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Genesco announces 100 million dollar increase to increase to its share repurchase authorization

By Kristopher Fraser

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Nashville-based retail company Genesco Inc. has its board of directors authorized a 100 million dollar increase to its existing 100 million dollar share repurchase authorization. Under Genesco's existing 100 million dollar share repurchase authorization announced in September 2019, the company has repurchased roughly 1.72 million shares at a total cost of approximately 99 million dollars, at an average price of 57 dollars and 49 cents per share, leaving the remaining authorization of 1 million dollars under the existing program.

During the fourth quarter of fiscal 2022, the company repurchased approximately 840,000 shares for a total cost of approximately 52.2 million dollars, at an average price of 62 dollars and 22 cents per share. Full-year fiscal 2022 repurchases total approximately 1.36 million shares at a cost of approximately 82.8 million dollars, at an average price of 60 dollars and 88 cents per share.

Since December 2018, the company has repurchased an aggregate of approximately 7 million shares at a total cost of approximately 324 million dollars, at an average price of 46 dollars and 34 cents per share. These shares represent more than 34 percent of the shares outstanding at the start of these purchases.

The new authorization is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, private transactions, block trades, or otherwise, or by any combination of such methods, in accordance with SEC and other applicable legal requirements. The timing, prices, and sizes of purchases will depend upon prevailing stock prices, general economic, market conditions, and other considerations. The repurchase program does not obligate the company to acquire any set amount of common stock, and the repurchase program may be suspended or discontinued at any time at the company's discretion.

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