouncements adopted by the Company during the three months ended May 5, 2018 are included in Note 1 to the Condensed Consolidated Financial Statements.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company incorporates by reference the information regarding market risk appearing under the heading “Financial Market Risk” in Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures.

The Company has established disclosure controls and procedures designed to ensure that information required to be disclosed by the Company, including its consolidated subsidiaries, in the reports it files or submits under the Securities Exchange Act of 1934, as amended (the"Exchange Act"), is made known to the officers who certify the Company's financial reports and to other members of senior management. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired objectives.

Based on their evaluation as of May 5, 2018, the principal executive officer and principal financial officer of the Company have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within time periods specified in SEC rules and forms and (ii) accumulated and communicated to the Company's management, including the Company's principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting.

There were no changes in the Company's internal control over financial reporting that occurred during the Company's first quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company incorporates by reference the information regarding legal proceedings in Note 8 of the Company's Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2018.

Item 6. Exhibits

Exhibit Index
(10.1)	Cooperation Agreement dated April 24, 2018, among Genesco Inc., Legion Partners Asset Management, LLC, 4010 Capital, LLC and each of the persons listed on the signature page thereto, Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed April 25, 2018 (File No. 001-03083).
(31.1)	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(31.2)	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32.1)	Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)	Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Schema Document
101.CAL	XBRL Calculation Linkbase Document
101.DEF	XBRL Definition Linkbase Document
101.LAB	XBRL Label Linkbase Document
101.PRE	XBRL Presentation Linkbase Document

46

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Genesco Inc.
By:	/s/ Mimi E. Vaughn
	Mimi E. Vaughn
	Senior Vice President - Finance and
	Chief Financial Officer

Date: June 14, 2018

47

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Robert J. Dennis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Genesco Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 14, 2018

/s/ Robert J. Dennis

Robert J. Dennis

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Mimi E. Vaughn, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Genesco Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 14, 2018

/s/ Mimi E. Vaughn

Mimi E. Vaughn

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Genesco Inc. (the “Company”) on Form 10-Q for the period ending May 5, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Dennis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert J. Dennis

Robert J. Dennis

Chief Executive Officer

June 14, 2018

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Genesco Inc. (the “Company”) on Form 10-Q for the period ending May 5, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mimi E. Vaughn, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mimi E. Vaughn

Mimi E. Vaughn

Chief Financial Officer

June 14, 2018

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Document and Entity Information - shares	3 Months Ended
	May 05, 2018	Jun. 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	GENESCO INC
Entity Central Index Key	0000018498
Document Type	10-Q
Document Period End Date	May 05, 2018
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-02
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		19,915,132

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018	Apr. 29, 2017
Current Assets:
Cash and cash equivalents	$ 30,880	$ 39,937	$ 43,371
Accounts receivable, net of allowances of $5,584 at May 5, 2018, $4,593 at Feb. 3, 2018 and $3,764 at April 29, 2017	51,421	43,292	54,314
Inventories	552,475	542,625	578,102
Prepaids and other current assets	71,720	67,234	63,899
Total current assets	706,496	693,088	739,686
Property and equipment:
Land	7,954	8,065	7,847
Buildings and building equipment	81,347	79,587	56,032
Computer hardware, software and equipment	222,155	213,335	188,818
Furniture and fixtures	179,407	179,008	163,117
Construction in progress	25,616	33,625	44,835
Improvements to leased property	440,293	440,719	415,043
Property and equipment, at cost	956,772	954,339	875,692
Accumulated depreciation	(579,409)	(571,710)	(533,082)
Property and equipment, net	377,363	382,629	342,610
Deferred income taxes	24,842	25,077	15,289
Goodwill	96,086	100,308	272,880
Trademarks, net of accumulated amortization of $5,582 at May 5, 2018, $5,593 at Feb. 3, 2018 and $5,563 at April 29, 2017	86,303	87,898	84,387
Other intangibles, net of accumulated amortization of $17,372 at May 5, 2018, $17,439 at Feb. 3, 2018 and $16,448 at April 29, 2017	1,578	1,794	2,165
Other noncurrent assets	24,757	24,559	22,359
Total Assets	1,317,425	1,315,353	1,479,376
Current Liabilities:
Accounts payable	146,375	140,962	175,588
Accrued employee compensation	23,557	20,616	19,761
Accrued other taxes	14,008	16,114	18,400
Accrued income taxes	67	1,488	8,746
Current portion – long-term debt	1,690	1,766	1,617
Other accrued liabilities	53,502	72,220	65,424
Provision for discontinued operations	1,804	1,902	3,164
Total current liabilities	241,003	255,068	292,700
Long-term debt	103,994	86,619	136,390
Pension liability	0	0	6,094
Deferred rent and other long-term liabilities	141,882	141,255	129,617
Provision for discontinued operations	1,707	1,707	1,713
Total liabilities	488,586	484,649	566,514
Commitments and contingent liabilities	0	0	0
Equity:
Non-redeemable preferred stock	1,040	1,052	1,059
Common equity:
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: May 5, 2018 – 20,404,230/19,915,766, February 3, 2018 – 20,392,253/19,903,789, April 29, 2017 – 20,082,245/19,593,781	20,404	20,392	20,082
Additional paid-in capital	254,230	250,877	241,023
Retained earnings	605,984	603,902	716,108
Accumulated other comprehensive loss	(36,890)	(29,192)	(48,947)
Treasury shares, at cost (488,464 shares)	(17,857)	(17,857)	(17,857)
Total Genesco equity	826,911	829,174	911,468
Noncontrolling interest – non-redeemable	1,928	1,530	1,394
Total equity	828,839	830,704	912,862
Total Liabilities and Equity	$ 1,317,425	$ 1,315,353	$ 1,479,376

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018	Apr. 29, 2017
Current assets:
Allowances on accounts receivable	$ 5,584	$ 4,593	$ 3,764
Accumulated amortization on trademarks	5,582	5,593	5,563
Accumulated amortization on other intangibles	$ 17,372	$ 17,439	$ 16,448
Equity
Common stock par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock authorized (in shares)	80,000,000	80,000,000	80,000,000
Common stock issued (in shares)	20,404,230	20,392,253	20,082,245
Common stock outstanding (in shares)	19,915,766	19,903,789	19,593,781
Treasury shares, at cost (in shares)	488,464	488,464	488,464

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Income Statement [Abstract]
Net sales	$ 644,959	$ 643,368
Cost of sales	323,131	324,455
Selling and administrative expenses	322,124	315,968
Asset impairments and other, net	1,552	119
Earnings (loss) from operations	(1,848)	2,826
Other components of net periodic benefit cost	20	32
Interest expense, net:
Interest expense	1,047	1,177
Interest income	(19)	0
Total interest expense, net	1,028	1,177
Earnings (loss) from continuing operations before income taxes	(2,896)	1,617
Income tax expense (benefit)	(588)	620
Earnings (loss) from continuing operations	(2,308)	997
Provision for discontinued operations, net	(23)	(112)
Net Earnings (Loss)	$ (2,331)	$ 885
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.12)	$ 0.05
Discontinued operations (in dollars per share)	0.00	0.00
Net earnings (loss) (in dollars per share)	(0.12)	0.05
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.12)	0.05
Discontinued operations (in dollars per share)	0.00	0.00
Net earnings (loss) (in dollars per share)	$ (0.12)	$ 0.05

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (2,331)	$ 885
Other comprehensive income (loss):
Pension liability adjustments, net of tax of $0.0 and $0.1 million for the three months ended May 5, 2018 and April 29, 2017, respectively.	140	132
Postretirement liability adjustments, net of tax of $0.0 million for each of the three months ended May 5, 2018 and April 29, 2017	26	23
Foreign currency translation adjustments	(7,864)	2,190
Total other comprehensive income (loss)	(7,698)	2,345
Comprehensive income (loss)	$ (10,029)	$ 3,230

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Other comprehensive income (loss)
Pension liability adjustment, tax	$ 0.0	$ 0.1
Postretirement liability adjustment, tax	$ 0.0	$ 0.0

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)	$ (2,331)	$ 885
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	19,693	19,616
Amortization of deferred note expense and debt discount	153	206
Deferred income taxes	(1,546)	(2,006)
Provision on accounts receivable	17	151
Impairment of long-lived assets	1,274	119
Restricted stock expense	3,354	3,348
Provision for discontinued operations	31	184
Other	612	(182)
Effect on cash from changes in working capital and other assets and liabilities, net of acquisitions:
Accounts receivable	(9,395)	(12,402)
Inventories	(15,263)	(14,418)
Prepaids and other current assets	(2,708)	(2,218)
Accounts payable	14,249	4,699
Other accrued liabilities	(8,172)	(17,713)
Other assets and liabilities	838	1,749
Net cash provided by (used in) operating activities	806	(17,982)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(19,533)	(30,326)
Other investing activities	633	0
Proceeds from asset sales	56	211
Net cash used in investing activities	(18,844)	(30,115)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt	(430)	(8,018)
Borrowings under revolving credit facility	119,217	191,394
Payments on revolving credit facility	(98,367)	(128,413)
Share repurchases	0	(16,163)
Change in overdraft balances	(7,522)	2,998
Additions to deferred note cost	(330)	0
Other	(3,165)	1,357
Net cash provided by financing activities	9,403	43,155
Effect of foreign exchange rate fluctuations on cash	(422)	12
Net Decrease in Cash and Cash Equivalents	(9,057)	(4,930)
Cash and cash equivalents at beginning of period	39,937	48,301
Cash and cash equivalents at end of period	30,880	43,371
Net cash paid for:
Interest	619	993
Income taxes	$ 530	$ 2,276

