10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _______________________________________________________

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended January 31, 2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from             to             

Commission File No. 1-3083

_____________________________________________________ 

Genesco Inc.

(Exact name of registrant as specified in its charter)

Tennessee	62-0211340
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Genesco Park, 1415 Murfreesboro Road Nashville, Tennessee	37217-2895
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (615) 367-7000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Name of Exchange on which Registered
Common Stock, $1.00 par value Preferred Share Purchase Rights	New York New York

Securities Registered Pursuant to Section 12(g) of the Act:

Employees’ Subordinated Convertible Preferred Stock

________________________________________________________ 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  x    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   x

Indicate by check mark whether the registrant is a large accelerated filer; an accelerated filer; a non-accelerated filer; or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨    (Do not check if smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) Yes  ¨    No  x

The aggregate market value of common stock held by nonaffiliates of the registrant as of August 2, 2014, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $1,838,000,000. The market value calculation was determined using a per share price of $76.27, the price at which the common stock was last sold on the New York Stock Exchange on such date. For purposes of this calculation, shares held by nonaffiliates excludes only those shares beneficially owned by officers, directors, and shareholders owning 10% or more of the outstanding common stock (and, in each case, their immediate family members and affiliates).

As of March 13, 2015, 24,033,954 shares of the registrant’s common stock were outstanding.

Documents Incorporated by Reference

Portions of the proxy statement for the June 25, 2015 annual meeting of shareholders are incorporated into Part III by reference.

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	14
Item 2.	Properties	14
Item 3.	Legal Proceedings	14
Item 4.	Mine Safety Disclosures	16
Item 4A.	Executive Officers	17
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	18
Item 6.	Selected Financial Data	20
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	40
Item 8.	Financial Statements and Supplementary Data	41
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	103
Item 9A.	Controls and Procedures	103
Item 9B.	Other Information	103
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	104
Item 11.	Executive Compensation	104
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	104
Item 13.	Certain Relationships and Related Transactions, and Director Independence	104
Item 14.	Principal Accounting Fees and Services	104
PART IV
Item 15.	Exhibits and Financial Statement Schedules	105

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PART I

ITEM 1, BUSINESS

General

Genesco Inc. ("Genesco" or the “Company”) is a leading retailer and wholesaler of branded footwear, apparel and accessories with net sales for Fiscal 2015 of $2.86 billion. During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised of (a) headwear and accessory stores under the Lids^® name and other names in the U.S., Puerto Rico and Canada, (b) the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names, (c) licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lids and on macys.com under a license agreement with Macy's, (d) e-commerce operations and (e) an athletic team dealer business operating as Lids Team Sports; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip^®Footwear, occupational footwear primarily sold directly to consumers; and other brands.

At January 31, 2015, the Company operated 2,824 retail footwear, headwear and sports apparel and accessory stores and leased departments located primarily throughout the United States and in Puerto Rico, but also including 154 headwear and sports apparel and accessory stores and 42 footwear stores in Canada and 108 footwear stores in the United Kingdom and the Republic of Ireland. It currently plans to open a total of approximately 116 new retail stores and to close approximately 34 retail stores in Fiscal 2016. At January 31, 2015, Journeys Group operated 1,182 stores, including 189 Journeys Kidz, 49 Shi by Journeys and 110 Underground by Journeys; Schuh Group operated 108 stores; Lids Sports Group operated 1,364 stores, including 932 Lids stores, 242 Lids Locker Room and Clubhouse stores and 190 Locker Room by Lids leased departments, and Johnston & Murphy Group operated 170 retail shops and factory stores.

The following table sets forth certain additional information concerning the Company’s retail footwear, headwear and sports apparel and accessory stores and leased departments during the five most recent fiscal years:

	Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014		Fiscal 2015
Retail Stores
Beginning of year	2,276		2,309		2,387		2,459		2,568
Opened during year	53		70		104		183		273
Acquired during year	58		85		33		15		56
Closed during year	(78	)	(77	)	(65	)	(89	)	(73	)
End of year	2,309		2,387		2,459		2,568		2,824

The Company also designs, sources, markets and distributes footwear under its own Johnston & Murphy brand, the Trask brand, the licensed Dockers^® brand and other brands that the Company licenses for men's footwear to over 1,200 retail accounts in the United States, including a number of leading department, discount, and specialty stores.

Shorthand references to fiscal years (e.g., “Fiscal 2015”) refer to the fiscal year ended on the Saturday nearest January 31^st in the named year (e.g., January 31, 2015). The terms "Company," "Genesco," "we," "our" or "us" as used herein and unless otherwise stated or indicated by context refer to Genesco Inc. and its subsidiaries. All information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which is referred to in Item 1 of this report, is incorporated by such reference in Item 1. This report contains forward-looking statements. Actual results may vary materially and adversely from the expectations reflected in these statements. For a discussion of some of the factors that may lead to different results, see Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Available Information

The Company files reports with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and other reports from time to time. The public may read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F. Street, NE, Washington, DC 20549. The public may obtain

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information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The Company is an electronic filer and the SEC maintains an internet site at http://www.sec.gov that contains the reports, proxy and information statements, and other information filed electronically. The Company’s website address is http://www.genesco.com. The Company’s website address is provided as an inactive textual reference only. The Company makes available free of charge through the website annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. Copies of the charters of each of the Company’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, as well as the Company’s Corporate Governance Guidelines and Code of Ethics along with position descriptions for the Board of Directors and Board committees are also available free of charge through the website. The information provided on the Company’s website is not part of this report, and is therefore not incorporated by reference unless such information is otherwise specifically incorporated elsewhere in this report.

Segments

Journeys Group

The Journeys Group segment, including Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail stores, catalog and e-commerce operations, accounted for approximately 41% of the Company’s net sales in Fiscal 2015. For Fiscal 2015, same store sales increased 7%, comparable direct sales increased 30% and comparable sales, including both store and direct sales, increased 8% from the prior fiscal year. Operating income attributable to Journeys Group was $114.8 million in Fiscal 2015, with an operating margin of 9.7%. The Company believes that the Journeys Group’s distinctive store formats, its mix of well-known brands and new product introductions, and its experienced management team provide significant competitive advantages for the Journeys Group.

At January 31, 2015, Journeys Group operated 1,182 stores, including 189 Journeys Kidz stores, 49 Shi by Journeys stores and 110 Underground by Journeys stores averaging approximately 1,900 square feet, throughout the United States and in Puerto Rico and Canada, selling footwear and accessories for young men, women and children.

Journeys retail footwear stores target customers in the 13 to 22 year age group through the use of youth-oriented decor and multi-channel media. Journeys stores carry predominately branded merchandise across a wide range of prices. The Journeys Kidz retail footwear stores sell footwear and accessories primarily for younger children ages five to 12. Shi by Journeys retail footwear stores sell footwear and accessories to a target customer group consisting of fashion-conscious women in their early 20’s to mid 30’s. Underground by Journeys retail footwear stores sell footwear and accessories primarily for men and women in the 20 to 35 age group. In Fiscal 2015, the Journeys Group added 14 net new stores and plans to open approximately 36 net new stores in Fiscal 2016.

Lids Sports Group

The Lids Sports Group segment, as described above, accounted for approximately 32% of the Company’s net sales in Fiscal 2015. For Fiscal 2015, same store sales increased 1%, comparable direct sales increased 14% and comparable sales, including both store and direct sales, increased 2% from the prior fiscal year. Operating income attributable to Lids Sports Group was $49.0 million in Fiscal 2015, with an operating margin of 5.4%.

At January 31, 2015, Lids Sports Group operated 1,364 stores, including 932 Lids stores, 242 Lids Locker Room and Clubhouse stores and 190 Locker Room by Lids leased departments, averaging approximately 1,175 square feet, throughout the United States and in Puerto Rico and Canada. Lids Sports Group added 231 net new stores and leased departments in Fiscal 2015, including 56 acquired stores and 165 Locker Room by Lids leased departments in Macy's department stores, and plans to open 17 net new stores in Fiscal 2016.

The core headwear stores and kiosks, located in malls, airports, street-level stores and factory outlet stores throughout the United States and in Puerto Rico and Canada, target customers in the early-teens to mid-20’s age group. In general, the stores offer headwear from an assortment of college, MLB, NBA, NFL and NHL teams, as well as other specialty fashion categories. The Lids Locker Room and Lids Clubhouse stores, operating under a number of trade names, located in malls and other locations primarily in the United States, target sports fans of all ages. These stores offer headwear, apparel, accessories and novelties representing an assortment of college and professional teams. The Locker Room by Lidsleased departments in Macy's department stores offer headwear, apparel, accessories and novelties representing an assortment of college and professional teams specific to that particular Macy's department store geographic location.

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Schuh Group

The Schuh Group segment, including e-commerce operations, accounted for approximately 14% of the Company’s net sales in Fiscal 2015. For Fiscal 2015, same store sales decreased 1%, comparable direct sales increased 12% and comparable sales, including both store and direct sales, increased 1%. Operating income attributable to Schuh Group was $10.1 million in Fiscal 2015, with an operating margin of 2.5%. Operating income for Schuh included $7.3 million in compensation expense related to a deferred purchase price obligation in connection with the Company's acquisition of Schuh during Fiscal 2012.

At January 31, 2015, Schuh Group operated 102 Schuh stores, averaging approximately 4,975 square feet, which include both street-level and mall locations in the United Kingdom and the Republic of Ireland. Schuh Group opened its first Schuh Kids store in Fiscal 2013. As of January 31, 2015, Schuh Group operated six Schuh Kids stores averaging 2,675 square feet. Schuh Group opened nine net new stores in Fiscal 2015 and plans to open approximately 21 net new Schuh and Schuh Kids stores in Fiscal 2016. Schuh stores target men and women in the 15 to 30 age group, selling a broad range of branded casual and athletic footwear along with a meaningful private label offering.

