Dive Brief:
- Genesco’s Chief Financial Officer Sandra Harris is leaving the business on March 6 to pursue other opportunities, the footwear company announced Thursday.
- Harris will help guide the transition to a new CFO, join the company’s fourth-quarter and fiscal year 2026 earnings calls in early March, and serve as a consultant and principal accounting officer through the filing of Genesco’s fiscal year 2026 10-K.
- Genesco CEO Mimi Vaughn, who previously served as the company’s CFO between 2015 and 2019, will take over as the company’s interim CFO. The company has initiated a search for a new CFO.
Dive Insight:
Harris is exiting Genesco after almost a year and a half in the CFO position. In October 2024, the Tupperware veteran joined Genesco after serving as CFO of Artisan Design Group.
In its announcement, Genesco stressed that Harris’ exit did not stem from disagreements with the company or any problems related to its operations, policies or financial reporting.
“We thank Sandra for her contributions to Genesco and appreciate her support during this transition,” Vaughn said in a statement. “I am confident in the strength of our management and financial leadership team as we continue to execute on Genesco’s long-term growth strategy.”
Genesco underwent another leadership change last fall. The company created Journeys Global Retail Group in September and placed the Schuh, Journeys and Little Burgundy teen retailers under that banner. The company then appointed Andy Gray as chief executive of the newly formed entity and named Foot Locker veteran Chris Santaella as its chief merchant.
As Genesco searches for a new CFO, the company recently wrapped a mostly positive quarter. In its Q3 earnings report, the company said net sales saw a 3% bump year over year to $616 million, and its net income rose from nearly $19 million in losses a year prior to about $5.4 million in earnings. Operating income, however, fell from $10.2 million a year prior to $8.6 million.
Looking ahead, Genesco lowered its fiscal 2026 guidance. Though it previously predicted its sales to grow between 3% to 4%, it now projects about 2% in net sales growth from a year earlier.
“There are some factors causing us to moderate our view on the remainder of the year in spite of our current momentum,” Vaughn said in the earnings release. “We have materially changed our sales and margin projections for Schuh to reflect the ongoing difficult U.K. market and performance. We have also moderated the growth assumptions for our other businesses based on the lower footwear consumer traffic and spending patterns we’ve recently witnessed on non-peak shopping days.”