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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Non-Redeemable Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Shares	Non Controlling Interest Non-Redeemable
Beginning Balance at Jan. 28, 2017	$ 922,521	$ 1,060	$ 20,354	$ 237,677	$ 731,111	$ (51,292)	$ (17,857)	$ 1,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	885
Other comprehensive income (loss)	2,345
Shares repurchased	(16,200)
Ending Balance at Apr. 29, 2017	912,862
Beginning Balance at Jan. 28, 2017	922,521	1,060	20,354	237,677	731,111	(51,292)	(17,857)	1,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(111,839)				(111,839)
Other comprehensive income (loss)	22,100					22,100
Stranded tax effect from tax reform	2,234				2,234
Employee and non-employee restricted stock	13,505			13,505
Restricted stock issuance	0		357	(357)
Restricted shares withheld for taxes	(1,716)		(51)	51	(1,716)
Shares repurchased	(16,163)		(275)		(15,888)
Other	0	(8)	7	1
Noncontrolling interest – earnings	62							62
Ending Balance at Feb. 03, 2018	830,704	1,052	20,392	250,877	603,902	(29,192)	(17,857)	1,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative adj from ASC 606, net of tax	4,413				4,413
Net loss	(2,331)				(2,331)
Other comprehensive income (loss)	(7,698)					(7,698)
Employee and non-employee restricted stock	3,354			3,354
Restricted stock issuance	0		14	(14)
Other	(1)	(12)	(2)	13
Noncontrolling interest – earnings	398							398
Ending Balance at May. 05, 2018	$ 828,839	$ 1,040	$ 20,404	$ 254,230	$ 605,984	$ (36,890)	$ (17,857)	$ 1,928

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Summary of Significant Accounting Policies

3 Months Ended

May 05, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 2, 2019 ("Fiscal 2019") and of the fiscal year ended February 3, 2018 ("Fiscal 2018"). The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted. The Condensed Consolidated Balance Sheet as of February 3, 2018 has been derived from the audited financial statements at that date. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and notes thereto for Fiscal 2018, which are contained in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on April 4, 2018.

Nature of Operations

Genesco Inc. and its subsidiaries (collectively, the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S., Puerto Rico and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com. Including both the footwear businesses and the Lids Sports Group business, at May 5, 2018, the Company operated 2,680 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany.

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy^® and H.S. Trask^® brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a

Note 1

Summary of Significant Accounting Policies, Continued

license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

Principles of Consolidation

All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated.

Financial Statement Reclassifications

Certain reclassifications have been made to conform prior years' data to the current year presentation with respect to fixed assets. In order to categorize the fixed assets of Schuh Group comparable to the Company's other business segments, $45.8 million was reclassified from furniture and fixtures to leasehold improvements as of April 29, 2017.

Revenue Recognition

On February 4, 2018, the Company adopted Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("ASC 606") using the modified retrospective approach for all contracts not completed as of the adoption date. Financial results for reporting periods beginning after February 3, 2018 are presented in accordance with ASC 606, while prior periods will continue to be reported in accordance with the Company's pre-adoption accounting policies and therefore have not been adjusted to conform to ASC 606.

The primary impact of adopting Topic 606 relates to the timing of revenue recognition for gift card breakage and the timing of recognizing expense for direct-mail advertising costs. Gift card breakage prior to adoption was recognized at the point gift card redemption was deemed remote. Upon adoption, the Company now recognizes gift card breakage over time in proportion to the pattern of rights exercised by the customer. Prior to adopting ASC 606, the Company capitalized direct-response advertising costs and expensed them over the period of benefit. Under ASC 606, the Company is recognizing these costs as expense when incurred. Additionally, the adoption of ASC 606 resulted in the Company presenting the asset for the carrying amount of product to be returned within prepaids and other current assets on the Condensed Consolidated Balance Sheets. Prior to adopting ASC 606, the value of product expected to be returned was presented as a component of inventories on the Condensed Consolidated Balance Sheets.

Note 1

Summary of Significant Accounting Policies, Continued

The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheets as of February 4, 2018 for the adoption of ASC 606 were as follows (in thousands):

	Balance at		Adjustments			Balance at
	February 3, 2018		due to ASC 606			February 4, 2018
Assets
Current assets:
Prepaids and other current assets	$	67,234	$	2,537		$	69,771
Inventories	542,625		(4,788		)	537,837
Deferred income taxes	25,077		(1,568		)	23,509
Liabilities and Equity
Current liabilities:
Other accrued liabilities	72,220		(8,232		)	63,988
Equity
Retained Earnings	603,902		4,413			608,315

In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets for the three months ended May 5, 2018 was as follows (in thousands, except per share data):

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Inventories	$	552,475		$	556,442		$	(3,967	)
Prepaids and other current assets	71,720			69,111			2,609
Total current assets	706,496			707,854			(1,358		)
Deferred income taxes	24,842			26,584			(1,742		)
Total Assets	1,317,425			1,320,525			(3,100		)
Other accrued liabilities	53,502			61,684			(8,182		)
Total current liabilities	241,003			249,185			(8,182		)
Total liabilities	488,586			496,768			(8,182		)
Retained earnings	605,984			600,886			5,098
Accumulated other comprehensive loss	(36,890		)	(36,874		)	(16		)
Total equity	828,839			823,757			5,082
Total Liabilities and Equity	1,317,425			1,320,525			(3,100		)

Note 1

Summary of Significant Accounting Policies, Continued

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Net sales	$	644,959		$	644,991		$	(32	)
Selling and administrative expenses	322,124			323,016			$	(892	)
Earnings from operations	(1,848		)	(2,708		)	$	860
Earnings from continuing operations before income taxes	(2,896		)	(3,756		)	$	860
Income tax expense	(588		)	(763		)	$	175
Earnings from continuing operations	(2,308		)	(2,993		)	$	685
Net earnings (loss)	(2,331		)	(3,016		)	$	685
Diluted earnings (loss) per share from continuing operations	$	(0.12	)	$	(0.16	)	$	0.04

In accordance with ASC 606, revenue shall be recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for corresponding goods. The majority of the Company's sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product at the point of sale. Revenue from retail sales is recognized at the point of sale, is net of estimated returns, and excludes sales and value added taxes. Revenue from catalog and internet sales is recognized at estimated time of delivery to the customer, is net of estimated returns, and excludes sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Actual amounts of markdowns have not differed materially from estimates. Shipping and handling costs charged to customers are included in net sales. The Company elected the practical expedient within ASC 606 related to taxes that are assessed by a governmental authority, which allows for the exclusion of sales and value added tax from transaction price.

A provision for estimated returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Estimated returns are based on historical returns and claims. Actual returns and claims in any future period may differ from historical experience. Revenue from gift cards is deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Condensed Consolidated Statements of Operations within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity.

The Condensed Consolidated Balance Sheets include an accrued liability for gift cards of $8.2 million, $18.1 million and $16.2 million at May 5, 2018, February 3, 2018 and April 29, 2017,

Note 1

Summary of Significant Accounting Policies, Continued

respectively. Gift card breakage recognized as revenue was $0.3 million for each of the first quarters of Fiscal 2019 and Fiscal 2018. During the three months ended May 5, 2018, the Company

recognized $2.8 million of gift card redemptions and gift card breakage revenue that were included in the gift card liability as of February 3, 2018.

Cash and Cash Equivalents

The Company had total available cash and cash equivalents of $30.9 million, $39.9 million and $43.4 million as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively, of which approximately $8.6 million, $21.2 million and $6.8 million was held by the Company's foreign subsidiaries as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at May 5, 2018, February 3, 2018 and April 29, 2017. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At May 5, 2018, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Condensed Consolidated Balance Sheets.

At May 5, 2018, February 3, 2018 and April 29, 2017, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $6.6 million, $14.2 million and $39.7 million, respectively. These amounts are included in accounts payable in the Condensed Consolidated Balance Sheets.

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to department stores and independent retailers across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer accounted for 15%, one customer accounted for 8% and one customer accounted for 7% of the

Company’s total trade receivables balance, while no other customer accounted for more than 6% of the Company’s total trade receivables balance as of May 5, 2018.

Leases

The Company occasionally receives reimbursements from landlords to be used towards construction of a store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $29.2 million, $29.0 million and $25.8 million at May 5, 2018, February 3, 2018 and April 29, 2017, respectively, and deferred

Note 1

Summary of Significant Accounting Policies, Continued

rent of $59.2 million, $59.3 million and $53.3 million, at May 5, 2018, February 3, 2018 and April 29, 2017, respectively, are included in deferred rent and other long-term liabilities on the Condensed Consolidated Balance Sheets.

The Condensed Consolidated Balance Sheets include asset retirement obligations related to leases of $12.6 million, $11.5 million and $10.6 million as of May 5, 2018, February 3, 2018 and April 29, 2017, respectively.

Fair Value of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments at May 5, 2018 and February 3, 2018 are as follows:

Fair Values
In thousands	May 5, 2018				February 3, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Credit Facility Borrowings	$	77,727	$	78,392	$	69,372	$	69,421
UK Term Loans	10,516		10,656		11,419		11,602
UK Revolver Borrowings	17,441		17,631		7,594		7,671

Debt fair values were estimated using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5.

Carrying amounts reported on the Condensed Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and from the warehouse to the customer and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale costs of distribution are included in selling and administrative expenses

on the Condensed Consolidated Statements of Operations in the amount of $1.5 million and $1.6 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively.

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense on the Condensed Consolidated Statements of Operations. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail store occupancy costs

Note 1

Summary of Significant Accounting Policies, Continued

recorded in selling and administrative expense were $114.1 million and $113.3 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively.

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $19.0 million and $19.6 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. Prior to adopting ASC 606, the Company capitalized these costs and such costs were expensed over the period of benefit in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. For prior periods, the Condensed Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million and $1.1 million at February 3, 2018 and April 29, 2017, respectively.

Cooperative Advertising

Cooperative advertising costs recognized in selling and administrative expenses on the Condensed Consolidated Statements of Operations were $0.8 million and $1.2 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. During the first three months of Fiscal 2019 and Fiscal 2018, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements.

Vendor Allowances

Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $2.1 million and $2.7 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. During the first three months of Fiscal 2019 and Fiscal 2018, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred.

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting

from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are

reported as an item of income and resulted in a net loss of $0.3 million for each of the first quarters of Fiscal 2019 and Fiscal 2018.

Other Comprehensive Income

ASC 220 requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustment to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at May 5, 2018 consisted of $6.0 million of cumulative pension liability adjustments, net of tax, a cumulative post-retirement liability adjustment of $2.2 million, net of tax, and a cumulative foreign currency translation adjustment of $28.7 million.

