Exhibit 99.1

GENESCO INC. REPORTS FISCAL 2021 SECOND QUARTER RESULTS

Reopened Stores in a Phased Approach; 96% of Stores Now Open

Strong Digital Demand in Second Quarter

Second Quarter Fiscal 2021 Financial Summary

NASHVILLE, Tenn., Sept. 3, 2020 --- Genesco Inc. (NYSE: GCO) today reported a GAAP loss from continuing operations per diluted share of ($1.33) for the three months ended August 1, 2020, compared to earnings from continuing operations per diluted share of $0.05 in the second quarter last year.  Adjusted for the excluded items in both periods, the Company reported a second quarter loss from continuing operations per diluted share of ($1.23), compared to earnings from continuing operations per diluted share of $0.15 last year.

Mimi E. Vaughn, Genesco Board Chair, President and Chief Executive Officer, said, “The second quarter began with consumers enthusiastically returning to our physical locations as we began reopening stores and continuing to actively engage and shop with us online. The speed and executional excellence our teams demonstrated in getting our stores open and operational was a huge advantage as we often opened on the first day permitted by local authorities.  Despite our stores being open for about 70% of the days in the second quarter, total net revenue decreased only 20% as the drop in store volume was partially offset by a notable 144% increase in e-commerce sales as we pivoted to digital. Equally encouraging was our ability to reduce expenses and inventories in line with sales and to generate cash during the quarter.  Journeys generated a positive operating income for the quarter, but gross margin headwinds especially at Johnston & Murphy and Schuh led to a consolidated operating loss.

“Towards the end of the second quarter and to begin the third quarter, our business in North America was significantly impacted by the changes in back-to-school timing brought on by the pandemic. This includes schools in several areas of the country starting later than last year and many others not returning to in-person learning. As such we believe the back-to-school selling season will extend deeper into the third quarter which has limited visibility as we head into the back half. I am incredibly proud of how our teams have responded to the unprecedented challenges we’ve faced thus far in Fiscal 2021.  This, along with the strong strategic positioning of our businesses and current liquidity, gives me confidence that we will successfully weather this storm and emerge strong to take advantage of the many opportunities on the other side.”

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1Excludes retail store asset impairment charges and a change in vacation policy, net of tax effect in the second quarter of Fiscal 2021 (“Excluded Items”). A reconciliation of earnings/loss and earnings/loss per share from continuing operations in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) with the adjusted earnings/loss and earnings/loss per share numbers is set forth on Schedule B to this press release. The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, especially in light of the impact of such items on the results.

Store Re-Opening Update

Currently, the Company is operating in 96% of its locations, including approximately 1,130 Journeys, 160 Johnston & Murphy, and 125 Schuh locations.  

All store locations are operating under enhanced measures to ensure the health and safety of employees and customers.

Genesco will continue its phased approach to reopen stores when:

Second Quarter Review

Net sales for the second quarter of Fiscal 2021 decreased 20% to $391 million from $487 million in the second quarter of Fiscal 2020. This sales decrease was driven by store closures, a later start to back-to-school, lower store comps and lower wholesale sales, partially offset by digital comp growth of 144%.  As a result of the store closures and gradual reopening of stores in response to COVID-19, the Company has not included second quarter Fiscal 2021 comparable sales, except for comparable direct sales, as it believes that overall sales is a more meaningful metric during this period.

Overall sales were down 12% for Journeys, 22% at Schuh, and 64% at J&M while sales were up 62% at Licensed Brands due to the Togast acquisition.

Second quarter gross margin this year was 42.7%, down 590 basis points, compared with 48.6% last year. The decrease as a percentage of sales is due primarily to higher shipping and warehouse expense in all divisions driven by the increase in penetration of e-commerce, significant inventory reserves taken at Johnston & Murphy, and increased promotional activity at Schuh.

Adjusted selling and administrative expense for the second quarter this year increased 40 basis points as a percentage of net sales due to lower sales as a result of COVID-19. On a dollar basis, expenses decreased 19% compared to the same period last year driven by disciplined expense management, including: reduced selling salaries, occupancy, and compensation expense along with lower travel, advertising and bonus expenses.

Genesco’s GAAP operating loss for the second quarter was $(22.0) million, or (5.6)% of sales this year compared with operating income of $3.0 million, or 0.6% of sales last year.  Adjusted for the excluded items in both periods, the operating loss for the second quarter was $(20.9) million this year compared with operating income of $4.7 million last year.  Adjusted operating margin was (5.3)% of sales in the second quarter of Fiscal 2021 and 1.0% last year.

The effective tax rate for the quarter was 20.3% in Fiscal 2021 compared to 70.7% last year.  The adjusted tax rate, reflecting excluded items, was 23.0% in Fiscal 2021 compared to 45.2% last year.  The lower adjusted tax rate for this year primarily reflects the inability to recognize a tax benefit for certain foreign losses.

The GAAP loss from continuing operations was $(18.9) million in the second quarter of Fiscal 2021, compared to earnings from continuing operations of $0.8 million in the second quarter last year.  Adjusted for the excluded items in both periods, the second quarter loss from continuing operations was $(17.4) million, or ($1.23) loss per share in Fiscal 2021, compared to earnings from continuing operations of $2.5 million, or $0.15 earnings per share last year.