Johnston & Murphy Group

The Johnston & Murphy Group segment, including retail stores, catalog and e-commerce operations and wholesale distribution, accounted for approximately 9% of the Company’s net sales in Fiscal 2015. Same store sales for Johnston & Murphy retail operations increased 1%, comparable direct sales decreased 1% and comparable sales, including both store and direct sales, increased 1% for Fiscal 2015. Operating income attributable to Johnston & Murphy Group was $14.9 million in Fiscal 2015, with an operating margin of 5.7%. All of the Johnston & Murphy wholesale sales are of the Genesco-owned Johnston & Murphy brand and all of the group’s retail sales are of Johnston & Murphy branded products.

Johnston & Murphy Retail Operations. At January 31, 2015, Johnston & Murphy operated 170 retail shops and factory stores throughout the United States and in Canada averaging approximately 1,850 square feet and selling footwear, apparel and accessories primarily for men in the 35 to 55 age group, targeting business and professional customers. Women’s footwear and accessories are sold in select Johnston & Murphy locations. Johnston & Murphy retail shops are located primarily in better malls and airports nationwide and sell a broad range of men’s dress and casual footwear, apparel and accessories. The Company also sells Johnston & Murphy products directly to consumers through an e-commerce website and a direct mail catalog. Retail prices for Johnston & Murphy footwear generally range from $100 to $275. Total footwear accounted for 64% of total Johnston & Murphy retail sales in Fiscal 2015, with the balance consisting primarily of apparel and accessories. Johnston & Murphy Group added two net new shops and factory stores and plans to open approximately eight net new shops and factory stores in Fiscal 2016.

Johnston & Murphy Wholesale Operations. Johnston & Murphy men’s and women's footwear and accessories are sold at wholesale, primarily to better department and independent specialty stores. Johnston & Murphy’s wholesale customers offer the brand’s footwear for dress, dress casual, and casual occasions, with the majority of styles offered in these channels selling from $100 to $195. Additionally, the Company offers the Trask brand, with men's and women's footwear and leather accessories offered primarily through better independent retailers and department stores, an e-commerce website and catalog. Suggested retail prices for Trask footwear range from $195 to $495.

Licensed Brands

The Licensed Brands segment accounted for approximately 4% of the Company’s net sales in Fiscal 2015. Operating income attributable to Licensed Brands was $10.5 million in Fiscal 2015, with an operating margin of 9.5%. Licensed Brands sales include footwear marketed under the Dockers^® brand, for which Genesco has had the exclusive men’s footwear license in the United States since 1991. See “Licenses”. Dockers footwear is marketed to men aged 30 to 55 through many of the same national retail chains that carry Dockers slacks and sportswear and in department and specialty stores across the country. Suggested retail prices for Dockers footwear generally range from $50 to $90. The Company acquired Keuka Footwear in the third quarter of Fiscal 2011 and subsequently launched its SureGrip Footwear line of slip-resistant, occupational footwear within the Licensed Brands segment from that base. The Company sources and distributes the SureGrip line to employees in the hospitality, healthcare, and other industries.

For further information on the Company’s business segments, see Note 14 to the Consolidated Financial Statements included in Item 8, "Financial Statement and Supplementary Data" and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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Manufacturing and Sourcing

The Company relies on independent third-party manufacturers for production of its footwear products sold at wholesale. The Company sources footwear and accessory products from foreign manufacturers located in Brazil, Canada, China, Dominican Republic, France, Germany, Hong Kong, India, Indonesia, Italy, Mexico, Netherlands, Pakistan, Peru, Taiwan and Vietnam. The Company’s retail operations source primarily branded products from third parties, who source primarily overseas.

Competition

Competition is intense in the footwear, headwear, sports apparel and accessory industries. The Company’s retail footwear, headwear, sports apparel and accessory competitors range from small, locally owned stores to regional and national department stores, discount stores, specialty chains and online retailers. The Company also competes with hundreds of footwear wholesale operations in the United States and throughout the world, most of which are relatively small, specialized operations, but some of which are large, more diversified companies. Some of the Company’s competitors have resources that are not available to the Company. The Company’s success depends upon its ability to remain competitive with respect to the key factors of style, price, quality, comfort, brand loyalty, customer service, store location and atmosphere and the ability to offer distinctive products.

Licenses

The Company owns its Johnston & Murphy^®, H.S. Trask^®, Keuka^® and SureGrip^® brands and owns or licenses the trade names of its retail concepts either directly or through wholly-owned subsidiaries. The Dockers^® brand footwear line, introduced in Fiscal 1993, is sold under a license agreement granting the Company the exclusive right to sell men’s footwear under the trademark in the United States, Canada and Mexico and in certain other Latin American countries. The Dockers license agreement, as amended, expires on November 30, 2015, subject to extension for an additional 3-year term if certain conditions are met. The Company has given notice as required by the license agreement to renew the license for an additional three-year term expiring November 30, 2018. Net sales of Dockers products were approximately $82 million in Fiscal 2015 and approximately $85 million in Fiscal 2014. The Company licenses certain of its footwear brands, mostly in foreign markets. License royalty income was not material in Fiscal 2015.

Wholesale Backlog

Most of the orders in the Company’s wholesale divisions are for delivery within 150 days. Because most of the Company’s business is at-once, the backlog at any one time is not necessarily indicative of future sales. As of February 28, 2015, the Company’s wholesale operations had a backlog of orders, including unconfirmed customer purchase orders, amounting to approximately $56.3 million, compared to approximately $57.4 million on March 1, 2014. The backlog is somewhat seasonal, reaching a peak in spring. The Company maintains in-stock programs for selected product lines with anticipated high volume sales.

Employees

Genesco had approximately 27,325 employees at January 31, 2015, approximately 120 of whom were employed in corporate staff departments and the balance in operations. Retail stores employ a substantial number of part-time employees, and approximately 17,325 of the Company’s employees were part-time.

Seasonality

The Company's business is seasonal with the Company's investment in inventory and accounts receivable normally reaching peaks in the spring and fall of each year.

Properties

At January 31, 2015, the Company operated 2,824 retail footwear, headwear and sports apparel and accessory stores and leased departments throughout the United States and in Puerto Rico, Canada, the United Kingdom and the Republic of Ireland. New shopping center store leases in the United States, Puerto Rico and Canada typically are for a term of approximately 10 years. New store leases in the United Kingdom and the Republic of Ireland typically have terms of between 10 and 15 years. Both typically provide for rent based on a percentage of sales against a fixed minimum rent based on the square footage leased.

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The general location, use and approximate size of the Company’s principal properties are set forth below:

Location	Owned/Leased	Segment	Use	Approximate Area Square Feet
Lebanon, TN	Owned	Journeys Group	Distribution warehouse	320,000
Indianapolis, IN	Leased	Lids Sports Group	Distribution warehouse and administrative offices	311,600
Nashville, TN	Leased	Various	Executive & footwear operations offices	306,455	*
Indianapolis, IN	Leased	Lids Sports Group	Distribution warehouse and manufacturing	271,825
Bathgate, Scotland	Owned	Schuh Group	Distribution warehouse	244,644
Indianapolis, IN	Leased	Lids Sports Group	Distribution warehouse and administrative offices	195,080
Chapel Hill, TN	Owned	Licensed Brands	Distribution warehouse	182,000
Fayetteville, TN	Owned	Johnston & Murphy Group	Distribution warehouse	178,500
Deans Industrial Estate, Livingston, Scotland	Owned	Schuh Group	Distribution warehouse and administrative offices	106,813
Lake Katrine, NY	Leased	Lids Sports Group	Distribution warehouse and administrative offices	73,000
Nashville, TN	Owned	Journeys Group	Distribution warehouse	63,000
Nashville, TN	Leased	Lids Sports Group	Distribution warehouse and administrative offices	43,388
Mississauga, Ontario, Canada	Leased	Lids Sports Group	Distribution warehouses	38,322
Indianapolis, IN	Leased	Lids Sports Group	Administrative offices	17,217

* The Company occupies approximately 85% of the building and subleases the remainder of the building.

The lease on the Company’s Nashville office expires in April 2017, with an option to renew for an additional five years. The lease on the Indianapolis office expires in January 2016. The Company believes that all leases of properties that are material to its operations may be renewed, or that alternative properties are available, on terms not materially less favorable to the Company than existing leases.

Environmental Matters

The Company’s former manufacturing operations and the sites of those operations as well as the sites of its current operations are subject to numerous federal, state, and local laws and regulations relating to human health and safety and the environment. These laws and regulations address and regulate, among other matters, wastewater discharge, air quality and the generation, handling, storage, treatment, disposal, and transportation of solid and hazardous wastes and releases of hazardous substances into the environment. In addition, third parties and governmental agencies in some cases have the power under such laws and regulations to require remediation of environmental conditions and, in the case of governmental agencies, to impose fines and penalties. Several of the facilities owned by the Company (currently or in the past) are located in industrial areas and have historically been used for extensive periods for industrial operations such as tanning, dyeing, and manufacturing. Some of these operations used materials and generated wastes that would be considered regulated substances under current environmental laws and regulations. The Company currently is involved in certain administrative and judicial environmental proceedings relating to the Company’s former facilities. See Item 3, Legal Proceedings and Note 13.

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ITEM 1A, RISK FACTORS

Our business is subject to significant risks. You should carefully consider the risks and uncertainties described below and the other information in this Form 10-K, including our consolidated financial statements and the notes to those statements. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we do not presently know about or that we currently consider immaterial may also affect our business operations and financial performance. If any of the events described below actually occur, our business, financial condition or results of operations could be adversely affected in a material way. This could cause the trading price of our stock to decline, perhaps significantly, and you may lose part or all of your investment.

Poor economic conditions and other factors can affect consumer spending and may significantly harm our business, affecting our financial condition, liquidity, and results of operations.

The success of our business depends to a significant extent upon the level of consumer spending. A number of factors may affect the level of consumer spending on merchandise that we offer, including, among other things:

•general economic, industry and weather conditions;

•energy costs, which affect gasoline and home heating prices;

•the level of consumer debt;

•pricing of products;

•interest rates;

•tax rates, refunds and policies;

•war, terrorism and other hostilities; and

•consumer confidence in future economic conditions.