Note 1

Summary of Significant Accounting Policies, Continued

The following table summarizes the components of accumulated other comprehensive loss for the three months ended May 5, 2018:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 3, 2018	$	(20,808	)	$	(8,384	)	$	(29,192	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(6,890		)	—			(6,890		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(974		)	—			(974		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			224			224
Income tax expense	—			58			58
Current period other comprehensive income (loss), net of tax	(7,864		)	166			(7,698		)
Balance May 5, 2018	$	(28,672	)	$	(8,218	)	$	(36,890	)

(1) Amount is included in other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations.

Income Taxes

The Company recorded an effective income tax rate of 20.3% and 38.3% in the first quarter of Fiscal 2019 and 2018, respectively. The lower tax rate for the first quarter of Fiscal 2019 reflects the lower U.S. federal income tax rate following the passage of the Tax Cut and Jobs Act (the "Act") in December 2017, partially offset by the inability to recognize a tax benefit for certain overseas losses.

New Accounting Pronouncements

New Accounting Pronouncements Recently Adopted

In March 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.”  The new guidance provides SEC Staff views on income tax accounting implications of the Act signed into law in December 2017.  The guidance clarifies the measurement period timeframe, changes in subsequent reporting periods and reporting requirements as a result of the Act.  The Company adopted this guidance in the first quarter of Fiscal 2019. The Company recorded a provisional impact of the Act in Fiscal 2018 and will recognize any changes to this provisional amount as the Company refines its estimates of its cumulative temporary differences and interpretations of guidance related to the application of the Act. The adoption of this guidance has not had, nor is expected to have, a material impact on the Company's Consolidated Financial Statements and related disclosures.

Note 1

Summary of Significant Accounting Policies, Continued

In February 2018, the FASB issued issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASC 220"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The amendments in ASC 220 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company adopted ASC 220 in the fourth quarter of Fiscal 2018 and reclassed $2.2 million to retained earnings for the impact of stranded tax effects resulting from the Act.

In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)" ("ASC 715"). The standard requires the sponsors of benefit plans to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. The standard will require the Company to present the non-service pension costs as a component of expense below operating income. The amendments to this standard allow a practical expedient that permits an employer to use the amounts disclosed in its employee benefits footnote for the prior comparative period as the estimation basis for applying the retrospective presentation. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

The Company adopted ASC 715 in the first quarter of Fiscal 2019 and utilized the practical expedient to estimate the impact on the prior comparative period information presented in the Condensed

Consolidated Statements of Operations. As required by the amendments in this update, the presentation of the service cost component and other components of net periodic benefit cost in the Condensed Consolidated Statements of Operations were applied retrospectively on and after the effective date. Upon adoption of this standard update, the Company reclassified the other components of net periodic benefit cost from selling and administrative expenses to other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations. The retrospective adoption of this standard update resulted in an increase to earnings from operations of less than $0.1 million for the three months ended April 29, 2017 which was fully offset by the same amount on the other components of net periodic benefit cost line on the Condensed Consolidated Statements of Operations. As such, there was no impact to consolidated net earnings for the three months ended April 29, 2017.

Note 1

Summary of Significant Accounting Policies, Continued

The Company adopted ASC 606 in the first quarter of Fiscal 2019 using the modified retrospective method by recognizing the cumulative effect of $4.4 million as an adjustment to the opening balance of retained earnings at February 4, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. While the adoption of this standard did not have a material impact on the Company's Consolidated Financial Statements and related disclosures, it did impact the timing of revenue recognition for gift card breakage and the timing of recognizing expense for direct-mail advertising costs as presented in the Condensed Consolidated Statements of Operations for Fiscal 2019.

New Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and

liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts.

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Goodwill and Other Intangible Assets

3 Months Ended

May 05, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill by segment were as follows:

(In Thousands)	Schuh Group			Journeys Group		Total Goodwill
Balance, February 3, 2018	$89,915			$10,393		$	100,308
Effect of foreign currency exchange rates	(3,853		)	(369	)	$	(4,222	)
Balance, May 5, 2018	$	86,062		10,024		$	96,086

As required under ASC 350, the Company annually assesses its goodwill and indefinite lived trade names for impairment and on an interim basis if indicators of impairment are present. The Company’s annual assessment date of goodwill and indefinite lived trade names is the first day of the fourth quarter.

Note 2

Goodwill and Other Intangible Assets, Continued

Other Intangibles

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
(In Thousands)	May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018
Gross other intangibles	$	14,817		$	14,981		$	2,064		$	2,130		$	2,069		$	2,122		$	18,950		$	19,233
Accumulated amortization	(13,690		)	(13,714		)	(2,064		)	(2,130		)	(1,618		)	(1,595		)	(17,372		)	(17,439		)
Net Other Intangibles	$	1,127		$	1,267		$	—		$	—		$	451		$	527		$	1,578		$	1,794

*Includes non-compete agreements, vendor contract and backlog.

The amortization of intangibles, including trademarks, was $0.1 million for each of the first quarters of Fiscal 2019 and 2018. The amortization of intangibles, including trademarks, is expected to be

$0.2 million for Fiscal 2019 and less than $0.1 million for Fiscal 2020, 2021, 2022 and 2023.

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Asset Impairments and Other Charges and Discontinued Operations

3 Months Ended

May 05, 2018

Asset Impairments and Other Charges and Discontinued Operations [Abstract]

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges

In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets.

Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment in the accompanying Condensed Consolidated Balance Sheets, and in asset impairments and other, net in the accompanying Condensed Consolidated Statements of Operations.

The Company recorded pretax charges of $1.6 millionin the first quarter of Fiscal 2019, including $1.3 million for retail store asset impairments and $0.3 million for legal and other matters.

The Company recorded pretax charges of $0.1 million in the first quarter of Fiscal 2018 for retail store asset impairments.

Note 3

Asset Impairments and Other Charges and Discontinued Operations, Continued

Discontinued Operations

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2017	$	5,043
Additional provision Fiscal 2018	552
Charges and adjustments, net	(1,986		)
Balance February 3, 2018	3,609
Additional provision Fiscal 2019	31
Charges and adjustments, net	(129		)
Balance May 5, 2018*	3,511
Current provision for discontinued operations	1,804
Total Noncurrent Provision forDiscontinued Operations	$	1,707

*Includes a $2.9 million environmental provision, including $1.8 million in current provision for discontinued operations (see Note 8).

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Inventories

3 Months Ended

May 05, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

In thousands	May 5, 2018		February 3, 2018
Wholesale finished goods	$	33,741	$	52,924
Retail merchandise	518,734		489,701
Total Inventories	$	552,475	$	542,625

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Fair Value

3 Months Ended

May 05, 2018

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value measurements. This topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table presents the Company's assets and liabilities measured at fair value on a nonrecurring basis as of May 5, 2018 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Total Losses
Measured as of May 5, 2018	$	552	$	—	$	—	$	552	$	1,274

In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $1.3 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used during the three months ended May 5, 2018. These charges are reflected in asset impairments and other, net on the Condensed Consolidated Statements of Operations.

The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

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Defined Benefit Pension Plans and Other Benefit Plans

3 Months Ended

May 05, 2018

Retirement Benefits [Abstract]

Defined Benefit Pension Plans and Other Benefit Plans

Defined Benefit Pension Plans and Other Benefit Plans

The following table summarizes the components of net periodic benefit cost related to the Company's pension and postretirement health care and life insurance plans:

Components of Net Periodic Benefit Cost
	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
In thousands	May 5, 2018			April 29, 2017			May 5, 2018		April 29, 2017
Service cost	$	113		$	138		$	253	$	209
Interest cost	$	754		$	824		$	93	$	85
Expected return on plan assets	(1,051		)	(1,130		)	—		—
Amortization of losses	189			215			35		38
Total other components of net periodic benefit cost	$	(108	)	$	(91	)	$	128	$	123
Net Periodic Benefit Cost	$	5		$	47		$	381	$	332

The service cost component of net periodic benefit cost is recorded in selling and administrative expenses in the Consolidated Statements of Operations, while the other components are recorded in other components of net periodic benefit cost in the Consolidated Statements of Operations.

There is no cash contribution required for the pension plan in calendar 2018.

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Earnings Per Share

3 Months Ended

May 05, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

	For the Three Months Ended							For the Three Months Ended
	May 5, 2018							April 29, 2017
(In thousands, except      per share amounts)	Income (Numerator)			Shares (Denominator)	Per Share Amount			Income (Numerator)		Shares (Denominator)	Per Share Amount
Earnings (loss) from continuing operations	$	(2,308	)					$	997
Basic EPS from continuing operations
Income (loss) available to
common shareholders	(2,308		)	19,278	$	(0.12	)	997		19,189	$	0.05
Effect of Dilutive Securities from continuing operations
Dilutive share-based awards(1)				—						66
Employees' preferred stock(2)				—						38
Diluted EPS from continuing operations
Income (loss) available to
common shareholders plus
assumed conversions	$	(2,308	)	19,278	$	(0.12	)	$	997	19,293	$	0.05

(1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the first quarter ended May 5, 2018.

(2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the first quarter ended May 5, 2018. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the first quarter ended April 29, 2017.

The weighted shares outstanding reflects the effect of the Company's Board-approved share repurchase program. The Company did not repurchase any shares of common stock during the three months ended May 5, 2018 and repurchased 275,300shares of common stock during the three months ended April 29, 2017 for $16.2 million. The Company has $24.0 million remaining under its current $100.0 million share repurchase authorization.

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Legal Proceedings

3 Months Ended

May 05, 2018

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Legal Proceedings

Environmental Matters

New York State Environmental Matters

In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study and implementing an interim remedial measure with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The United States Environmental Protection Agency (“EPA”), which assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination of groundwater extraction and treatment and in-situ chemical oxidation.

