Genesco Appoints New CFO Amid Store Closures and Mixed Sales Performance
Harris joins as Genesco confronts store closures and fluctuating sales across its brands.
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Sandra Harris brings extensive retail expertise to lead financial strategies during challenging times for the company.
Genesco has announced the appointment of Sandra Harris as its new Chief Financial Officer, a strategic move as the company grapples with store closures and varying sales performance across its divisions. Harris, a seasoned retail executive, previously spent a decade at VF Corp., where she was pivotal in shaping global business and financial strategies across a wide array of brands.
Genesco CEO Mimi Vaughn praised Harris’ proven leadership skills, emphasizing her consistent ability to drive strategic growth and create value within complex organizations. “Sandra’s expertise in multi-channel, multi-brand consumer businesses will be invaluable as we navigate our current challenges,” Vaughn remarked, signaling confidence in Harris’s capabilities during this transitional period.
Harris steps into her role at a critical juncture for Genesco, particularly as the company faces significant difficulties within its Journeys brand. In fiscal 2024, Journeys closed 94 stores, and another 29 closures have occurred as of September in the current fiscal year. The company is contemplating additional closures, potentially shutting down up to 50 more stores by year-end.
While Journeys recorded a 4% increase in sales during the second quarter, this positive trend was overshadowed by a 9% decline in sales at Johnston & Murphy and a 13% drop at Genesco Brands. Despite this mixed performance, Vaughn expressed cautious optimism in Genesco’s September earnings report, noting that Journeys is beginning to build momentum and that the company is making strides to adapt to the evolving needs of consumers. However, she also acknowledged the unpredictable nature of the current operating environment, prompting a more conservative short-term outlook for Genesco’s other business segments.
Harris’s appointment comes at a time when many major retailers are undergoing transitions in their financial leadership. Notably, Target recently named Jim Lee, a former PepsiCo executive, as its new CFO, while Pacsun appointed Aina Konold and Sephora North America selected Delphine Herve to succeed Christophe le Boterff, who is set to retire in April.
As Genesco navigates these turbulent waters, the addition of Sandra Harris to its leadership team underscores the company’s commitment to strengthening its financial strategy and positioning itself for future growth.