Adverse economic conditions and any related decrease in consumer demand for discretionary items could have a material adverse effect on our business, results of operations and financial condition. The merchandise we sell generally consists of discretionary items. Reduced consumer confidence and spending may result in reduced demand for discretionary items and may force us to take inventory markdowns, decreasing sales and making expense leverage difficult to achieve. Demand can also be influenced by other factors beyond our control. For example, sales in the Lids Sports Group segment have historically been affected by developments in team sports, and could be adversely impacted by player strikes or other interruptions, as well as by the performance and reputation of certain teams and players.

Moreover, while the Company believes that its operating cash flows and its borrowing capacity under committed lines of credit will be more than adequate for its anticipated cash requirements, if the economy were to experience a renewed downturn, or if one or more of the Company’s revolving credit banks were to fail to honor its commitments under the Company’s credit lines, the Company could be required to modify its operations for decreased cash flow or to seek alternative sources of liquidity, and such alternative sources might not be available to the Company.

Our business involves a degree of fashion risk.

The majority of our businesses serve a fashion-conscious customer base and depend upon the ability of our buyers and merchandisers to react to fashion trends, to purchase inventory that reflects such trends, and to manage our inventories appropriately in view of the potential for sudden changes in fashion, consumer taste, or other drivers of demand, including the performance and popularity of individual sports teams and athletes. Failure to continue to execute any of these activities successfully could result in adverse consequences, including lower sales, product margins, operating income and cash flows.

Our business and results of operations are subject to a broad range of uncertainties arising out of world and domestic events.

Our business and results of operations are subject to uncertainties arising out of world and domestic events, which may impact not only consumer demand, but also our ability to obtain the products we sell, most of which are produced outside the countries in which we operate. These uncertainties may include a global economic slowdown, changes in consumer spending or travel, increase in gasoline and natural gas prices, and the economic consequences of natural disasters, military action or terrorist activities and increased regulatory and compliance burdens related to governmental actions in response to a variety of factors, including but not limited to national security and anti-terrorism concerns and concerns about climate

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change. Any future events arising as a result of terrorist activity or other world events may have a material impact on our business, including the demand for and our ability to source products, and consequently on our results of operations and financial condition.

The increasing scope of our non-U.S. operations exposes our performance to risks including foreign economic conditions and exchange rate fluctuations.

Our performance depends in part on general economic conditions affecting all countries in which we do business. We are dependent on foreign manufacturers for the products we sell, and our inventory is subject to cost and availability of foreign materials and labor. In addition to the other risks disclosed herein, demand for our product offering in our non-U.S. operations is also subject to local market conditions. As a result, there can be no assurance that Schuh's or our Canadian operations' future performance will not be adversely affected by economic conditions in their markets.

As we expand our international operations, we also increase our exposure to exchange rate fluctuations. Sales from stores outside the U.S. are denominated in the currency of the country in which these operations or stores are located and changes in foreign exchange rates affect the translation of the sales and earnings of these businesses into U.S. dollars for financial reporting purposes. Additionally, inventory purchase agreements may also be denominated in the currency of the country where the vendor resides.

Our business is intensely competitive and increased or new competition could have a material adverse effect on us.

The retail footwear, headwear, sports apparel and accessory markets are intensely competitive. We currently compete against a diverse group of retailers, including other regional and national specialty stores, department and discount stores, small independents and e-commerce retailers, which sell products similar to and often identical to those we sell. Our branded businesses, selling footwear at wholesale, also face intense competition, both from other branded wholesale vendors and from private label initiatives of their retailer customers. A number of different competitive factors could have a material adverse effect on our business, results of operations and financial condition, including:

•increased operational efficiencies of competitors;

•competitive pricing strategies;

•expansion by existing competitors;

•entry by new competitors into markets in which we currently operate; and

•adoption by existing retail competitors of innovative store formats or sales methods.

We are dependent on third-party vendors for the merchandise we sell.

We do not manufacture the merchandise we sell. This means that our product supply is subject to the ability and willingness of third-party suppliers to deliver merchandise we order on time and in the quantities and of the quality we need. In addition, a material portion of our retail footwear sales consists of products marketed under brands, belonging to unaffiliated vendors, which have fashion significance to our customers. Our core retail hat and sports apparel businesses are dependent upon products bearing sports and other logos, each generally controlled by a single licensee/vendor. If those vendors were to decide not to sell to us or to limit the availability of their products to us, or if they become unable because of economic conditions or any other reason to supply us with products, we could be unable to offer our customers the products they wish to buy and could lose their business to competitors.

An increase in the cost or a disruption in the flow of our imported products may significantly decrease our sales and profits.

Merchandise originally manufactured and imported from overseas makes up a large proportion of our total inventory. A disruption in the shipping of our imported merchandise or an increase in the cost of those products may significantly decrease our sales and profits. We may be unable to meet our customers’ demands or pass on price increases to our customers. In addition, if imported merchandise becomes more expensive or unavailable, the transition to alternative sources may not occur in time to meet demand. Products from alternative sources may also be of lesser quality or more expensive than those we currently import. Risks associated with our reliance on imported products include:

•disruptions in the shipping and importation of imported products because of factors such as:

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▪raw material shortages, work stoppages, strikes and political unrest;

▪problems with oceanic shipping, including shipping container shortages and delays in ports;

▪increased customs inspections of import shipments or other factors causing delays in shipments;

▪economic crises, natural disasters, international disputes and wars; and

•increases in the cost of purchasing or shipping foreign merchandise resulting from:

• denial by the United States of “most favored nation” trading status to or the imposition of quotas or other restriction on imports from a foreign country from which we purchase goods;

•import duties, import quotas and other trade sanctions; and

•increases in shipping rates.

A significant amount of the inventory we sell is imported from the People’s Republic of China, which has historically been subject to efforts to increase duty rates or to impose restrictions on imports of certain products.

A small portion of the products we buy abroad are priced in foreign currencies and, therefore, we are affected by fluctuating currency exchange rates. In the past, we have entered into foreign currency exchange contracts with major financial institutions to hedge these fluctuations. We might not be able to effectively protect ourselves in the future against currency rate fluctuations, and our financial performance could suffer as a result. Even dollar-denominated foreign purchases may be affected by currency fluctuations, as suppliers seek to reflect appreciation in the local currency against the dollar in the price of the products that they provide. You should read Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information about our foreign currency exchange rate exposure and hedging activities.

Increased operating costs could have an adverse effect on our results.

Increased operating costs, including those resulting from potential increases in the minimum wage or wage increases reflecting competition in relevant labor markets, store occupancy costs, and other expense items, may reduce our operating margin and, by making it more difficult to identify new store locations that we believe will meet our investment return requirements, slow our growth.

The operation of the Company’s business is heavily dependent on its information systems.

We depend on a variety of information technology systems for the efficient functioning of our business and security of information. Much information essential to our business is maintained electronically, including competitively sensitive information and potentially sensitive personal information about customers and employees. Our insurance policies may not provide coverage for security breaches and similar incidents or may have coverage limits which may not be adequate to reimburse us for losses caused by security breaches. We also rely on certain hardware and software vendors to maintain and periodically upgrade many of these systems so that they can continue to support our business. The software programs supporting many of our systems were licensed to the Company by independent software developers. The inability of these developers or the Company to continue to maintain and upgrade these information systems and software programs could disrupt or reduce the efficiency of our operations. In addition, costs and potential problems and interruptions associated with the implementation of new or upgraded systems and technology or with maintenance or adequate support of existing systems could also disrupt or reduce the efficiency of our operations or leave the Company vulnerable to security breaches.

We also rely heavily on our information technology staff. If we cannot meet our staffing needs in this area, we may not be able to fulfill our technology initiatives or to provide maintenance on existing systems.

A privacy breach could have a material adverse effect on the Company's business and reputation.

We rely heavily on digital technologies for the successful operation of our business, including electronic messaging, digital marketing efforts and the collection and retention of customer data and employee information. We also rely on third parties to process credit card transactions, perform online e-commerce and social media activities and retain data relating to the Company’s financial position and results of operations, strategic initiatives and other important information. Despite the security measures we have in place, our facilities and systems and those of our third-party service providers, may be vulnerable to cyber-security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors or other similar events. Any misappropriation, loss or other unauthorized disclosure of confidential or personally identifiable information, whether by us or by our third-party service providers, could adversely affect our business

10

and operations, including loss of sales generated through our websites, severely damaging our reputation and our relationships with our customers, suppliers, employees and investors and expose us to risks of litigation and liability.

In addition, we may incur significant remediation costs in the event of a cyber-security breach or incident, including liability for stolen customer or employee information, repairing system damage or providing credit monitoring or other benefits to affected customers or employees. We may also incur increased costs to comply with various applicable laws or industry standards regarding use and/or unauthorized disclosure of personal information. These and other cyber-security-related compliance, prevention and remediation costs may adversely impact our financial condition and results of operations.

The loss of, or disruption in, one of our distribution centers and other factors affecting the distribution of merchandise, could have a material adverse effect on our business and operations.

Each of our operations uses a single distribution center to handle all or a significant amount of its merchandise. Most of our operations’ inventory is shipped directly from suppliers to their distribution centers, where the inventory is then processed, sorted and shipped to our stores or to our wholesale customers. We depend on the orderly operation of this receiving and distribution process, which depends, in turn, on adherence to shipping schedules and effective management of the distribution centers. Although we believe that our receiving and distribution process is efficient and well positioned to support our current business and our expansion plans, we cannot offer assurance that we have anticipated all of the changing demands which our expanding operations will impose on our receiving and distribution system, or that events beyond our control, such as disruptions in operations due to fire or other catastrophic events, labor disagreements or shipping problems (whether in our own or in our third party vendors’ or carriers’ businesses), will not result in delays in the delivery of merchandise to our stores or to our wholesale customers. We also make changes in our distribution processes from time to time in an effort to improve efficiency, maximize capacity, etc. We cannot assure that these changes will not result in unanticipated delays or interruptions in distribution. We depend upon UPS for shipment of a significant amount of merchandise. An interruption in service by UPS for any reason could cause temporary disruptions in our business, a loss of sales and profits, and other material adverse effects.