In September 2015, the EPA adopted an amendment to the Record of Decision eliminating the separate ground-water extraction and treatment systems and the use of in-situ oxidation from the remedy adopted in the Record of Decision. The amendment provides for the continued operation and maintenance of the existing wellhead treatment systems on wells operated by the Village of Garden City, New York (the "Village"). It also requires the Company to perform certain ongoing monitoring, operation and maintenance activities and to reimburse EPA's future oversight cost, involving future costs to the Company estimated to be between $1.7 million and $2.0 million, and to reimburse EPA for approximately $1.25 million of interim oversight costs. On August 15, 2016, the Court entered a Consent Judgment implementing the remedy provided for by the amendment.

The Village additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint (the "Village Lawsuit") against the Company and the owner of the property under the Resource Conservation and Recovery Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it.

In June 2016 the Company and the Village reached an agreement providing for the Village to continue to operate and maintain the well head treatment systems in accordance with the Record of Decision and to release its claims against the Company asserted in the Village Lawsuit in exchange for a lump-sum payment of $10.0 million by the Company. On August 25, 2016, the Village Lawsuit was dismissed with prejudice. The cost of the settlement with the Village and the estimated costs associated with the Company's compliance with the Consent Judgment were covered by the Company's existing provision for the site. The settlement with the Village did not have, and the Company expects that the Consent Judgment will not have, a material effect on its financial condition or results of operations.

Note 8

Legal Proceedings, Continued

In April 2015, the Company received from the EPA a Notice of Potential Liability and Demand for Costs (the "Notice") pursuant to CERCLA regarding the site in Gloversville, New York of a former leather tannery operated by the Company and by other, unrelated parties. The Notice demanded payment of approximately $2.2 million of response costs claimed by EPA to have been incurred to conduct assessments and removal activities at the site. In February 2017, the Company and EPA entered into a settlement agreement resolving EPA's claim for past response costs in exchange for a payment by the Company of $1.5 million which was paid in May 2017. The Company's environmental insurance carrier has reimbursed the Company for 75% of the settlement amount, subject to a $500,000 self-insured retention. The Company does not expect that the matter will have a material effect on its financial condition or results of operations.

Whitehall Environmental Matters

The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan.

In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, the Company had accrued $2.9 million as of May 5, 2018, $3.0 million as of February 3, 2018 and $4.2 million as of April 29, 2017. All such provisions reflect the Company's estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because they relate to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $0.0 million in the first quarter of Fiscal 2019 and $0.2 million in the first quarter of Fiscal 2018. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates.

Other Matters

On February 22, 2017, a former employee of a subsidiary of the Company filed a putative class and collective action, Shumate v. Genesco, Inc., et al., in the U.S District Court for the Southern District of Ohio, alleging violations of the federal Fair Labor Standards Act ("FLSA") and Ohio wages and hours law including failure to pay minimum wages and overtime to the subsidiary's store managers and seeking back pay, damages, penalties, and declaratory and injunctive relief. On April 21, 2017, a former

Note 8

Legal Proceedings, Continued

employee of the same subsidiary filed a putative class and collective action, Ward v. Hat World, Inc., in the Superior Court for the State of Washington, alleging violations of the FLSA and certain Washington wages and hours laws, including, among others, failure to pay overtime to certain loss prevention investigators, and seeking back pay, damages, attorneys' fees and other relief. A total of seven loss prevention investigators elected to join the suit at the expiration of the opt-in period. The Company has removed the case to federal court and the court has approved its transfer to the U.S. District Court for the Southern District of Indiana. On May 19, 2017, two former employees of the same subsidiary filed a putative class and collective action, Chen and Salas v. Genesco Inc., et al., in the U.S. District Court for the Northern District of Illinois alleging violations of the FLSA and certain Illinois and New York wages and hours laws, including, among others, failure to pay overtime to store managers, and also seeking back pay, damages, statutory penalties, and declaratory and injunctive relief. On March 8, 2018, the court granted the Company's motion to transfer venue to the U.S. District Court for the Southern District of Indiana. On March 9, 2018, a former employee of the same subsidiary filed a putative class action in the Superior Court of the Commonwealth of Massachusetts claiming violations of the Massachusetts Overtime Law, M.G.L.C. 151§1A, by failing to pay overtime to employees classified as store managers, and seeking restitution, an incentive award, treble damages, interest, attorneys fees and costs. The Company disputes the material allegations in each of these complaints and intends to defend the matters.

On April 30, 2015, an employee of a subsidiary of the Company filed an action, Stewart v. Hat World, Inc., et al., under the California Labor Code Private Attorneys General Act on behalf of herself, the State of California, and other non-exempt, hourly-paid employees of the subsidiary in California, seeking unspecified damages and penalties for various alleged violations of the California Labor Code, including failure to pay for all hours worked, minimum wage and overtime violations, failure to provide

required meal and rest periods, failure to timely pay wages, failure to provide complete and accurate wage statements, and failure to provide full reimbursement of business-related costs and expenses incurred in the course of employment. On March 5, 2018, the court issued a proposed statement of decision in the first phase of the case, tentatively finding that the plaintiff is an "aggrieved employee" with regard to meal period and rest break claims only, and not with respect to any other violations alleged in the complaint and that she can represent other employees only with respect to meal and rest break claims. The Company disputes the material allegations in the complaint and intends to continue defending the matter.

In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have

a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements.

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Business Segment Information

3 Months Ended

May 05, 2018

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations, catalog and wholesale distribution of products under the Johnston & Murphy^® and H.S. Trask^® brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 1, under Item 8 in the Company's Annual Report on Form10-K for the fiscal year ended February 3, 2018).

The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed brands.

Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense on revolver debt and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order to make decisions and assess performance. These costs include corporate overhead, bank fees, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations and goodwill impairment charges.

Note 9

Business Segment Information, Continued

Three Months Ended
May 5, 2018	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	306,142	$	80,266		$	158,740		$	75,684	$	24,066		$	62		$	644,960
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	306,142	$	80,266		$	158,740		$	75,684	$	24,065		$	62		$	644,959
Segment operating income (loss)	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(8,243	)	$	(296	)
Asset Impairments and other*	—		—			—			—		—			(1,552		)	(1,552		)
Earnings (loss) from operations	13,637		(5,640		)	(5,362		)	5,006		306			(9,795		)	(1,848		)
Other components of net periodic benefit cost	—		—			—			—		—			(20		)	(20		)
Interest expense	—		—			—			—		—			(1,047		)	(1,047		)
Interest income	—		—			—			—		—			19			19
Earnings (loss) from continuing operations before income taxes	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(10,843	)	$	(2,896	)
Total assets**	$	446,001	$	243,921		$	337,835		$	119,854	$	29,520		$	140,294		$	1,317,425
Depreciation and amortization***	6,795		3,927			6,657			1,568		155			591			19,693
Capital expenditures	10,543		2,907			4,490			1,470		60			63			19,533

*Asset Impairments and other charge includes a $1.3 million charge for asset impairments, which includes $0.3 million for Lids Sports Group, $0.2 million for Journeys Group and $0.8 million for Schuh Group.

**Total assets for the Schuh Group and Journeys Group include $86.1 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group decreased by $3.9 million, and $0.4 million, respectively, from February 3, 2018, due to foreign currency translation adjustments. Of the Company's $377.4 million of property and equipment, $54.8 million and $21.9 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended May 5, 2018.

Note 9

Business Segment Information, Continued

Three Months Ended
April 29, 2017	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	284,119	76,456			$	176,901		$	72,793	$	33,011		$	89		$	643,369
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	284,119	$	76,456		$	176,901		$	72,793	$	33,010		$	89		$	643,368
Segment operating income (loss)	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(8,149	)	$	2,945
Asset Impairments and other*	—		—			—			—		—			(119		)	(119		)
Earnings (loss) from operations	7,472		(687		)	(1,786		)	3,820		2,275			(8,268		)	2,826
Other components of net periodic benefit cost	—		—			—			—		—			(32		)	(32		)
Interest expense	—		—			—			—		—			(1,177		)	(1,177		)
Interest income	—		—			—			—		—			—			—
Earnings (loss) from continuing operations before income taxes	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(9,477	)	$	1,617
Total assets**	$	424,477	231,395			$	537,901		$	120,048	$	36,803		$	128,752		$	1,479,376
Depreciation and amortization***	6,515		3,364			6,937			1,566		167			1,067			19,616
Capital expenditures	19,195		2,758			5,131			1,057		77			2,108			30,326

*Asset Impairments and other includes a $0.1 million charge for assets impairments, which relates to Journeys Group and Lids Sports Group equally.

**Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $181.1 million, $82.4 million and $9.4 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group decreased by $0.5 million and $0.4 million, respectively, from January 28, 2017 and Schuh Group goodwill increased by $2.6 million from January 28, 2017 due to foreign currency translation adjustments. Of the Company's $342.6 million of property and equipment, $55.4 million and $20.7 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended April 29, 2017.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

May 05, 2018

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

Genesco Inc. and its subsidiaries (collectively, the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S., Puerto Rico and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com. Including both the footwear businesses and the Lids Sports Group business, at May 5, 2018, the Company operated 2,680 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany.

During the three months ended May 5, 2018 and April 29, 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy^® and H.S. Trask^® brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; G.H. Bass Footwear operated under a

Note 1

Summary of Significant Accounting Policies, Continued

license from G-III Apparel Group, Ltd., which was terminated in January 2018; and other brands.

Principles of Consolidation

Principles of Consolidation

All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated.

Financial Statement Reclassifications

Financial Statement Reclassifications

Certain reclassifications have been made to conform prior years' data to the current year presentation with respect to fixed assets.

Revenue Recognition

Revenue Recognition

On February 4, 2018, the Company adopted Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606)” ("ASC 606") using the modified retrospective approach for all contracts not completed as of the adoption date. Financial results for reporting periods beginning after February 3, 2018 are presented in accordance with ASC 606, while prior periods will continue to be reported in accordance with the Company's pre-adoption accounting policies and therefore have not been adjusted to conform to ASC 606.

Deferred Gift Card Revenue

The Condensed Consolidated Balance Sheets include an accrued liability for gift cards of $8.2 million, $18.1 million and $16.2 million at May 5, 2018, February 3, 2018 and April 29, 2017,

Note 1

Summary of Significant Accounting Policies, Continued

respectively. Gift card breakage recognized as revenue was $0.3 million for each of the first quarters of Fiscal 2019 and Fiscal 2018. During the three months ended May 5, 2018, the Company

recognized $2.8 million of gift card redemptions and gift card breakage revenue that were included in the gift card liability as of February 3, 2018.

