Financial Analysis

Note 7 Legal Proceedings Environmental Matters The Company has legacy obligations including environmental monitoring and reporting costs related to: (i) a 2016 Consent Judgment entered into with the United States Environmental Protection Agency involving the site of a knitting mill operated by a former subsidiary from 1965 to 1969 in Garden City, New York; and (ii) a 2010 Consent Decree with the Michigan Department of Natural Resources and Environment relating to our former Volunteer Leather Company facility in Whitehall, Michigan. We do not expect that future obligations related to either of these sites will have a material effect on our consolidated financial condition or results of operations. Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, we had accrued $ 1.9 million as of May 2, 2026, $ 1.9 million as of January 31, 2026 and $ 2.1 million as of May 3, 2025. All such provisions reflect our 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 for discontinued operations are included in other accrued liabilities and other long-term liabilities on the accompanying Condensed Consolidated Balance Sheets because they relate to former faciliti …

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Note 4 Fair Value Fair Value of Financial Instruments The carrying amounts and fair values of our financial instruments at May 2, 2026 and January 31, 2026 are: (In thousands) May 2, 2026 January 31, 2026 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Revolver Borrowings $ 22,946 $ 22,898 $ 3,379 $ 3,362 U.K. Revolver Borrowings 22,400 22,356 Total Long-Term Debt $ 45,346 $ 45,254 $ 3,379 $ 3,362 Debt fair values were determined 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 within the fair value hierarchy. As of May 2, 2026, we had $ 7.0 million of investments held and used which were measured using Level 1 inputs within the fair value hierarchy. …

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Note 2 Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the Journeys Group segment were as follows: (In thousands) Total Goodwill Balance, January 31, 2026 $ 9,459 Effect of foreign currency exchange rates 16 Balance, May 2, 2026 $ 9,475 Other intangibles by major classes were as follows: Trademarks Customer Lists Other Total (In thousands) May 2, 2026 Jan. 31, 2026 May 2, 2026 Jan. 31, 2026 May 2, 2026 Jan. 31, 2026 May 2, 2026 Jan. 31, 2026 Gross other intangibles $ 26,025 $ 26,214 $ 6,599 $ 6,611 $ 400 $ 400 $ 33,024 $ 33,225 Accumulated amortization ( 5,088 ) ( 4,958 ) ( 400 ) ( 400 ) ( 5,488 ) ( 5,358 ) Net Other Intangibles $ 26,025 $ 26,214 $ 1,511 $ 1,653 $ $ $ 27,536 $ 27,867 …

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"Note 5 Long-Term Debt The revolver borrowings outstanding under the Fourth Amended and Restated Credit Agreement dated as of January 31, 2018, as amended, between us, certain of our subsidiaries, the lenders party thereto and Bank of America, N.A. as agent (the ""Credit Facility"") as of May 2, 2026 included (i) $ 15.0 million U.S. revolver borrowings and (ii) $ 7.9 million (CAD $ 10.8 million) revolver borrowings related to GCO Canada ULC. In addition, we had revolver borrowings outstanding by and between Schuh and Lloyds Bank PLC (the ""Facility Agreement"") of $ 22.4 million ( 16.5 million) as of May 2, 2026. We were in compliance with all the relevant terms and conditions of the Credit Facility and Facility Agreement as of May 2, 2026. Excess availability under the Credit Facility was $ 303.3 million at May 2, 2026."

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New Accounting Pronouncements We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of May 2, 2026, there were no other new pronouncements or interpretations, other than those disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, that had or were expected to have a significant impact on our financial reporting.

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"Note 8 Business Segment Information Our reportable segments are based on managements organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group and Schuh Group sell primarily branded products from other companies while Johnston & Murphy Group and Genesco Brands Group sell primarily our owned and licensed brands. Our chief operating decision maker (""CODM"") is our President and Chief Executive Officer . The CODM assesses performance of and allocates resources to each business segment based on segment results without allocating corporate expenses. These corporate expenses include corporate overhead, bank fees, interest expense, interest income, goodwill impairment, asset impairment charges and other, including severance, insurance gains, major litigation and major lease terminations. Reconciling items between segment operating income (loss) and earnings (loss) from continuing operations consist of unallocated corporate expenses. The CODM uses segment operating income (loss) as a measure of profit or loss. Three Months Ended May 2, 2026 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Genesco Brands Group Consolidated Net sales to external customers (1) $ 285,323 $ 90,702 $ 81,310 $ 29,690 $ 487,025 Cost of sales 147,051 53,492 37,122 20,441 Selling and administrative expenses 149,827 44,197 42,681 8,087 Segment operating income (loss) $ ( 11,555 ) $ ( 6,987 ) $ 1,507 $ 1,162 $ …

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"Note 1 Summary of Sig nificant Accounting Policies Basis of Presentation These Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and Notes for Fiscal 2026, which are contained in our Annual Report on Form 10-K as filed with the SEC on March 25, 2026. The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending January 30, 2027 (""Fiscal 2027"") and of the fiscal year ended January 31, 2026 (""Fiscal 2026""), both of which are 52-week fiscal years. All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. The results of operations for any interim period are not necessarily indicative of results for the full year. The Condensed Consolidated Financial Statements and the related Notes have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. Generally Accepted Accounting Principles (GAAP) for complete financial statements. The Condensed Consolidated Balance Sheet as of January 31, 2026 has been derived from the audited financial statements at that date. Nature of Operations Genesco Inc. and its subsidiaries (collectively the ""Compa …

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