Cash, Borrowings and Inventory

Cash and cash equivalents at August 1, 2020, were $299.1 million, compared with $58.0 million at August 3, 2019.  Cash increased $60.6 million during the second quarter driven primarily by operating activities generating $74.4 million, partially offset by a use of cash in financing activities of $12.0 million, capital expenditures and other activities.  Total debt at the end of the second quarter of Fiscal 2021 was $210.9 million compared with $75.1 million at the end of last year’s second quarter. Total unused availability as of August 1, 2020 was $63.4 million. Inventories decreased 18% in the second quarter of Fiscal 2021 on a year-over-year basis.  

Capital Expenditures and Store Activity

For the second quarter, capital expenditures were $4 million, primarily related to digital and omni-channel initiatives and store projects already in progress. Depreciation and amortization was $12 million.  During the quarter, the Company opened three new stores and closed six stores.  The Company ended the quarter with 1,476 stores compared with 1,494 stores at the end of the second quarter last year, or a decrease of 1%.  Square footage was down 1% on a year-over-year basis.

Share Repurchases

The Company did not repurchase any shares during the second quarter of Fiscal 2021.  

Fiscal 2021 Outlook

Due to the continued uncertainty in the overall economy driven by COVID-19, the Company is not providing guidance at this time.

Conference Call, Management Commentary and Investor Presentation

The Company has posted detailed financial commentary and a supplemental financial presentation of second quarter results on its website, www.genesco.com, in the investor relations section. The Company’s live conference call on September 3, 2020, at 7:30 a.m. (Central time), may be accessed through the Company’s website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.

Safe Harbor Statement

This release contains forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, those regarding back-to-school and holiday selling seasons and its ability to keep stores open, operate the stores safely and ensure the

safety of customers and employees) and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences.  These include adjustments to estimates and projections reflected in forward-looking statements, including as a result of the effects of COVID-19 on the Company’s business including whether there are  periods of increases in the number of COVID-19 cases in locations in which the Company operates, further closures of stores due to COVID-19, weakness in store and shopping mall traffic, restrictions on operations imposed by government entities and landlords, changes in public safety and health requirements, the Company’s ability to adequately staff stores, limitations on the Company’s ability to provide adequate personal protective equipment to employees, and the Company’s ability to maintain social distancing requirements; stores closures and effects on the business as a result of civil disturbances; the level and timing of promotional activity necessary to maintain inventories at appropriate levels; the imposition of tariffs on products imported by the Company or its vendors as well as the ability and costs to move production of products in response to tariffs; the Company’s ability to obtain from suppliers products that are in-demand on a timely basis and effectively manage disruptions in product supply or distribution, including disruptions as a result of COVID-19; 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 and other sources of weakness in the U.K. market; the effectiveness of the Company's omnichannel initiatives; costs associated with changes in minimum wage and overtime requirements; wage pressure in the U.S. and the U.K.; weakness in the consumer economy and retail industry; competition and fashion trends in the Company's markets; risks related to the potential for terrorist events; risks related to public health and safety events, including for example, the COVID-19 coronavirus; changes in buying patterns by significant wholesale customers; retained liabilities associated with divestitures of businesses including potential liabilities under leases as the prior tenant or as a guarantor of certain leases; and changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons. Additional factors that could cause differences from expectations include the ability 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; the Company’s ability to eliminate stranded costs associated with dispositions, including the sale of the Lids Sport Group business; the Company’s ability to realize anticipated cost savings, including rent savings; 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, operating lease right of use assets or intangible assets or other adverse financial consequences and the timing and amount of such impairments or other consequences; unexpected changes to the market for the Company's shares or for the retail sector in general; 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; and the cost and outcome of litigation, investigations and environmental matters involving the Company. Additional factors are 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, the Company’s 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 the Company’s website, www.genesco.com. Many of the factors that will determine the outcome of the subject matter of this release 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.

About Genesco Inc.

Genesco Inc., a Nashville-based specialty retailer, sells footwear and accessories in more than 1,475 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Schuh, Schuh Kids, Little Burgundy, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk, www.johnstonmurphy.com, www.johnstonmurphy.ca, and www.dockersshoes.com.   In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the licensed Dockers brand, the licensed Levi’s brand, the licensed Bass brand, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.

Genesco Inc. Financial ContactsGenesco Inc. Media Contact

Mel TuckerClaire S. McCall

Senior Vice President, Chief Financial Officer Director, Corporate Relations

(615) 367-7465(615) 367-8283

mtucker@genesco.comcmccall@genesco.com

Dave Slater

Vice President, Financial Planning & Analysis and IR

(615) 367-7604

dslater@genesco.com  

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Schedule B

Genesco Inc.

Adjustments to Reported Earnings (Loss) from Continuing Operations

Three Months Ended August 1, 2020 and August 3, 2019

The Company believes that disclosure of earnings (loss) and earnings (loss) per share from continuing operations and operating income (loss) adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, especially in light of the impact of such items on the results.

⁽¹⁾   The adjusted tax rate for the second quarter of Fiscal 2021 and 2020 is 23.0% and 45.2%, respectively.

Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Three Months Ended August 1, 2020 and August 3, 2019

Genesco Inc.

Adjustments to Reported Earnings (Loss) from Continuing Operations

Six Months Ended August 1, 2020 and August 3, 2019

The Company believes that disclosure of earnings (loss) and earnings (loss) per share from continuing operations and operating income (loss) adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, especially in light of the impact of such items on the results.

Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Six Months Ended August 1, 2020 and August 3, 2019