Cash and Cash Equivalents

The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at May 5, 2018, February 3, 2018 and April 29, 2017. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At May 5, 2018, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Condensed Consolidated Balance Sheets.

Concentration of Credit Risk and Allowances on Accounts Receivable

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to department stores and independent retailers across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer accounted for 15%, one customer accounted for 8% and one customer accounted for 7% of the

Company’s total trade receivables balance, while no other customer accounted for more than 6% of the Company’s total trade receivables balance as of May 5, 2018.

Leases

Leases

The Company occasionally receives reimbursements from landlords to be used towards construction of a store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term.

Fair Value of Financial Instruments

Debt fair values were estimated using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5.

Carrying amounts reported on the Condensed Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Selling and Administrative Expenses

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and from the warehouse to the customer and (iii) costs of its distribution facilities which are allocated to its retail operations.

Buying, Merchandising and Occupancy Costs

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense on the Condensed Consolidated Statements of Operations. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin.

Advertising Costs

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $19.0 million and $19.6 million for the first quarters of Fiscal 2019 and Fiscal 2018, respectively. Prior to adopting ASC 606, the Company capitalized these costs and such costs were expensed over the period of benefit in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification.

Foreign Currency Translation

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting

from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity.

Other Comprehensive Income

Other Comprehensive Income

ASC 220 requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustment to be included in other comprehensive income net of tax.

New Accounting Pronouncements

New Accounting Pronouncements

New Accounting Pronouncements Recently Adopted

In March 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.”  The new guidance provides SEC Staff views on income tax accounting implications of the Act signed into law in December 2017.  The guidance clarifies the measurement period timeframe, changes in subsequent reporting periods and reporting requirements as a result of the Act.  The Company adopted this guidance in the first quarter of Fiscal 2019. The Company recorded a provisional impact of the Act in Fiscal 2018 and will recognize any changes to this provisional amount as the Company refines its estimates of its cumulative temporary differences and interpretations of guidance related to the application of the Act. The adoption of this guidance has not had, nor is expected to have, a material impact on the Company's Consolidated Financial Statements and related disclosures.

Note 1

Summary of Significant Accounting Policies, Continued

In February 2018, the FASB issued issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASC 220"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Act. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The amendments in ASC 220 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company adopted ASC 220 in the fourth quarter of Fiscal 2018 and reclassed $2.2 million to retained earnings for the impact of stranded tax effects resulting from the Act.

In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)" ("ASC 715"). The standard requires the sponsors of benefit plans to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. The standard will require the Company to present the non-service pension costs as a component of expense below operating income. The amendments to this standard allow a practical expedient that permits an employer to use the amounts disclosed in its employee benefits footnote for the prior comparative period as the estimation basis for applying the retrospective presentation. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

The Company adopted ASC 715 in the first quarter of Fiscal 2019 and utilized the practical expedient to estimate the impact on the prior comparative period information presented in the Condensed

Consolidated Statements of Operations. As required by the amendments in this update, the presentation of the service cost component and other components of net periodic benefit cost in the Condensed Consolidated Statements of Operations were applied retrospectively on and after the effective date. Upon adoption of this standard update, the Company reclassified the other components of net periodic benefit cost from selling and administrative expenses to other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations. The retrospective adoption of this standard update resulted in an increase to earnings from operations of less than $0.1 million for the three months ended April 29, 2017 which was fully offset by the same amount on the other components of net periodic benefit cost line on the Condensed Consolidated Statements of Operations. As such, there was no impact to consolidated net earnings for the three months ended April 29, 2017.

Note 1

Summary of Significant Accounting Policies, Continued

The Company adopted ASC 606 in the first quarter of Fiscal 2019 using the modified retrospective method by recognizing the cumulative effect of $4.4 million as an adjustment to the opening balance of retained earnings at February 4, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. While the adoption of this standard did not have a material impact on the Company's Consolidated Financial Statements and related disclosures, it did impact the timing of revenue recognition for gift card breakage and the timing of recognizing expense for direct-mail advertising costs as presented in the Condensed Consolidated Statements of Operations for Fiscal 2019.

New Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and

liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 05, 2018

Accounting Policies [Abstract]

Impact of Adoption of Accounting Standards Update 606

The cumulative effect of the changes made to the Company's Condensed Consolidated Balance Sheets as of February 4, 2018 for the adoption of ASC 606 were as follows (in thousands):

	Balance at		Adjustments			Balance at
	February 3, 2018		due to ASC 606			February 4, 2018
Assets
Current assets:
Prepaids and other current assets	$	67,234	$	2,537		$	69,771
Inventories	542,625		(4,788		)	537,837
Deferred income taxes	25,077		(1,568		)	23,509
Liabilities and Equity
Current liabilities:
Other accrued liabilities	72,220		(8,232		)	63,988
Equity
Retained Earnings	603,902		4,413			608,315

In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets for the three months ended May 5, 2018 was as follows (in thousands, except per share data):

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Inventories	$	552,475		$	556,442		$	(3,967	)
Prepaids and other current assets	71,720			69,111			2,609
Total current assets	706,496			707,854			(1,358		)
Deferred income taxes	24,842			26,584			(1,742		)
Total Assets	1,317,425			1,320,525			(3,100		)
Other accrued liabilities	53,502			61,684			(8,182		)
Total current liabilities	241,003			249,185			(8,182		)
Total liabilities	488,586			496,768			(8,182		)
Retained earnings	605,984			600,886			5,098
Accumulated other comprehensive loss	(36,890		)	(36,874		)	(16		)
Total equity	828,839			823,757			5,082
Total Liabilities and Equity	1,317,425			1,320,525			(3,100		)

Note 1

Summary of Significant Accounting Policies, Continued

	Q1 FY2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)
Net sales	$	644,959		$	644,991		$	(32	)
Selling and administrative expenses	322,124			323,016			$	(892	)
Earnings from operations	(1,848		)	(2,708		)	$	860
Earnings from continuing operations before income taxes	(2,896		)	(3,756		)	$	860
Income tax expense	(588		)	(763		)	$	175
Earnings from continuing operations	(2,308		)	(2,993		)	$	685
Net earnings (loss)	(2,331		)	(3,016		)	$	685
Diluted earnings (loss) per share from continuing operations	$	(0.12	)	$	(0.16	)	$	0.04

Carrying amounts and fair values of the Company's financial instruments

The carrying amounts and fair values of the Company’s financial instruments at May 5, 2018 and February 3, 2018 are as follows:

Fair Values
In thousands	May 5, 2018				February 3, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Credit Facility Borrowings	$	77,727	$	78,392	$	69,372	$	69,421
UK Term Loans	10,516		10,656		11,419		11,602
UK Revolver Borrowings	17,441		17,631		7,594		7,671

Components of accumulated other comprehensive loss

The following table summarizes the components of accumulated other comprehensive loss for the three months ended May 5, 2018:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 3, 2018	$	(20,808	)	$	(8,384	)	$	(29,192	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(6,890		)	—			(6,890		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(974		)	—			(974		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			224			224
Income tax expense	—			58			58
Current period other comprehensive income (loss), net of tax	(7,864		)	166			(7,698		)
Balance May 5, 2018	$	(28,672	)	$	(8,218	)	$	(36,890	)

(1) Amount is included in other components of net periodic benefit cost on the Condensed Consolidated Statements of Operations.

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

May 05, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying amount of goodwill by segment

The changes in the carrying amount of goodwill by segment were as follows:

(In Thousands)	Schuh Group			Journeys Group		Total Goodwill
Balance, February 3, 2018	$89,915			$10,393		$	100,308
Effect of foreign currency exchange rates	(3,853		)	(369	)	$	(4,222	)
Balance, May 5, 2018	$	86,062		10,024		$	96,086

Other intangible assets by major classes

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
(In Thousands)	May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018			May 5, 2018			Feb. 3, 2018
Gross other intangibles	$	14,817		$	14,981		$	2,064		$	2,130		$	2,069		$	2,122		$	18,950		$	19,233
Accumulated amortization	(13,690		)	(13,714		)	(2,064		)	(2,130		)	(1,618		)	(1,595		)	(17,372		)	(17,439		)
Net Other Intangibles	$	1,127		$	1,267		$	—		$	—		$	451		$	527		$	1,578		$	1,794

*Includes non-compete agreements, vendor contract and backlog.

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Asset Impairments and Other Charges and Discontinued Operations (Tables)

3 Months Ended

May 05, 2018

Asset Impairments and Other Charges and Discontinued Operations [Abstract]

Accrued provision for discontinued operations

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2017	$	5,043
Additional provision Fiscal 2018	552
Charges and adjustments, net	(1,986		)
Balance February 3, 2018	3,609
Additional provision Fiscal 2019	31
Charges and adjustments, net	(129		)
Balance May 5, 2018*	3,511
Current provision for discontinued operations	1,804
Total Noncurrent Provision forDiscontinued Operations	$	1,707

*Includes a $2.9 million environmental provision, including $1.8 million in current provision for discontinued operations (see Note 8).