Our freight cost is impacted by changes in fuel prices through surcharges. Fuel prices and surcharges affect freight cost both on inbound freight from vendors to our distribution centers and outbound freight from our distribution centers to our stores and wholesale customers. Increases in fuel prices and surcharges and other factors may increase freight costs and thereby increase our cost of goods sold.

Any acquisitions we make or new businesses we launch involve a degree of risk.

Acquisitions have been a component of the Company’s growth strategy in recent years and we expect that we may continue to engage in acquisitions or launch new businesses to grow our revenues and meet our other strategic objectives. If any future acquisitions are not successfully integrated with our business, our ongoing operations could be adversely affected. Additionally, acquisitions or new businesses may not achieve desired profitability objectives or result in any anticipated successful expansion of the businesses or concepts, causing lower than expected earnings and cash flow and potentially requiring impairment of goodwill. Although we review and analyze assets or companies we acquire, such reviews are subject to uncertainties and may not reveal all potential risks. Additionally, although we attempt to obtain protective contractual provisions, such as representations, warranties and indemnities, in connection with acquisitions, we cannot offer assurance that we can obtain such provisions in our acquisitions or that they will fully protect us from unforeseen costs of, or liabilities associated with, the acquisitions. We may also incur significant costs and diversion of management time and attention in connection with pursuing possible acquisitions even if the acquisition is not ultimately consummated.

We face a number of risks in opening new stores.

As part of our long-term growth strategy, we expect to open new stores, both in regional malls, where most of the operational experience of our U.S. businesses lies, and in other venues including outlet centers, major city street locations, airports and tourist destinations. We cannot offer assurances that we will be able to open as many stores as we have planned, that any new store will achieve similar operating results to those of our existing stores or that new stores opened in markets in which we operate will not have a material adverse effect on the revenues and profitability of our existing stores. The success of our planned expansion will be dependent upon numerous factors, many of which are beyond our control, including the following:

•our ability to identify suitable markets and individual store sites within those markets;

•the competition for suitable store sites;

• our ability to negotiate favorable lease terms for new stores and renewals (including rent and other costs) with landlords;

11

• our ability to obtain governmental and other third-party consents, permits and licenses needed to construct and operate our stores;

•the ability to build and remodel stores on schedule and at acceptable cost;

•the availability of employees to staff new stores and our ability to hire, train, motivate and retain store personnel;

•the availability of adequate management and financial resources to manage an increased number of stores;

• our ability to adapt our distribution and other operational and management systems to an expanded network of stores; and

•our ability to attract customers and generate sales sufficient to operate new stores profitably.

Additionally, the results we expect to achieve during each fiscal quarter are dependent upon opening new stores on schedule. If we fall behind, we will lose expected sales and earnings between the planned opening date and the actual opening and may further complicate the logistics of opening stores, possibly resulting in additional delays, seasonally inappropriate product assortments, and other undesirable conditions.

Our results of operations are subject to seasonal and quarterly fluctuations, which could have a material adverse effect on the market price of our stock.

Our business is seasonal, with a significant portion of our net sales and operating income generated during the fourth quarter, which includes the holiday shopping season. Because of this seasonality, we have limited ability to compensate for shortfalls in fourth quarter sales or earnings by changes in our operations or strategies in other quarters. A significant shortfall in results for the fourth quarter of any year could have a material adverse effect on our annual results of operations and on the market price of our stock. Our quarterly results of operations also may fluctuate significantly based on such factors as:

•the timing of new store openings and renewals;

•the amount of net sales contributed by new and existing stores;

•the timing of certain holidays and sales events;

•changes in our merchandise mix;

•general economic, industry and weather conditions that affect consumer spending; and

•actions of competitors, including promotional activity.

Changes in our effective income tax rate could adversely affect our net earnings.

A number of factors influence our effective income tax rate, including changes in tax law, tax treaties, interpretation of existing laws, and our ability to sustain our reporting positions on examination. Changes in any of those factors could change our effective tax rate, which could adversely affect our net earnings. In addition, our operations outside of the United States may cause greater volatility in our effective tax rate.

A failure to increase sales at our existing stores and in our e-commerce businesses may adversely affect our stock price and impact our results of operations.

A number of factors have historically affected, and will continue to affect, our comparable sales results, including:

•consumer trends, such as less disposable income due to the impact of economic conditions and tax policies;

•the lack of new fashion trends to drive demand in certain of our businesses;

•competition;

•timing of holidays including sales tax holidays and the timing of tax refunds;

•general regional and national economic conditions;

•inclement weather;

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•changes in our merchandise mix;

•our ability to distribute merchandise efficiently to our stores;

•timing and type of sales events, promotional activities or other advertising;

•other external events beyond our control;

•new merchandise introductions; and

•our ability to execute our business strategy effectively.

Our comparable sales have fluctuated in the past, and we believe such fluctuations may continue. The unpredictability of our comparable sales may cause our revenue and results of operations to vary from quarter to quarter, and an unanticipated change in revenues or operating income may cause our stock price to fluctuate significantly.

We are subject to regulatory proceedings and litigation that could have an adverse effect on our financial condition and results of operations.

We are party to certain lawsuits, governmental investigations, and regulatory proceedings, including the suits and proceedings arising out of alleged environmental contamination relating to historical operations of the Company and various suits involving current operations as disclosed in Note 13 to the Consolidated Financial Statements. If these or similar matters are resolved against us, our results of operations, our cash flows, or our financial condition could be adversely affected. The costs of defending such lawsuits and responding to such investigations and regulatory proceedings may be substantial and their potential to distract management from day-to-day business is significant. Moreover, with retail operations in 50 states, Puerto Rico, Canada, the United Kingdom and the Republic of Ireland, we are subject to federal, state, provincial, territorial, local and foreign regulations, which impose costs and risks on our business. Changes in regulations could make compliance more difficult and costly, and violations could result in liability for damages or penalties.

If we lose key members of management or are unable to attract and retain the talent required for our business, our operating results could suffer.

Our performance depends largely on the efforts and abilities of members of our management team. Our executives have substantial experience and expertise in our business and have made significant contributions to our growth and success. The unexpected future loss of services of one or more key members of our management team could have an adverse effect on our business. In addition, future performance will depend upon our ability to attract, retain and motivate qualified employees, including store personnel and field management. If we are unable to do so, our ability to meet our operating goals may be compromised. Finally, our stores are decentralized, are managed through a network of geographically dispersed management personnel and historically experience a high degree of turnover. If we are for any reason unable to maintain appropriate controls on store operations due to turnover or other reasons, including the ability to control losses resulting from inventory and cash shrinkage, our sales and operating margins may be adversely affected. There can be no assurance that we will be able to attract and retain the personnel we need in the future.

Goodwill recorded with acquisitions is subject to impairment which could reduce the Company'sprofitability.

Deterioration in the Company’s market value, whether related to the Company’s operating performance or to disruptions in the equity markets or deterioration in the operating performance of the business unit with which goodwill is associated, could require the Company to recognize the impairment of some or all of the $296.9 million of goodwill on its Consolidated Balance Sheets at January 31, 2015, resulting in the reduction of net assets and a corresponding non-cash charge to earnings in the amount of the impairment.

In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, which consists of either a qualitative assessment on a reporting unit level, or a two-step impairment test if necessary, that is based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired.

As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $18.0 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $2.2 million in excess of its carrying value,

13

indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair value of the Lids Team Sports business by $7.5 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.5 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount. Since the maximum non-cash goodwill impairment charge would be $18.0 million, the Company does not believe that any impairment charge related thereto would be material; however, there can be no assurance that any future goodwill impairment will not have a material adverse effect on the Company's financial position.

ITEM 1B, UNRESOLVED STAFF COMMENTS

None.

ITEM 2, PROPERTIES

See Item 1, Business — Properties.

ITEM 3, LEGAL PROCEEDINGS

Environmental Matters

New York State Environmental Matters

In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The Company undertook the IRM and RIFS voluntarily, without admitting liability or accepting responsibility for any future remediation of the site. The Company has completed the IRM and the RIFS. In the course of preparing the RIFS, the Company identified remedial alternatives with estimated undiscounted costs ranging from $0.0 million to $24.0 million, excluding amounts previously expended or provided for by the Company. The United States Environmental Protection Agency (“EPA”), which has assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination of groundwater extraction and treatment and in site chemical oxidation and estimated the present cost of the remediation at approximately $10.7 million.

In July 2009, the Company agreed to a Consent Order with the EPA requiring the Company to perform certain remediation actions, operations, maintenance and monitoring at the site. In September 2009, a Consent Judgment embodying the Consent Order was filed in the U.S. District Court for the Eastern District of New York.    

The Village of Garden City, New York (the "Village"), has additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village has estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it, which the complaint alleges could exceed $41 million, undiscounted, over a 70-year period.

The Company has not verified the estimates of either historic or future costs asserted by the Village, but believes that an estimate of future costs based on a 70-year remediation period is unreasonable given the expected remedial period reflected in the EPA's Record of Decision. On May 23, 2008, the Company filed a motion to dismiss the Village's complaint on grounds including applicable statutes of limitation and preemption of certain claims by the NYSDEC's and the EPA's diligent prosecution of remediation. On January 27, 2009, the Court granted the motion to dismiss all counts of the plaintiff's complaint except for the CERCLA claim and a state law claim for indemnity for costs incurred after November 27, 2000. On September 23, 2009, on a motion for reconsideration by the Village, the Court reinstated the claims for injunctive relief

14

under RCRA and for equitable relief under certain of the state law theories. The Company intends to continue to defend the action if an acceptable settlement agreement cannot be reached.

Whitehall Environmental Matters

The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan.

In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, the Company had accrued $14.1 million as of January 31, 2015, $11.9 million as of February 1, 2014 and $11.9 million as of February 2, 2013. All such provisions reflect the Company's 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 are included in the liability arising from provision for discontinued operations on the accompanying Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million reflected in Fiscal 2015, $0.5 million reflected in Fiscal 2014 and $0.8 million reflected in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates.

