Women’s Wear Daily
04.16.2014
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22
Hal Pennington, Bob Dennis
Chairman; President, CEO, COO; Genesco Inc.
2008 Rank: 22

Focus is the name of the game at Genesco. Pennington, 71, and Dennis, 55, spent the recent months refining the company’s real estate portfolio and tracking expenses amid the tough operating environment. The firm has closed 24 stores across all its banners, though the teen-centric Journeys Group expects to bow 69 stores, to end the year with 816 units, including Journeys Kidz and Shi by Journeys. Troubles, however, continue at Underground Station with further deceleration of sales. But Genesco is making strategic investments. Its Hat World group earlier in the year purchased Impact Sports, and the firm is keeping an eye out for more acquisitions. Though it reported a $2.7 million net loss in the most recent quarter, the results beat the prior-year’s net loss of $10.8 million. Revenues, however, fell 5 percent to $334.7 million, with comps down 8 percent. For the fourth quarter, the firm expects to have low single-digit positive comps, due in part to tighter expense controls and an updated POS system.

Power Player: Jim Estepa, SVP; president, CEO, Genesco Retail Group

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