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Inventories (Tables)

3 Months Ended

May 05, 2018

Inventory Disclosure [Abstract]

Inventories

In thousands	May 5, 2018		February 3, 2018
Wholesale finished goods	$	33,741	$	52,924
Retail merchandise	518,734		489,701
Total Inventories	$	552,475	$	542,625

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Fair Value (Tables)

3 Months Ended

May 05, 2018

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on nonrecurring basis

The following table presents the Company's assets and liabilities measured at fair value on a nonrecurring basis as of May 5, 2018 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Total Losses
Measured as of May 5, 2018	$	552	$	—	$	—	$	552	$	1,274

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Defined Benefit Pension Plans and Other Benefit Plans (Tables)

3 Months Ended

May 05, 2018

Retirement Benefits [Abstract]

Components of net periodic benefit cost

Components of Net Periodic Benefit Cost
	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
In thousands	May 5, 2018			April 29, 2017			May 5, 2018		April 29, 2017
Service cost	$	113		$	138		$	253	$	209
Interest cost	$	754		$	824		$	93	$	85
Expected return on plan assets	(1,051		)	(1,130		)	—		—
Amortization of losses	189			215			35		38
Total other components of net periodic benefit cost	$	(108	)	$	(91	)	$	128	$	123
Net Periodic Benefit Cost	$	5		$	47		$	381	$	332

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Earnings Per Share (Tables)

3 Months Ended

May 05, 2018

Earnings Per Share [Abstract]

Summary of basic and diluted earnings per share

	For the Three Months Ended							For the Three Months Ended
	May 5, 2018							April 29, 2017
(In thousands, except      per share amounts)	Income (Numerator)			Shares (Denominator)	Per Share Amount			Income (Numerator)		Shares (Denominator)	Per Share Amount
Earnings (loss) from continuing operations	$	(2,308	)					$	997
Basic EPS from continuing operations
Income (loss) available to
common shareholders	(2,308		)	19,278	$	(0.12	)	997		19,189	$	0.05
Effect of Dilutive Securities from continuing operations
Dilutive share-based awards(1)				—						66
Employees' preferred stock(2)				—						38
Diluted EPS from continuing operations
Income (loss) available to
common shareholders plus
assumed conversions	$	(2,308	)	19,278	$	(0.12	)	$	997	19,293	$	0.05

(1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the first quarter ended May 5, 2018.

(2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the first quarter ended May 5, 2018. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the first quarter ended April 29, 2017.

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Business Segment Information (Tables)

3 Months Ended

May 05, 2018

Segment Reporting [Abstract]

Segment reporting information by segment

Three Months Ended
May 5, 2018	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	306,142	$	80,266		$	158,740		$	75,684	$	24,066		$	62		$	644,960
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	306,142	$	80,266		$	158,740		$	75,684	$	24,065		$	62		$	644,959
Segment operating income (loss)	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(8,243	)	$	(296	)
Asset Impairments and other*	—		—			—			—		—			(1,552		)	(1,552		)
Earnings (loss) from operations	13,637		(5,640		)	(5,362		)	5,006		306			(9,795		)	(1,848		)
Other components of net periodic benefit cost	—		—			—			—		—			(20		)	(20		)
Interest expense	—		—			—			—		—			(1,047		)	(1,047		)
Interest income	—		—			—			—		—			19			19
Earnings (loss) from continuing operations before income taxes	$	13,637	$	(5,640	)	$	(5,362	)	$	5,006	$	306		$	(10,843	)	$	(2,896	)
Total assets**	$	446,001	$	243,921		$	337,835		$	119,854	$	29,520		$	140,294		$	1,317,425
Depreciation and amortization***	6,795		3,927			6,657			1,568		155			591			19,693
Capital expenditures	10,543		2,907			4,490			1,470		60			63			19,533

*Asset Impairments and other charge includes a $1.3 million charge for asset impairments, which includes $0.3 million for Lids Sports Group, $0.2 million for Journeys Group and $0.8 million for Schuh Group.

**Total assets for the Schuh Group and Journeys Group include $86.1 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group decreased by $3.9 million, and $0.4 million, respectively, from February 3, 2018, due to foreign currency translation adjustments. Of the Company's $377.4 million of property and equipment, $54.8 million and $21.9 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended May 5, 2018.

Note 9

Business Segment Information, Continued

Three Months Ended
April 29, 2017	Journeys Group		Schuh Group			Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	284,119	76,456			$	176,901		$	72,793	$	33,011		$	89		$	643,369
Intercompany Sales	—		—			—			—		(1		)	—			(1		)
Net sales to external customers	$	284,119	$	76,456		$	176,901		$	72,793	$	33,010		$	89		$	643,368
Segment operating income (loss)	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(8,149	)	$	2,945
Asset Impairments and other*	—		—			—			—		—			(119		)	(119		)
Earnings (loss) from operations	7,472		(687		)	(1,786		)	3,820		2,275			(8,268		)	2,826
Other components of net periodic benefit cost	—		—			—			—		—			(32		)	(32		)
Interest expense	—		—			—			—		—			(1,177		)	(1,177		)
Interest income	—		—			—			—		—			—			—
Earnings (loss) from continuing operations before income taxes	$	7,472	$	(687	)	$	(1,786	)	$	3,820	$	2,275		$	(9,477	)	$	1,617
Total assets**	$	424,477	231,395			$	537,901		$	120,048	$	36,803		$	128,752		$	1,479,376
Depreciation and amortization***	6,515		3,364			6,937			1,566		167			1,067			19,616
Capital expenditures	19,195		2,758			5,131			1,057		77			2,108			30,326

*Asset Impairments and other includes a $0.1 million charge for assets impairments, which relates to Journeys Group and Lids Sports Group equally.

**Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $181.1 million, $82.4 million and $9.4 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group decreased by $0.5 million and $0.4 million, respectively, from January 28, 2017 and Schuh Group goodwill increased by $2.6 million from January 28, 2017 due to foreign currency translation adjustments. Of the Company's $342.6 million of property and equipment, $55.4 million and $20.7 million relate to property and equipment in the United Kingdom and Canada, respectively.

***Includes $19.6 million in depreciation expense for the three months ended April 29, 2017.

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Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended			12 Months Ended
	May 05, 2018 USD ($) segment store	Feb. 03, 2018 USD ($)	Apr. 29, 2017 USD ($) segment	Feb. 03, 2018 USD ($)	Feb. 04, 2018 USD ($)	Jan. 28, 2017 USD ($)
Summary of Accounting Policies [Line Items]
Total number of retail stores operated by company | store	2,680
Number of reportable business segments | segment	5		5
Furniture and fixtures	$ 179,407,000	$ 179,008,000	$ 163,117,000	$ 179,008,000
Leasehold improvements	440,293,000	440,719,000	415,043,000	440,719,000
Accrued liability for gift cards	8,200,000	18,100,000	16,200,000	18,100,000
Gift card breakage recognized as revenue	300,000		300,000
Gift card redemptions and gift card breakage revenue	2,800,000
Cash and cash equivalents	30,880,000	39,937,000	43,371,000	39,937,000		$ 48,301,000
Cash equivalents	$ 0	0	0	0
Payment processing duration, minimum	24 hours
Payment processing duration, maximum	48 hours
Excess of outstanding checks drawn on zero balance accounts at domestic banks exceeded book cash balance	$ 6,600,000	14,200,000	39,700,000	14,200,000
Tenant allowances	29,200,000	29,000,000	25,800,000	29,000,000
Deferred rent	59,200,000	59,300,000	53,300,000	59,300,000
Asset retirement obligations	12,600,000	11,500,000	10,600,000	11,500,000
Advertising costs	19,000,000		19,600,000
Prepaid advertising		2,300,000	1,100,000	2,300,000
Vendor reimbursements of cooperative advertising costs	2,100,000		2,700,000
Net loss from foreign currency transactions	(300,000)		(300,000)
Stockholders' equity, including portion attributable to noncontrolling interest	$ (828,839,000)	(830,704,000)	$ (912,862,000)	(830,704,000)		$ (922,521,000)
Effective income tax rate	20.30%		38.30%
Stranded tax effect from tax reform				2,234,000
Earnings from operations	$ (1,848,000)		$ 2,826,000
Other components of net periodic benefits expense	20,000		32,000
Retained earnings	605,984,000	603,902,000	716,108,000	603,902,000	$ 608,315,000
Selling and Administrative Expenses
Summary of Accounting Policies [Line Items]
Wholesale costs of distribution	1,500,000		1,600,000
Retail occupancy costs	114,100,000		113,300,000
Cooperative advertising costs	800,000		1,200,000
Foreign Currency Translation
Summary of Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	28,672,000	20,808,000		20,808,000
Unrecognized Pension/Postretirement Benefit Costs
Summary of Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	8,218,000	8,384,000		8,384,000
Foreign Subsidiaries
Summary of Accounting Policies [Line Items]
Cash and cash equivalents	8,600,000	21,200,000	6,800,000	$ 21,200,000
Cumulative Pension Liability Adjustment
Summary of Accounting Policies [Line Items]
Other components of net periodic benefits expense	(108,000)		(91,000)
Cumulative Pension Liability Adjustment | Unrecognized Pension/Postretirement Benefit Costs
Summary of Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	6,000,000
Cumulative Post-Retirement Liability Adjustment | Unrecognized Pension/Postretirement Benefit Costs
Summary of Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 2,200,000
Customer Concentration Risk | Major Customer One | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration risk percentage	15.00%
Customer Concentration Risk | Major Customer Two | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration risk percentage	8.00%
Customer Concentration Risk | Major Customer Three | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration risk percentage	7.00%
Schuh Group
Summary of Accounting Policies [Line Items]
Earnings from operations	$ (5,640,000)		(687,000)
Other components of net periodic benefits expense	0		0
Schuh Group | Restatement Adjustment
Summary of Accounting Policies [Line Items]
Furniture and fixtures			(45,800,000)
Leasehold improvements			45,800,000
Accounting Standards Update 2018-02
Summary of Accounting Policies [Line Items]
Stranded tax effect from tax reform		$ 2,200,000
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Summary of Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	(5,082,000)
Earnings from operations	860,000
Retained earnings	$ 5,098,000				$ 4,413,000
Minimum | Customer Concentration Risk | Other Major Customer | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration risk percentage	6.00%
Maximum | Restatement Adjustment | Accounting Standards Update 2017-07
Summary of Accounting Policies [Line Items]
Earnings from operations			100,000
Other components of net periodic benefits expense			$ 100,000