Other Matters

On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. have asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. The Company does not currently expect any future claims in connection with the intrusion to have a material effect on its financial condition, cash flows, or results of operations.

On May 14, 2012, a putative class and collective action, Maro v. Hat World, Inc., was filed in the U.S. District Court for the Northern District of Illinois. The action alleged that the Company failed to pay the plaintiff and other, similarly situated retail store employees of Hat World, Inc., for time spent making bank deposits of store collections, and sought to recover unpaid wages, liquidated damages, statutory penalties, attorney's fees, and costs pursuant to the federal Fair Labor Standards Act, the Illinois Minimum Wage Law and the Illinois Wage Payment and Collection Act. On January 15, 2014, the court dismissed the Maro case with prejudice, based on the plaintiffs' failure to prosecute. On July 16, 2012 and July 30, 2012, additional putative class and collective actions, Chavez v. Hat World, Inc. and Dismukes v. Hat World, Inc., were filed in the same court, alleging that certain Hat World employees were misclassified as exempt from overtime pay, and seeking similar relief. The Chavez and Dismukes actions were consolidated. The parties reached agreement on a settlement, and the court granted final approval of the settlement on September 5, 2014.

On August 30, 2012, a former employee of a Company subsidiary filed a putative class and collective action, Kershner v. Hat World, Inc., in the Philadelphia, Pennsylvania Court of Common Pleas alleging violations of the Pennsylvania Minimum Wage Act by the subsidiary. The Company reached an agreement to resolve the matter. On May 29, 2014, the court granted final approval of the settlement.

On May 17, 2013, a former employee filed a putative class and representative action, Garcia v. Genesco,Inc. in the Superior Court of California for the County of Ventura, alleging various claims under the California Labor Code, including failure to provide meal and rest periods, failure to timely pay wages, failure to provide accurate itemized wage statements, and unfair competition and violation of the Private Attorneys’ General Act of 2004, and seeking unspecified damages and penalties. On August 30, 2013, the Company removed the action to the United States District Court for the Central District

15

of California. The Company has reached an agreement to settle the matter. The court preliminarily approved the proposed settlement on December 9, 2014. The Company does not expect the matter or its settlement as proposed to have a material effect on its financial condition or results of operations.

In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial position, cash flows, or results of operations, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's business and results of operations.

ITEM 4, MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 4A, EXECUTIVE OFFICERS OF THE REGISTRANT

The officers of the Company are generally elected at the first meeting of the board of directors following the annual meeting of shareholders and hold office until their successors have been chosen and qualified. The name, age and office of each of the Company’s executive officers and certain information relating to the business experience of each are set forth below:

Robert J. Dennis, 61, Chairman, President and Chief Executive Officer. Mr. Dennis joined the Company in 2004 as chief executive officer of the Company’s acquired Hat World business. Mr. Dennis was named senior vice president of the Company in June 2004 and executive vice president and chief operating officer, with oversight responsibility for all the Company’s operating divisions, in October 2005. Mr. Dennis was named president of the Company in October 2006 and chief executive officer in August 2008. Mr. Dennis was named chairman in February 2010, which became effective April 1, 2010. Mr. Dennis joined Hat World in 2001 from Asbury Automotive, where he was employed in senior management roles beginning in 1998. Mr. Dennis was with McKinsey and Company, an international consulting firm, from 1984 to 1997, and became a partner in 1990.

Mimi Eckel Vaughn, 48, Senior Vice President - Finance and Chief Financial Officer. Ms. Vaughn joined the Company in September 2003 as vice president of strategy and business development. She was named senior vice president, strategy and business development in October 2006, senior vice president of strategy and shared services in April 2009 and senior vice president - finance and chief financial officer in February 2015. Prior to joining the Company, Ms. Vaughn was executive vice president of business development and marketing, and acting chief financial officer from 2000 to 2001 for Link2Gov Corporation in Nashville. From 1993 to 1999, she was a consultant at McKinsey and Company in Atlanta.

Jonathan D. Caplan, 61, Senior Vice President. Mr. Caplan rejoined the Company in 2002 as chief executive officer of the branded group and president of Johnston & Murphy and was named senior vice president of the Company in November 2003. Mr. Caplan first joined the Company in June 1982 and served as president of Genesco’s Laredo-Code West division from December 1985 to May 1992. After that time, Mr. Caplan was president of Stride Rite’s Children’s Group and then its Ked’s Footwear division, from 1992 to 1996. He was vice president, New Business Development and Strategy, for Service Merchandise Corporation from 1997 to 1998. Prior to rejoining Genesco in October 2002, Mr. Caplan served as president and chief executive officer of Hi-Tec Sports North America beginning in 1998.

James C. Estepa, 63, Senior Vice President. Mr. Estepa joined the Company in 1985 and in February 1996 was named vice president operations of Genesco Retail, which included the Jarman Shoe Company, Journeys, Boot Factory and General Shoe Warehouse. Mr. Estepa was named senior vice president operations of Genesco Retail in June 1998. He was named president of Journeys in March 1999. Mr. Estepa was named senior vice president of the Company in April 2000. He was named president and chief executive officer of the Genesco Retail Group in 2001, assuming additional responsibilities of overseeing the Company's former Underground Station segment.

Kenneth J. Kocher, 49, Senior Vice President. Mr. Kocher joined Hat World in 1997 as chief financial officer and was named president in October 2005. He was named senior vice president of the Company in October 2006 in addition to continuing his role as president of Hat World. Prior to joining Hat World, he served as a controller with several companies and was a certified public accountant with Edie Bailley, a public accounting firm.

Roger G. Sisson, 51, Senior Vice President, Secretary and General Counsel. Mr. Sisson joined the Company in 1994 as assistant general counsel and was elected secretary in February 1994. He was named general counsel in January 1996. Mr. Sisson was named vice president in November 2003. He was named senior vice president in October 2006.

Parag D. Desai, 40, Senior Vice President of Strategy and Shared Services. Mr. Desai joined the Company in 2014 as senior vice president of strategy and shared services. Prior to joining the Company, Mr. Desai spent 14 years with McKinsey and Company, including seven years as a partner. Prior to joining McKinsey, Mr. Desai also held business development and technology positions at Outpace Systems and Booz Allen & Hamilton.

Paul D. Williams, 60, Vice President and Chief Accounting Officer. Mr. Williams joined the Company in 1977, was named director of corporate accounting and financial reporting in 1993 and chief accounting officer in April 1995. He was named vice president in October 2006.

Matthew N. Johnson, 50, Vice President andTreasurer. Mr. Johnson joined the Company in 1993 as manager, corporate finance and was elected assistant treasurer in December 1993. He was elected treasurer in June 1996. He was named vice president finance in October 2006 and renamed treasurer in April 2011 after a period of service as chief financial officer of one of the Company's divisions. Prior to joining the Company, Mr. Johnson was a vice president in the corporate and institutional banking division of The First National Bank of Chicago.

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PART II

ITEM 5, MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES

Market Information

The Company’s common stock is listed on the New York Stock Exchange (Symbol: GCO). The following table sets forth for the periods indicated the high and low sales prices of the common stock as shown in the New York Stock Exchange Composite Transactions listed in the Wall Street Journal.

Fiscal Year ended February 1

	High		Low
2014 1st Quarter	$	64.39	$	56.87
2nd Quarter	75.84		61.79
3rd Quarter	73.45		60.03
4th Quarter	79.32		65.70

Fiscal Year ended January 31

	High		Low
2015 1st Quarter	$	80.52	$	68.52
2nd Quarter	82.98		70.87
3rd Quarter	89.58		71.24
4th Quarter	82.89		69.53

There were approximately 2,575 common shareholders of record on March 13, 2015.

The Company has not paid cash dividends in respect of its Common Stock since 1973. The Company’s ability to pay cash dividends in respect of its common stock is subject to various restrictions. See Notes 6 and 8 to the Consolidated Financial Statements included in Item 8, "Financial Statements and Supplementary Data" and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Sources of Liquidity” for information regarding restrictions on dividends and redemptions of capital stock.

Recent Sales of Unregistered Securities

None.

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Repurchases (shown in 000's except share and per share amounts):

ISSUER PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
November 2014
11-2-14 to 11-29-14	—	$	—	—	$	—
December 2014
11-30-14 to 12-27-14	51,550	$	71.55	51,550	$	60,907
January 2015
12-28-14 to 1-31-15	—	$	—	—	$	—

Share repurchases were made pursuant to the share repurchase program described under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company expects to implement the balance of the repurchase program through purchases made from time to time either in the open market or through private transactions, in accordance with the regulations of the SEC and other applicable legal requirements.

Equity Compensation Plan Information

Refer to Part III, Item 12.

