Exhibit 99.1

GENESCO INC. REPORTS FISCAL 2021 THIRD QUARTER RESULTS

-Company Reports Return to Profitability-

-Sequential Improvement in Both Revenue and Gross Margin-

Third Quarter Fiscal 2021 Financial Summary

NASHVILLE, Tenn., Dec. 4, 2020 --- Genesco Inc. (NYSE: GCO) today reported GAAP earnings from continuing operations per diluted share of $0.52 for the three months ended October 31, 2020, compared to $1.31 per diluted share in the third quarter last year.  Adjusted for the excluded items in both periods, the Company reported third quarter earnings from continuing operations per diluted share of $0.85, compared to $1.33 per diluted share last year.

Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, “We successfully navigated with executional excellence through a back-to-school season like none other to deliver sales results that exceeded expectations and returned the Company to profitability. Journeys and Schuh performed well despite recent pressures, underscoring the strong strategic market positions and tremendous customer loyalty both have built over time, along with the ability to pivot and capitalize on the accelerated shift to online spending. At the same time, Johnston & Murphy’s business has been slower to recover as the brand’s competitive space faces stronger headwinds from the pandemic. Total net revenue decreased 11%, a meaningful improvement compared with our second quarter performance, as more stores were open and digital sales remained robust. With the decisive cost cutting actions we took early in the outbreak and one-time expense relief benefits, combined with better gross margins, solid profitability in our ecommerce channel and a lower tax rate, we dramatically improved our bottom line on a sequential basis with adjusted earnings per share coming in at $0.85.

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1Excludes retail store asset impairment charges and a change in vacation policy, net of tax effect in the third 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.

“We believe we have the right assortments and are ready for this holiday season; that said, consumer demand has been very different this year due to the pandemic, which has caused us to take a conservative approach to our outlook. In November, we faced headwinds from the re-closure of stores in North America and the U.K., but most stores have since reopened at this time. For the Black Friday weekend, as expected, traffic was more subdued than usual, but for the month of November, sales were in line with our expectations with an even heavier mix of digital versus store sales. With the vast majority of the holiday season ahead of us, we believe we are well positioned to meet demand regardless of when and how the consumer decides to shop thanks to the technology investments we’ve made in our stores and ecommerce platforms.  It’s a privilege to lead a team that is facing the challenges brought by COVID-19 head on, adapting continuously to the dynamic retail environment. This is bolstering my optimism that we will successfully weather this storm and emerge strong to take advantage of the many opportunities the pandemic has created.”

Store Re-opening Update

As of December 4, 2020, the Company is operating in 97% of its locations, including approximately 1,150 Journeys, 170 Johnston & Murphy and 110 Schuh locations.

Third Quarter Review

Net sales for the third quarter of Fiscal 2021 decreased 11% to $479 million from $537 million in the third quarter of Fiscal 2020.  This sales decrease was driven by lower store comps reflecting decreased back-to-school sales, continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital comp growth of 62%. Stores were open about 95% of days. Although the Company has disclosed comparable sales for the third quarter Fiscal 2021, it believes that overall sales is a more meaningful metric during this period due to the impact of COVID-19.

Overall sales were down 10% for Journeys, 3% at Schuh, and 45% at J&M while sales were up 91% at Licensed Brands due to the Togast acquisition in the fourth quarter last year.

Third quarter gross margin this year was 47.1%, down 210 basis points, compared with 49.2% last year. The decrease as a percentage of sales is due primarily to the mix of our businesses, increased markdowns and inventory reserves at Johnston & Murphy and higher shipping and warehouse expense in all of our retail divisions driven by the increase in penetration of e-commerce, partially offset by decreased markdowns at Journeys.

Adjusted selling and administrative expense for the third quarter this year decreased 10 basis points as a percentage of net sales.  On a dollar basis, expenses decreased 11% compared to the same period last year due primarily to reduced occupancy expense, driven by rent abatement agreements with

landlords and savings from the government program in the U.K. to provide property tax relief, as well as reduced selling salaries and bonus expense.

Genesco’s GAAP operating income for the third quarter was $8.2 million, or 1.7% of sales this year compared to $25.9 million, or 4.8% of sales last year.  Adjusted for the excluded items in both periods, operating income for the third quarter was $13.9 million this year compared to $26.7 million last year.  Adjusted operating margin was 2.9% of sales in the third quarter of Fiscal 2021 and 5.0% last year.

The effective tax rate for the quarter was -7.4% in Fiscal 2021 compared to 25.4% last year.  The adjusted tax rate, reflecting excluded items, was 4.4% in Fiscal 2021 compared to 26.2% last year.  The lower adjusted tax rate for this year primarily reflects the impact of the Company’s performance in foreign jurisdictions for which no income tax benefit or expense is recorded in Fiscal 2021.

GAAP earnings from continuing operations were $7.5 million in the third quarter of Fiscal 2021, compared to $19.0 million in the third quarter last year.  Adjusted for the excluded items in both periods, the third quarter earnings from continuing operations were $12.1 million, or $0.85 earnings per share in Fiscal 2021, compared to $19.4 million, or $1.33 earnings per share last year.

Cash, Borrowings and Inventory

Cash and cash equivalents at October 31, 2020, were $115.1 million, compared with $55.8 million at November 2, 2019.  Cash decreased $184.1 million during the third quarter driven primarily by a use of cash in financing activities of $177.8 million to pay down debt and $11.0 million for capital expenditures and other activities, partially offset by operating activities generating $4.7 million.  Total debt at the end of the third quarter of Fiscal 2021 was $32.9 million compared with $79.5 million at the end of last year’s third quarter. Total unused availability as of October 31, 2020 was $249.4 million.  Inventories decreased 22% in the third quarter of Fiscal 2021 on a year-over-year basis.  

Capital Expenditures and Store Activity

For the third quarter, capital expenditures were $8 million, related primarily to digital and omni-channel initiatives.  Depreciation and amortization was $11 million.  During the quarter, the Company opened seven new stores and closed seven stores.  The Company ended the quarter with 1,476 stores compared with 1,492 stores at the end of the third 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 third 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 third quarter results on its website, www.genesco.com, in the investor relations section. The Company’s live conference call on December 4, 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 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 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 Contacts

Mimi E. Vaughn

Board Chair, President and Chief Executive Officer

(615) 367-7386

mvaughn@genesco.com

Dave Slater

Vice President, Financial Planning & Analysis and IR

(615) 367-7604

dslater@genesco.com

Genesco Inc. Media Contact

Claire S. McCall

Director, Corporate Relations

(615) 367-8283

cmccall@genesco.com

GENESCO INC.

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GENESCO INC.

COVID-19 Related Adjustments

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Schedule B

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Three Months Ended October 31, 2020 and November 2, 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 third quarter of Fiscal 2021 and 2020 is 4.4% and 26.2%, respectively.

Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Three Months Ended October 31, 2020 and November 2, 2019

Genesco Inc.

Adjustments to Reported Earnings (Loss) from Continuing Operations

Nine Months Ended October 31, 2020 and November 2, 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 first nine months of Fiscal 2021 and 2020 is 29.2% and 29.5%, respectively.

Genesco Inc.

Adjustments to Reported Operating Income (Loss)

Nine Months Ended October 31, 2020 and November 2, 2019