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Summary of Significant Accounting Policies - Cumulative Effect of Revenue Recognition on Balance Sheets (Details) - USD ($) $ in Thousands	May 05, 2018	Feb. 04, 2018	Feb. 03, 2018	Apr. 29, 2017
Current assets:
Prepaids and other current assets	$ 71,720	$ 69,771	$ 67,234	$ 63,899
Inventories	552,475	537,837	542,625	578,102
Deferred income taxes	24,842	23,509	25,077	15,289
Current liabilities:
Other accrued liabilities	53,502	63,988	72,220	65,424
Equity
Retained earnings	605,984	608,315	603,902	$ 716,108
Calculated under Revenue Guidance in Effect before Topic 606
Current assets:
Prepaids and other current assets	69,111		67,234
Inventories	556,442		542,625
Deferred income taxes	26,584		25,077
Current liabilities:
Other accrued liabilities	61,684		72,220
Equity
Retained earnings	600,886		$ 603,902
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Current assets:
Prepaids and other current assets	2,609	2,537
Inventories	(3,967)	(4,788)
Deferred income taxes	(1,742)	(1,568)
Current liabilities:
Other accrued liabilities	(8,182)	(8,232)
Equity
Retained earnings	$ 5,098	$ 4,413

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Summary of Significant Accounting Policies - Impact of Adoption of Revenue Recognition on Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018	Feb. 04, 2018	Jan. 28, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 552,475	$ 578,102	$ 542,625	$ 537,837
Prepaids and other current assets	71,720	63,899	67,234	69,771
Total current assets	706,496	739,686	693,088
Deferred income taxes	24,842	15,289	25,077	23,509
Total Assets	1,317,425	1,479,376	1,315,353
Other accrued liabilities	53,502	65,424	72,220	63,988
Total current liabilities	241,003	292,700	255,068
Total liabilities	488,586	566,514	484,649
Retained earnings	605,984	716,108	603,902	608,315
Accumulated other comprehensive loss	(36,890)	(48,947)	(29,192)
Total equity	828,839	912,862	830,704		$ 922,521
Total Liabilities and Equity	1,317,425	1,479,376	1,315,353
Net sales	644,959	643,368
Selling and administrative expenses	322,124	315,968
Earnings from operations	(1,848)	2,826
Earnings from continuing operations before income taxes	(2,896)	1,617
Income tax expense	(588)	620
Earnings from continuing operations	(2,308)	997
Net earnings (loss)	$ (2,331)	$ 885	(111,839)
Continuing operations (in dollars per share)	$ (0.12)	$ 0.05
Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ 556,442		542,625
Prepaids and other current assets	69,111		67,234
Total current assets	707,854
Deferred income taxes	26,584		25,077
Total Assets	1,320,525
Other accrued liabilities	61,684		72,220
Total current liabilities	249,185
Total liabilities	496,768
Retained earnings	600,886		$ 603,902
Accumulated other comprehensive loss	(36,874)
Total equity	823,757
Total Liabilities and Equity	1,320,525
Net sales	644,991
Selling and administrative expenses	323,016
Earnings from operations	(2,708)
Earnings from continuing operations before income taxes	(3,756)
Income tax expense	(763)
Earnings from continuing operations	(2,993)
Net earnings (loss)	$ (3,016)
Continuing operations (in dollars per share)	$ (0.16)
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Inventories	$ (3,967)			(4,788)
Prepaids and other current assets	2,609			2,537
Total current assets	(1,358)
Deferred income taxes	(1,742)			(1,568)
Total Assets	(3,100)
Other accrued liabilities	(8,182)			(8,232)
Total current liabilities	(8,182)
Total liabilities	(8,182)
Retained earnings	5,098			$ 4,413
Accumulated other comprehensive loss	(16)
Total equity	5,082
Total Liabilities and Equity	(3,100)
Net sales	(32)
Selling and administrative expenses	(892)
Earnings from operations	860
Earnings from continuing operations before income taxes	860
Income tax expense	175
Earnings from continuing operations	685
Net earnings (loss)	$ 685
Continuing operations (in dollars per share)	$ 0.04

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Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018
Term Loans | UK Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 10,516	$ 11,419
Fair Value	10,656	11,602
Borrowings | U.S. Credit Facility Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	77,727	69,372
Fair Value	78,392	69,421
Borrowings | UK Revolver Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	17,441	7,594
Fair Value	$ 17,631	$ 7,671

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Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 830,704	$ 922,521	$ 922,521
Amounts reclassified from AOCI:
Amortization of net actuarial loss	224
Income tax expense	58
Total other comprehensive income (loss)	(7,698)	2,345	22,100
Ending Balance	828,839	912,862	830,704
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(20,808)
Amounts reclassified from AOCI:
Income tax expense	0
Total other comprehensive income (loss)	(7,864)
Ending Balance	(28,672)		(20,808)
Accumulated Foreign Currency Adjustment Attributable to Parent, Excluding Intra-Entity Transactions
Other comprehensive income (loss) before reclassifications:
Other comprehensive income (loss) before reclassifications	(6,890)
Accumulated Foreign Currency Adjustment Attributable to Parent, Intra-Entity Transactions
Other comprehensive income (loss) before reclassifications:
Other comprehensive income (loss) before reclassifications	(974)
Unrecognized Pension/Postretirement Benefit Costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(8,384)
Amounts reclassified from AOCI:
Amortization of net actuarial loss	224
Income tax expense	58
Total other comprehensive income (loss)	166
Ending Balance	(8,218)		(8,384)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(29,192)	$ (51,292)	(51,292)
Amounts reclassified from AOCI:
Total other comprehensive income (loss)	(7,698)		22,100
Ending Balance	$ (36,890)		$ (29,192)

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Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 100,308
Effect of foreign currency exchange rates	(4,222)
Goodwill, ending balance	96,086	$ 272,880
Schuh Group
Goodwill [Roll Forward]
Goodwill, beginning balance	89,915
Effect of foreign currency exchange rates	(3,853)	2,600
Goodwill, ending balance	86,062	82,400
Journeys Group
Goodwill [Roll Forward]
Goodwill, beginning balance	10,393
Effect of foreign currency exchange rates	(369)	(400)
Goodwill, ending balance	$ 10,024	$ 9,400

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Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles assets	$ 0.1	$ 0.1
Future amortization expense, fiscal 2019	0.2
Maximum
Finite-Lived Intangible Assets [Line Items]
Future amortization expense, fiscal 2020 (less than)	0.1
Future amortization expense, fiscal 2021 (less than)	0.1
Future amortization expense, fiscal 2022 (less than)	0.1
Future amortization expense, fiscal 2023 (less than)	$ 0.1

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Goodwill and Other Intangible Assets - Net Other Intangibles (Details) - USD ($) $ in Thousands	May 05, 2018	Feb. 03, 2018	Apr. 29, 2017
Finite-Lived Intangible Assets [Line Items]
Gross other intangibles	$ 18,950	$ 19,233
Accumulated amortization	(17,372)	(17,439)	$ (16,448)
Net Other Intangibles	1,578	1,794	$ 2,165
Leases
Finite-Lived Intangible Assets [Line Items]
Gross other intangibles	14,817	14,981
Accumulated amortization	(13,690)	(13,714)
Net Other Intangibles	1,127	1,267
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross other intangibles	2,064	2,130
Accumulated amortization	(2,064)	(2,130)
Net Other Intangibles	0	0
Other
Finite-Lived Intangible Assets [Line Items]
Gross other intangibles	2,069	2,122
Accumulated amortization	(1,618)	(1,595)
Net Other Intangibles	$ 451	$ 527

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Asset Impairments and Other Charges and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Restructuring Cost and Reserve [Line Items]
Asset impairments and other, net	$ 1,552	$ 119
Impairment of long-lived assets	1,274	119
Retail Store Asset Impairments
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	1,300	$ 100
Legal and Other Matters
Restructuring Cost and Reserve [Line Items]
Asset impairments and other, net	$ 300

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Asset Impairments and Other Charges and Discontinued Operations - Schedule of Accrued Provision for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
Accrued Provision for Discontinued Operations
Additional provision	$ 31	$ 184
Current provision for discontinued operations	1,804	3,164	$ 1,902
Total Noncurrent Provision for Discontinued Operations	1,707	1,713	1,707
Facility Shutdown Costs
Accrued Provision for Discontinued Operations
Balance at beginning of period	3,609	$ 5,043	5,043
Additional provision	31		552
Charges and adjustments, net	(129)		(1,986)
Balance at end of period	3,511		$ 3,609
Current provision for discontinued operations	1,804
Total Noncurrent Provision for Discontinued Operations	1,707
Environmental provision	2,900
Current provision for discontinued operations	$ 1,800

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Inventories (Details) - USD ($) $ in Thousands	May 05, 2018	Feb. 04, 2018	Feb. 03, 2018	Apr. 29, 2017
Inventory Disclosure [Abstract]
Wholesale finished goods	$ 33,741		$ 52,924
Retail merchandise	518,734		489,701
Total Inventories	$ 552,475	$ 537,837	$ 542,625	$ 578,102

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Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Company's assets and liabilities measured at fair value on a nonrecurring basis
Total Losses	$ 1,274	$ 119
Fair Value Measurements Nonrecurring
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	552
Total Losses	1,274
Fair Value Measurements Nonrecurring | Level 1
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	0
Fair Value Measurements Nonrecurring | Level 2
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	0
Fair Value Measurements Nonrecurring | Level 3
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	$ 552

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Defined Benefit Pension Plans and Other Benefit Plans (Details) - USD ($)	3 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
Components of Net Periodic Benefit Cost
Total other components of net periodic benefit cost	$ 20,000	$ 32,000
Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	113,000	138,000
Interest cost	754,000	824,000
Expected return on plan assets	(1,051,000)	(1,130,000)
Amortization of losses	189,000	215,000
Total other components of net periodic benefit cost	(108,000)	(91,000)
Net Periodic Benefit Cost	5,000	47,000
Contribution required			$ 0
Other Benefits
Components of Net Periodic Benefit Cost
Service cost	253,000	209,000
Interest cost	93,000	85,000
Expected return on plan assets	0	0
Amortization of losses	35,000	38,000
Total other components of net periodic benefit cost	128,000	123,000
Net Periodic Benefit Cost	$ 381,000	$ 332,000