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ITEM 6, SELECTED FINANCIAL DATA

Financial Summary

In Thousands except per common share data, financial statistics and other data	Fiscal Year End
	2015			2014			2013			2012			2011
Results of Operations Data
Net sales	$	2,859,844		$	2,624,972		$	2,604,817		$	2,291,987		$	1,789,839
Depreciation and amortization	74,326			67,135			63,697			53,737			47,738
Earnings from operations	167,266			163,435			169,863			161,485			87,228
Earnings from continuing operations before income taxes	156,989			158,860			164,832			156,393			86,106
Earnings from continuing operations	99,373			92,982			112,897			93,451			55,244
Provision for discontinued operations, net	(1,648		)	(329		)	(462		)	(1,025		)	(1,336		)
Net earnings	$	97,725		$	92,653		$	112,435		$	92,426		$	53,908
Per Common Share Data
Earnings from continuing operations
Basic	$	4.23		$	3.99		$	4.78		$	3.89		$	2.30
Diluted	4.19			3.94			4.69			3.83			2.27
Discontinued operations
Basic	(0.07		)	(0.01		)	(0.02		)	(0.05		)	(0.06		)
Diluted	(0.07		)	(0.02		)	(0.01		)	(0.04		)	(0.05		)
Net earnings
Basic	4.16			3.98			4.76			3.84			2.24
Diluted	4.12			3.92			4.68			3.79			2.22
Balance Sheet and Cash Flow Data
Total assets	$	1,583,087		$	1,439,284		$	1,326,072		$	1,229,761		$	960,507
Long-term debt	29,155			33,730			50,682			40,704			—
Non-redeemable preferred stock	1,274			1,305			3,924			4,957			5,183
Common equity	995,533			914,885			817,936			721,774			620,038
Capital expenditures	103,111			98,456			71,737			49,456			29,299
Financial Statistics
Earnings from operations as a percent of net sales	5.8		%	6.2		%	6.5		%	7.0		%	4.9		%
Book value per share (common equity divided by common shares outstanding)	$	41.43		$	38.25		$	34.09		$	29.74		$	26.19
Working capital (in thousands)	$	441,742		$	451,297		$	407,073		$	291,990		$	279,595
Current ratio	2.1			2.5			2.5			2.0			2.2
Percent long-term debt to total capitalization	2.8		%	3.5		%	5.8		%	5.3		%	—		%
Other Data (End of Year)
Number of retail outlets*	2,824			2,568			2,459			2,387			2,309
Number of employees	27,325			22,250			22,700			21,475			15,200

* Includes 165 and 26 Locker Room by Lids leased departments in Macy's stores in Fiscal 2015 and 2014, respectively, 75 Schuh stores and concessions added in Fiscal 2012 that were acquired June 23, 2011 and 48 Sports Avenue stores added in Fiscal 2011 that were acquired October 8, 2010.

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Reflected in earnings from continuing operations for Fiscal 2012 was $7.4 million in acquisition related expenses.

Reflected in earnings from continuing operations for Fiscal 2015, 2014, 2013, 2012 and 2011 were asset impairment and other charges of $2.3 million, $1.3 million, $17.0 million, $2.7 million and $8.6 million, respectively. See Note 3 to the Consolidated Financial Statements for additional information regarding these charges.

Long-term debt includes current obligations. In January 2014, the Company entered into the third amended and restated credit agreement in the aggregate principal amount of $400.0 million. See Note 6 to the Consolidated Financial Statements for additional information regarding the Company’s debt.

The Company has not paid dividends on its Common Stock since 1973. See Notes 6 and 8 to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Sources of Liquidity” for a description of limitations on the Company’s ability to pay dividends.

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ITEM 7, MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS

Forward Looking Statements

This discussion and the notes to the Consolidated Financial Statements, as well as Item 1, "Business", include certain forward-looking statements, which include statements regarding our intent, belief or expectations and all statements other than those made solely with respect to historical fact. Actual results could differ materially from those reflected by the forward-looking statements in this discussion and a number of factors may adversely affect the forward-looking statements and the Company’s future results, liquidity, capital resources or prospects. These include, but are not limited to, the timing and amount of non-cash asset impairments related to retail store fixed assets or to intangible assets of acquired businesses, the effectiveness of our omnichannel initiatives, the timing and effectiveness of plans to improve the performance of Lids Sports Group, weakness in the consumer economy, competition in the Company’s markets, inability of customers to obtain credit, fashion trends that affect the sales or product margins of the Company’s retail product offerings, changes in buying patterns by significant wholesale customers, bankruptcies or deterioration in financial condition of significant wholesale customers, disruptions in product supply or distribution, unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products, the possibility of increases in the minimum wage and other factors tending to increase operating costs, the Company’s ability to continue to complete and integrate acquisitions, expand its business and diversify its product base, changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons, the effects of storms and other weather-related disruptions, and the performance of athletic teams, the participants in major sporting events such as the Super Bowl and World Series, developments with respect to certain individual athletes, and other sports-related events or changes that may affect period-to-period comparisons in the Company's Lids Sports Group retail business. Additional factors that could affect the Company’s prospects and cause differences from expectations include the ability to build, open, staff and support additional retail stores and to renew leases in existing stores and control occupancy costs, and to conduct required remodeling or refurbishment on schedule and at expected expense levels, 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 or intangible assets or other adverse financial consequences, unexpected changes to the market for the Company’s shares, variations from expected pension-related charges caused by conditions in the financial markets, disruptions in the Company's 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. For a discussion of additional risk factors, see Item 1A, Risk Factors.

Overview

Description of Business

The Company’s business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores, including Journeys^®, Journeys Kidz^®, Shi by Journeys^®, Underground by Journeys^® and Johnston & Murphy^® in the U.S., Puerto Rico and Canada and through Schuh^® stores in the United Kingdom and the Republic of Ireland, and through e-commerce websites and catalogs, and at wholesale, primarily under the Company’s Johnston & Murphy brand, the Trask brand, the licensed Dockers^® brand, and other brands that the Company licenses for men’s footwear. The Company’s wholesale footwear brands are distributed to more than 1,200 retail accounts in the United States, including a number of leading department, discount, and specialty stores. The Company’s business also includes Lids Sports, which operates (i) headwear and accessory stores under the Lids^® name and other names in the U.S., Puerto Rico and Canada, (ii) the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names, (iii) licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lids and on macys.com under a license agreement with Macy's, (iv) e-commerce operations and (v) an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports business, at January 31, 2015, the Company operated 2,824 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland.

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip^®Footwear, occupational footwear primarily sold directly to consumers; and other brands.

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The Journeys retail footwear stores sell footwear and accessories primarily for 13 to 22 year old men and women. The stores average approximately 2,000 square feet. The Journeys Kidz retail footwear stores sell footwear primarily for younger children, ages five to 12. These stores average approximately 1,450 square feet. Shi by Journeys retail footwear stores sell footwear and accessories to fashion-conscious women in their early 20’s to mid 30’s. These stores average approximately 2,125 square feet. The Underground by Journeys retail footwear stores sell footwear and accessories primarily for men and women in the 20 to 35 age group. These stores average approximately 1,825 square feet. The Journeys Group stores are primarily in malls and factory outlet centers throughout the United States, Puerto Rico and Canada. The Journeys Group operates 35 stores in Canada. Journeys also sells footwear and accessories through direct-to-consumer catalog and e-commerce operations.

The Schuh retail footwear stores sell a broad range of branded casual and athletic footwear along with a meaningful private label offering primarily for 15 to 30 year old men and women. The stores, which average approximately 4,975 square feet, include both street-level and mall locations in the United Kingdom and the Republic of Ireland. During the third quarter of Fiscal 2013, the Schuh Group opened its first Schuh Kids store. As of January 31, 2015, the Company has opened six Schuh Kids stores that sell footwear primarily for younger children, ages five to 12, and average 2,675 square feet. The Schuh Group also sells footwear through e-commerce operations.

The Lids Sports Group includes stores and kiosks, primarily under the Lids banner, that sell licensed and branded headwear to men and women primarily in the early-teens to mid-20’s age group. The Lids store locations average approximately 875 square feet and are primarily in malls, airports, street-level stores and factory outlet centers throughout the United States, Puerto Rico and Canada. The Lids Sports Group also operates Lids Locker Room and Lids Clubhouse stores under a number of trade names, selling licensed sports headwear, apparel and accessories to sports fans of all ages in locations averaging approximately 2,750 square feet in malls and other locations primarily in the United States. The Lids Sports Group operates 154 stores in Canada. The Lids Sports Group also operates Locker Room by Lids leased departments in Macy's department stores selling headwear, apparel, accessories and novelties from an assortment of college and professional teams specific to particular Macy's department stores' geographic locations. As of January 31, 2015, the Company had opened 190 Locker Room by Lids leased departments averaging approximately 650 square feet. The Lids Sports Group also sells headwear and accessories through e-commerce operations. In addition, the Lids Sports Group operates Lids Team Sports, an athletic team dealer business.

Johnston & Murphy retail shops sell a broad range of men’s footwear, apparel and accessories. Women’s footwear and accessories are sold in select Johnston & Murphy retail locations. Johnston & Murphy shops average approximately 1,550 square feet and are located primarily in better malls and in airports throughout the United States and in Canada. Johnston & Murphy opened its first store in Canada during the fourth quarter of Fiscal 2012. As of January 31, 2015, Johnston & Murphy operated seven stores in Canada. The Company also has license and distribution agreements for wholesale and retail sales of Johnston & Murphy products in various non - U.S. jurisdictions. The Company also sells Johnston & Murphy footwear and accessories in factory stores, averaging approximately 2,375 square feet, located in factory outlet malls, and through a direct -to-consumer catalog and e-commerce operations. In addition, Johnston & Murphy shoes are distributed through the Company’s wholesale operations to better department and independent specialty stores. Additionally, the Company sells the Trask brand, with men's and women's footwear and leather accessories distributed to better independent retailers and department stores.

The Licensed Brands segment markets casual and dress casual footwear under the licensed Dockers^® brand to men aged 30 to 55 through many of the same national retail chains that carry Dockers slacks and sportswear and in department and specialty stores across the country. The Company entered into an exclusive license with Levi Strauss & Co. to market men’s footwear in the United States under the Dockers brand name in 1991. Levi Strauss & Co. and the Company have subsequently added additional territories, including Canada and Mexico and certain other Latin American countries. The Dockers license agreement was renewed on July 23, 2012 for a term expiring November 30, 2015, subject to extension for an additional 3-year term if certain conditions are met. The Company acquired Keuka Footwear in the third quarter of Fiscal 2011 and subsequently launched its SureGrip^® Footwear line of slip-resistant, occupational footwear from that base. The Company sources and distributes the SureGrip line to employees in the hospitality, healthcare, and other industries.

Strategy

The Company’s long-term strategy has been to seek organic growth by: 1) increasing the Company’s store base, 2) increasing retail square footage, 3) improving comparable sales, both in stores and digital commerce, 4) increasing operating margin and 5) enhancing the value of its brands.

To supplement its organic growth potential, the Company has made acquisitions, including the acquisition of the Schuh Group in June 2011 and several smaller acquisitions of businesses in the Lids Sports Group's markets, and expects to consider acquisition opportunities, either to augment its existing businesses or to enter new businesses that it considers

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compatible with its existing businesses, core expertise and strategic profile. Acquisitions involve a number of risks, including, among others, inaccurate valuation of the acquired business, the assumption of undisclosed liabilities, the failure to integrate the acquired business appropriately, and distraction of management from existing businesses. The Company seeks to mitigate these risks by applying appropriate financial metrics in its valuation analysis and developing and executing plans for due diligence and integration that are appropriate to each acquisition. The Company also seeks appropriate opportunities to extend existing brands and retail concepts. For example, the Schuh Group opened its first Schuh Kids store in Scotland during the third quarter of Fiscal 2013. The Company typically tests such extensions on a relatively small scale to determine their viability and to refine their strategies and operations before making significant, long-term commitments.

More generally, the Company attempts to develop strategies to mitigate the risks it views as material, including those discussed under the caption “Forward Looking Statements,” above, and those discussed in Item 1A, Risk Factors. Among the most important of these factors are those related to consumer demand. Conditions in the economy can affect demand, resulting in changes in sales and, as prices are adjusted to drive sales and manage inventories, in gross margins. Because fashion trends influencing many of the Company’s target customers can change rapidly, the Company believes that its ability to react quickly to those changes has been important to its success. Even when the Company succeeds in aligning its merchandise offerings with consumer preferences, those preferences may affect results by, for example, driving sales of products with lower average selling prices or products which are more widely available in the marketplace and thus more subject to competitive pressures than the Company's typical offering. Moreover, economic factors, such as perisitent unemployment and any future economic contraction and changes in tax policies, may reduce the consumer’s disposable income or his or her willingness to purchase discretionary items, and thus may reduce demand for the Company’s merchandise, regardless of the Company’s skill in detecting and responding to fashion trends. The Company believes its experience and discipline in merchandising and the buying power associated with its relative size and importance in the industry segments in which it competes are important to its ability to mitigate risks associated with changing customer preferences and other changes in consumer demand.

Summary of Results of Operations

The Company’s net sales increased 8.9% during Fiscal 2015 compared to Fiscal 2014. The increase reflected a 9% increase in Journeys Group sales, a 10% increase in Lids Sports Group sales, a 12% increase in Schuh Group sales and a 6% increase in Johnston & Murphy Group sales, while Licensed Brands sales remained flat for the year. Gross margin decreased as a percentage of net sales from 49.5% in Fiscal 2014 to 49.0% in Fiscal 2015, reflecting gross margin decreases in Schuh Group, Lids Sports Group and Johnston & Murphy Group, partially offset by increased gross margin in Journeys Group and Licensed Brands. Selling and administrative expenses decreased as a percentage of net sales from 43.2% in Fiscal 2014 to 43.0% in Fiscal 2015, reflecting decreased expenses in Journeys Group and Schuh Group, partially offset by increased expenses in Lids Sports Group, Johnston & Murphy Group and Licensed Brands. Earnings from operations decreased as a percentage of net sales from 6.2% in Fiscal 2014 to 5.8% in Fiscal 2015, reflecting decreased earnings in Lids Sports Group, Johnston & Murphy Group and Licensed Brands, partially offset by improved earnings from operations in Journeys Group and Schuh Group.

Significant Developments

Indemnification Asset Write-off

During the third quarter of Fiscal 2015, the Company recorded a pretax charge of $7.1 million for the write-off of an indemnification asset related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during the third quarter of Fiscal 2015.

Change in EVA Incentive Plan

Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year were retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. The Company recorded a $5.7 million charge to earnings in the first quarter of Fiscal 2015 in connection with the amendment related to bonus amounts previously deferred to future years.

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Acquisitions

During Fiscal 2015, the Company completed acquisitions of primarily small retail chains and one small wholesale business for a total purchase price of $34.9 million. In Fiscal 2014 and 2013, the Company completed other acquisitions of primarily small retail chains for a total purchase price of $13.6 million and $23.8 million, respectively. The stores and wholesale business acquired are operated within the Lids Sports Group.

Network Intrusion

On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. have asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. The Company does not currently expect any future claims in connection with the intrusion to have a material adverse effect on its financial condition, cash flows, or results of operations.

Asset Impairment and Other Charges

The Company recorded a pretax charge to earnings of $2.3 million in Fiscal 2015, including $3.1 million for network intrusion expenses, $1.9 million for retail store asset impairments and $0.7 million for other legal matters, partially offset by a $(3.4) million gain on a lease termination of a Lids store.

The Company recorded a pretax charge to earnings of $1.3 million in Fiscal 2014, including $3.3 million for network intrusion expenses, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination, partially offset by an $(8.3) million gain on the lease termination of a New York City Journeys store.

The Company recorded a pretax charge to earnings of $17.0 million in Fiscal 2013, including $15.6 million for network intrusion expenses, $1.4 million for retail store asset impairments and $0.1 million for other legal matters.

Postretirement Benefit Liability Adjustments

The return on pension plan assets was $10.7 million for Fiscal 2015, compared to an expected return of $6.1 million. The discount rate used to measure benefit obligations decreased from 4.40% to 3.55% in Fiscal 2015. As a result of the decrease in the discount rate and a change in the mortality table, partially offset by better than expected asset returns, the pension liability reflected in the Consolidated Balance Sheets increased to $22.2 million compared to $9.2 million at the end of Fiscal 2014. There was an increase in the pension liability adjustment of $6.3 million (net of tax) in accumulated other comprehensive income in equity. Depending upon future interest rates and returns on plan assets and other factors, there can be no assurance that additional adjustments in future periods will not be required.

Discontinued Operations

In Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company recorded an additional charge to earnings of $2.7 million ($1.6 million net of tax), $0.5 million ($0.3 million net of tax) and $0.8 million ($0.5 million net of tax), respectively, reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company. For additional information, see Notes 3 and 13 to the Consolidated Financial Statements.

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Critical Accounting Policies

Inventory Valuation

As discussed in Note 1 to the Consolidated Financial Statements, the Company values its inventories at the lower of cost or market.

In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the first-in, first-out ("FIFO") method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company.

The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate.

In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories.

Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates.

Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. A change of 10% from the recorded provisions for markdowns, shrinkage and damaged goods would have changed inventory by $1.5 million at January 31, 2015.

Impairment of Long-Lived Assets

As discussed in Note 1 to the Consolidated Financial Statements, the Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets.

The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its annual test, which is completed in the fourth quarter each year, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth

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rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements.

If the carrying value of the business unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. Specifically, the Company would allocate the fair value to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference.

As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $18.0 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $2.2 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair value of the Lids Team Sports business by $7.5 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.5 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount. Since the maximum non-cash goodwill impairment charge would be $18.0 million, the Company does not believe that any impairment charge related thereto would be material.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters, including those disclosed in Note 13 to the Company’s Consolidated Financial Statements. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million reflected in Fiscal 2015, $0.5 million reflected in Fiscal 2014 and $0.8 million reflected in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition or results of operations.

Revenue Recognition

Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience.

Income Taxes

As part of the process of preparing Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the

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likelihood that its deferred tax assets will be recovered from future taxable income. Actual results could differ from this assessment if adequate taxable income is not generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any other potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 31, 2015, the Company had a deferred tax valuation allowance of $4.4 million.

Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification (“Codification”). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. See Note 9 to the Company’s Consolidated Financial Statements for additional information regarding income taxes.

The Company recorded an effective income tax rate of 36.7% for Fiscal 2015 compared to 41.5% for Fiscal 2014. The tax rate for Fiscal 2015 was lower primarily due to a $7.0 million reversal of charges previously recorded related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during Fiscal 2015. Related to the same uncertain tax position, the Company wrote off a $7.1 million indemnification asset during Fiscal 2015.

Postretirement Benefits Plan Accounting

Full-time employees who had at least 1,000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act.

As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur.

The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions.

Long Term Rate of Return Assumption – Pension expense increases as the expected rate of return on pension plan assets decreases. The Company estimates that the pension plan assets will generate a long-term rate of return of 6.75%. To develop this assumption, the Company considered historical asset returns, the current asset allocation and future expectations of asset returns. The expected long-term rate of return on plan assets is based on a long-term investment policy of 50% U.S. equities, 13% international equities, 35% U.S. fixed income securities and 2% cash equivalents. For Fiscal 2015, if the expected rate of return had been decreased by 1%, net pension expense would have increased by $0.9 million, and if the expected rate of return had been increased by 1%, net pension expense would have decreased by $0.9 million.

Discount Rate – Pension liability and future pension expense increase as the discount rate is reduced. The Company discounted future pension obligations using a rate of 3.55%, 4.40% and 4.00% for Fiscal 2015, 2014 and 2013, respectively. The discount rate at January 31, 2015 was determined based on a yield curve of high quality corporate bonds with cash flows matching the Company’s plans’ expected benefit payments. For Fiscal 2015, if the discount rate had been increased by 0.5%, net pension expense would have decreased by $0.5 million, and if the discount rate had been decreased by 0.5%,

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net pension expense would have increased by $0.5 million. In addition, if the discount rate had been increased by 0.5%, the projected benefit obligation would have decreased by $5.4 million and the accumulated benefit obligation would have decreased by $5.4 million. If the discount rate had been decreased by 0.5%, the projected benefit obligation would have been increased by $5.9 million and the accumulated benefit obligation would have increased by $5.9 million.

Amortization of Gains and Losses – The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. At the end of Fiscal 2015, the Company had unrecognized actuarial losses of $37.5 million. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately six years. Future changes in plan asset returns, assumed discount rates and various other factors related to the pension plan will impact future pension expense and liabilities, including increasing or decreasing unrecognized actuarial gains and losses.

The Company recognized expense for its defined benefit pension plans of $2.6 million, $4.4 million and $4.3 million in Fiscal 2015, 2014 and 2013, respectively. The Company’s pension expense is expected to increase in Fiscal 2016 by approximately $1.8 million due to a larger actuarial loss to be amortized, resulting from a lower discount rate and mortality table update. The increase in expense is partially offset by a reduction in the interest cost from the lower discount rate.