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Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Earnings Per Share [Abstract]
Earnings (loss) from continuing operations	$ (2,308)	$ 997
Basic EPS from continuing operations
Income (loss) available to common shareholders, income (numerator)	$ (2,308)	$ 997
Income (loss) available to common shareholders, shares (denominator) (in shares)	19,278,000	19,189,000
Income (loss) available to common shareholders, per share amount (in dollars per share)	$ (0.12)	$ 0.05
Effect of Dilutive Securities from continuing operations
Dilutive share-based awards, shares (denominator) (in shares)	0	66,000
Employees' preferred stock, shares (denominator) (in shares)	0	38,000
Diluted EPS from continuing operations
Income (loss) available to common shareholders plus assumed conversions, income (numerator)	$ (2,308)	$ 997
Income (loss) available to common shareholders plus assumed conversions, shares (denominator) (in shares)	19,278,000	19,293,000
Income (loss) available to common shareholders plus assumed conversions, per share amount (in dollars per share)	$ (0.12)	$ 0.05
Common convertible ratio (in shares)	1	1

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Earnings Per Share - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
Earnings Per Share [Abstract]
Stock repurchased during period (in shares)	0	275,300
Stock repurchased during period, value		$ 16,200,000	$ 16,163,000
Stock repurchase program, remaining authorized repurchase amount	$ 24,000,000
Stock repurchase program, authorized amount	$ 100,000,000

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Legal Proceedings (Details)	1 Months Ended		3 Months Ended
	Feb. 28, 2017 USD ($)	Jun. 30, 2016 USD ($)	May 05, 2018 USD ($) well	Apr. 29, 2017 USD ($)	Feb. 03, 2018 USD ($)	May 19, 2017 claimant	Apr. 30, 2015 USD ($)
Loss Contingencies [Line Items]
Number of water supply wells | well			2
Minimum historical cost associated with enhanced treatment required by the impact of groundwater plume			$ 1,800,000
Maximum historical cost associated with enhanced treatment required by the impact of groundwater plume			2,500,000
Amount related to outstanding environmental contingencies			2,900,000	$ 4,200,000	$ 3,000,000
Pretax accrual charges (gains) for environmental contingencies included in provision for discontinued operations			0	$ 200,000
Number of claimants | claimant						2
Village of Garden City, New York
Loss Contingencies [Line Items]
Future operation and maintenance costs			126,400
Amount awarded to other party		$ 10,000,000
Environmental Monitoring, Operation and Maintenance Activities | Minimum
Loss Contingencies [Line Items]
Estimated possible loss			1,700,000
Environmental Monitoring, Operation and Maintenance Activities | Maximum
Loss Contingencies [Line Items]
Estimated possible loss			2,000,000
EPA Interim Oversight Costs
Loss Contingencies [Line Items]
Estimated possible loss			$ 1,250,000
Response Costs Claimed by the EPA
Loss Contingencies [Line Items]
Estimated possible loss							$ 2,200,000
Amount awarded to other party	$ 1,500,000
Estimated recovery percent from settlement	75.00%
Estimated recovery amount from a third party	$ 500,000

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Business Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended
	May 05, 2018 USD ($) segment	Apr. 29, 2017 USD ($) segment	Feb. 03, 2018 USD ($)
Segment Reporting Information [Line Items]
Impairment of long-lived assets	$ 1,274	$ 119
Number of reportable business segments | segment	5	5
Goodwill	$ 96,086	$ 272,880	$ 100,308
Increase (decrease) in goodwill	(4,222)
Property and equipment	377,400	342,600
United Kingdom
Segment Reporting Information [Line Items]
Property and equipment	54,800	55,400
Canada
Segment Reporting Information [Line Items]
Property and equipment	21,900	20,700
Journeys Group
Segment Reporting Information [Line Items]
Impairment of long-lived assets		100
Goodwill	10,024	9,400	10,393
Increase (decrease) in goodwill	(369)	(400)
Schuh Group
Segment Reporting Information [Line Items]
Goodwill	86,062	82,400	$ 89,915
Increase (decrease) in goodwill	(3,853)	2,600
Lids Sports Group
Segment Reporting Information [Line Items]
Goodwill		181,100
Increase (decrease) in goodwill		(500)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation expense	19,600	19,600
Retail Store Asset Impairments
Segment Reporting Information [Line Items]
Impairment of long-lived assets	1,300	$ 100
Retail Store Asset Impairments | Journeys Group
Segment Reporting Information [Line Items]
Impairment of long-lived assets	200
Retail Store Asset Impairments | Schuh Group
Segment Reporting Information [Line Items]
Impairment of long-lived assets	800
Retail Store Asset Impairments | Lids Sports Group
Segment Reporting Information [Line Items]
Impairment of long-lived assets	$ 300

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Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 05, 2018	Apr. 29, 2017	Feb. 03, 2018
Segment Reporting Information [Line Items]
Sales	$ 644,959	$ 643,368
Earnings (loss) from operations	(1,848)	2,826
Asset impairments and other	(1,552)	(119)
Other components of net periodic benefit cost	(20)	(32)
Interest expense	(1,047)	(1,177)
Interest income	19	0
Earnings (loss) from continuing operations before income taxes	(2,896)	1,617
Total assets	1,317,425	1,479,376	$ 1,315,353
Depreciation and amortization	19,693	19,616
Capital expenditures	19,533	30,326
Journeys Group
Segment Reporting Information [Line Items]
Sales	306,142	284,119
Earnings (loss) from operations	13,637	7,472
Other components of net periodic benefit cost	0	0
Schuh Group
Segment Reporting Information [Line Items]
Sales	80,266	76,456
Earnings (loss) from operations	(5,640)	(687)
Other components of net periodic benefit cost	0	0
Lids Sports Group
Segment Reporting Information [Line Items]
Sales	158,740	176,901
Earnings (loss) from operations	(5,362)	(1,786)
Asset impairments and other		(100)
Other components of net periodic benefit cost	0	0
Johnston & Murphy Group
Segment Reporting Information [Line Items]
Sales	75,684	72,793
Earnings (loss) from operations	5,006	3,820
Other components of net periodic benefit cost	0	0
Licensed Brands
Segment Reporting Information [Line Items]
Sales	24,065	33,010
Earnings (loss) from operations	306	2,275
Other components of net periodic benefit cost	0	0
Corporate & Other
Segment Reporting Information [Line Items]
Sales	62	89
Earnings (loss) from operations	(9,795)	(8,268)
Other components of net periodic benefit cost	(20)	(32)
Operating Segments
Segment Reporting Information [Line Items]
Sales	644,960	643,369
Earnings (loss) from operations	(296)	2,945
Interest expense	(1,047)	(1,177)
Interest income	19	0
Earnings (loss) from continuing operations before income taxes	(2,896)	1,617
Total assets	1,317,425	1,479,376
Depreciation and amortization	19,693	19,616
Capital expenditures	19,533	30,326
Operating Segments | Journeys Group
Segment Reporting Information [Line Items]
Sales	306,142	284,119
Earnings (loss) from operations	13,637	7,472
Interest expense	0	0
Interest income	0	0
Earnings (loss) from continuing operations before income taxes	13,637	7,472
Total assets	446,001	424,477
Depreciation and amortization	6,795	6,515
Capital expenditures	10,543	19,195
Operating Segments | Schuh Group
Segment Reporting Information [Line Items]
Sales	80,266	76,456
Earnings (loss) from operations	(5,640)	(687)
Interest expense	0	0
Interest income	0	0
Earnings (loss) from continuing operations before income taxes	(5,640)	(687)
Total assets	243,921	231,395
Depreciation and amortization	3,927	3,364
Capital expenditures	2,907	2,758
Operating Segments | Lids Sports Group
Segment Reporting Information [Line Items]
Sales	158,740	176,901
Earnings (loss) from operations	(5,362)	(1,786)
Interest expense	0	0
Interest income	0	0
Earnings (loss) from continuing operations before income taxes	(5,362)	(1,786)
Total assets	337,835	537,901
Depreciation and amortization	6,657	6,937
Capital expenditures	4,490	5,131
Operating Segments | Johnston & Murphy Group
Segment Reporting Information [Line Items]
Sales	75,684	72,793
Earnings (loss) from operations	5,006	3,820
Interest expense	0	0
Interest income	0	0
Earnings (loss) from continuing operations before income taxes	5,006	3,820
Total assets	119,854	120,048
Depreciation and amortization	1,568	1,566
Capital expenditures	1,470	1,057
Operating Segments | Licensed Brands
Segment Reporting Information [Line Items]
Sales	24,066	33,011
Earnings (loss) from operations	306	2,275
Interest expense	0	0
Interest income	0	0
Earnings (loss) from continuing operations before income taxes	306	2,275
Total assets	29,520	36,803
Depreciation and amortization	155	167
Capital expenditures	60	77
Operating Segments | Corporate & Other
Segment Reporting Information [Line Items]
Sales	62	89
Earnings (loss) from operations	(8,243)	(8,149)
Interest expense	(1,047)	(1,177)
Interest income	19	0
Earnings (loss) from continuing operations before income taxes	(10,843)	(9,477)
Total assets	140,294	128,752
Depreciation and amortization	591	1,067
Capital expenditures	63	2,108
Intercompany Sales
Segment Reporting Information [Line Items]
Sales	(1)	(1)
Intercompany Sales | Journeys Group
Segment Reporting Information [Line Items]
Sales	0	0
Intercompany Sales | Schuh Group
Segment Reporting Information [Line Items]
Sales	0	0
Intercompany Sales | Lids Sports Group
Segment Reporting Information [Line Items]
Sales	0	0
Intercompany Sales | Johnston & Murphy Group
Segment Reporting Information [Line Items]
Sales	0	0
Intercompany Sales | Licensed Brands
Segment Reporting Information [Line Items]
Sales	(1)	(1)
Intercompany Sales | Corporate & Other
Segment Reporting Information [Line Items]
Sales	0	0
Reconciling Items
Segment Reporting Information [Line Items]
Asset impairments and other	(1,552)	(119)
Reconciling Items | Journeys Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0
Reconciling Items | Schuh Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0
Reconciling Items | Lids Sports Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0
Reconciling Items | Johnston & Murphy Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0
Reconciling Items | Licensed Brands
Segment Reporting Information [Line Items]
Asset impairments and other	0	0
Reconciling Items | Corporate & Other
Segment Reporting Information [Line Items]
Asset impairments and other	$ (1,552)	$ (119)