Comparable Sales

During Fiscal 2013, the Company revised its presentation of comparable sales to include its e-commerce and direct mail catalog businesses. For purposes of this report, "comparable sales" are sales from stores open longer than one year, beginning in the fifty-third week of a store’s operation (which we refer to in this report as "same store sales"), and sales from websites operated longer than one year and direct mail catalog sales (which we refer to in this report as "comparable direct sales"). Temporarily closed stores are excluded from the comparable sales calculation for every full week of the store closing. Expanded stores are excluded from the comparable sales calculation until the fifty-third week of operation in the expanded format.

Results of Operations—Fiscal 2015 Compared to Fiscal 2014

The Company’s net sales for Fiscal 2015 increased 8.9% to $2.86 billion from $2.62 billion in Fiscal 2014. The increase in net sales was a result of increased sales across all of the Company's business segments. Gross margin increased 7.8% to $1.40 billion in Fiscal 2015 from $1.30 billion in Fiscal 2014, but decreased as a percentage of net sales from 49.5% in Fiscal 2014 to 49.0% in Fiscal 2015, primarily reflecting decreased gross margin as a percentage of net sales in the Schuh Group, Lids Sports Group and Johnston & Murphy Group, offset slightly by increased gross margin as a percentage of net sales in Journeys Group and Licensed Brands. Selling and administrative expenses in Fiscal 2015 increased 8.5% from Fiscal 2014 but decreased as a percentage of net sales from 43.2% to 43.0%, primarily reflecting expense decreases in Journeys Group and Schuh Group, partially offset by increased expenses in Lids Sports Group, Johnston & Murphy Group and Licensed Brands. The Company records buying and merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.

Earnings from continuing operations before income taxes (“pretax earnings”) for Fiscal 2015 were $157.0 million, compared to $158.9 million for Fiscal 2014. Pretax earnings for Fiscal 2015 included asset impairment and other charges of $2.3 million, including $3.1 million for expenses related to the computer network intrusion announced in December 2010, $1.9 million for retail store asset impairments and $0.7 million for other legal matters, partially offset by a $3.4 million gain on a lease termination. Pretax earnings for Fiscal 2015 also included an indemnification asset write-off of $7.1 million related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during the year and $7.3 million in expense related to the deferred purchase price obligation related to the Schuh acquisition. Pretax earnings for Fiscal 2014 included asset impairment and other charges of $1.3 million, including $3.3 million for expenses related to the computer network intrusion announced in December 2010, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination partially offset by an $(8.3) million gain on the lease termination of a New York City Journeys store. Pretax earnings for Fiscal 2014 also include $11.7 million in expense related to the deferred purchase price obligation related to the Schuh acquisition.

Net earnings for Fiscal 2015 were $97.7 million ($4.12 diluted earnings per share) compared to $92.7 million ($3.92 diluted earnings per share) for Fiscal 2014. Net earnings for Fiscal 2015 included a $1.6 million ($0.07 diluted loss per share) charge to earnings (net of tax), primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company. Net earnings for Fiscal 2014 included a $0.3 million ($0.02 diluted loss per share)

29

charge to earnings (net of tax) primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company. The Company recorded an effective federal income tax rate of 36.7% for Fiscal 2015 compared to 41.5% for Fiscal 2014. The tax rate for Fiscal 2015 was lower primarily due to a $7.0 million reversal of charges previously recorded related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during Fiscal 2015. See Note 9 to the Consolidated Financial Statements for additional information.

Journeys Group

	Fiscal Year Ended						% Change
	2015			2014
	(dollars in thousands)
Net sales	$	1,179,476		$	1,082,241		9.0	%
Earnings from operations	$	114,784		$	97,377		17.9	%
Operating margin	9.7		%	9.0		%

Net sales from Journeys Group increased 9.0% to $1.18 billion for Fiscal 2015 from $1.08 billion for Fiscal 2014. The increase reflects primarily an 8% increase in comparable sales which includes a 7% increase in same store sales and a 30% increase in comparable direct sales, and a 1% increase in average Journeys stores operated (i.e. the sum of the number of stores open on the first day of the fiscal year and the last day of each fiscal month during the year divided by thirteen). The comparable store sales increase reflected a 6% increase in footwear unit comparable sales while the average price per pair of shoes remained flat. The store count for Journeys Group was 1,182 stores at the end of Fiscal 2015, including 189 Journeys Kidz stores, 49 Shi by Journeys stores, 110 Underground by Journeys stores and 35 Journeys stores in Canada, compared to 1,168 stores at the end of Fiscal 2014, including 174 Journeys Kidz stores, 50 Shi by Journeys stores, 117 Underground by Journeys stores and 31 Journeys stores in Canada.

Journeys Group earnings from operations for Fiscal 2015 increased 17.9% to $114.8 million, compared to $97.4 million for Fiscal 2014. The increase in earnings from operations was primarily due to increased net sales, increased gross margin as a percentage of net sales, reflecting lower markdowns, and to decreased expenses as a percentage of net sales, reflecting positive leverage from positive comparable sales.

Schuh Group

	Fiscal Year Ended						% Change
	2015			2014
	(dollars in thousands)
Net sales	$	406,947		$	364,732		11.6	%
Earnings from operations	$	10,110		$	3,063		230.1	%
Operating margin	2.5		%	0.8		%

Net sales from the Schuh Group increased 11.6% to $406.9 million for Fiscal 2015, compared to $364.7 million for Fiscal 2014. The sales increase reflects primarily a 7% increase in average stores operated, an increase of $12.2 million in sales due to the appreciation of the British Pound and a 1% increase in comparable sales which includes a 1% decrease in same store sales and a 12% increase in comparable direct sales. Schuh Group operated 108 stores, including six Schuh Kids stores at the end of Fiscal 2015 compared to 99 stores, including four Schuh Kids stores at the end of Fiscal 2014.

Schuh Group earnings from operations increased to $10.1 million in Fiscal 2015 compared to $3.1 million for Fiscal 2014. Earnings included $7.3 million for Fiscal 2015 and $11.7 million for Fiscal 2014 in compensation expense related to a deferred purchase price obligation in connection with the acquisition. Earnings also included $11.8 million for Fiscal 2015 and $13.1 million for Fiscal 2014 related to accruals for a contingent bonus payment for Schuh employees provided for in the Schuh acquisition. The increase in earnings from operations was primarily due to increased net sales and decreased expenses as a percentage of net sales, reflecting the decreases in deferred purchase price expense and contingent bonus expense referred to above. The decrease in expense more than offset the decreased gross margin as a percentage of net sales, which reflected increased shipping and warehouse expense and increased markdowns.

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Lids Sports Group

	Fiscal Year Ended						% Change
	2015			2014
	(dollars in thousands)
Net sales	$	902,661		$	820,996		9.9	%
Earnings from operations	$	48,970		$	63,748		(23.2	)%
Operating margin	5.4		%	7.8		%

Net sales from the Lids Sports Group increased 9.9% to $902.7 million for Fiscal 2015 from $821.0 million for Fiscal 2014. The increase primarily reflects a 6% increase in average Lids Sports Group stores operated, excluding leased departments, and a 2% increase in comparable sales, reflecting a 1% increase in same store sales and a 14% increase in comparable direct sales for Fiscal 2015. The comparable sales increase reflected a 2% increase in comparable store hat units sold while the average price per hat remained flat. Lids Sports Group operated 1,364 stores at the end of Fiscal 2015, including 117 Lids stores in Canada, 242 Lids Locker Room and Clubhouse stores, which include 37 Locker Room stores in Canada, and 190 Locker Room by Lids leased departments at Macy's, compared to 1,133 stores at the end of Fiscal 2014, including 110 Lids stores in Canada and 177 Lids Locker Room and Clubhouse stores, and 26 Locker Room by Lids leased departments at Macy's.

Lids Sports Group earnings from operations for Fiscal 2015 decreased 23.2% to $49.0 million compared to $63.7 million for Fiscal 2014. The decrease in operating income was primarily due to decreased gross margin as a percentage of net sales, reflecting promotional activity, increased shipping and warehouse expenses and changes in sales mix, and to increased expenses as a percentage of net sales, primarily reflecting increased occupancy and central expenses to support growth initiatives.

Johnston & Murphy Group

	Fiscal Year Ended						% Change
	2015			2014
	(dollars in thousands)
Net sales	$	259,675		$	245,941		5.6	%
Earnings from operations	$	14,856		$	17,638		(15.8	)%
Operating margin	5.7		%	7.2		%

Johnston & Murphy Group net sales increased 5.6% to $259.7 million for Fiscal 2015 from $245.9 million for Fiscal 2014. The increase reflected primarily a 5% increase in average stores operated for Johnston & Murphy retail operations, a 1% increase in comparable sales which includes a 1% increase in same store sales and a 1% decrease in comparable direct sales, and a 4% increase in Johnston & Murphy wholesale sales. Unit sales for the Johnston & Murphy wholesale business increased 3% in Fiscal 2015 and the average price per pair of shoes increased 1% for the same period. Retail operations accounted for 71.8% of the Johnston & Murphy Group's sales in Fiscal 2015, down slightly from 71.9% in Fiscal 2014. The comparable sales increase in Fiscal 2015 reflects a 3% increase in the average price per pair of shoes for Johnston & Murphy retail operations, while footwear unit comparable sales decreased 3%. The store count for Johnston & Murphy retail operations at the end of Fiscal 2015 included 170 Johnston & Murphy shops and factory stores, including seven stores in Canada, compared to 168 Johnston & Murphy shops and factory stores, including seven stores in Canada, at the end of Fiscal 2014.

Johnston & Murphy earnings from operations for Fiscal 2015 decreased 15.8% to $14.9 million from $17.6 million for Fiscal 2014, primarily due to decreased gross margin as a percentage of net sales, reflecting higher markdowns and increased shipping and warehouse expenses, and to increased expenses as a percentage of net sales, due primarily to increased advertising expenses, occupancy costs and selling salaries.

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Licensed Brands

	Fiscal Year Ended						% Change
	2015			2014
	(dollars in thousands)
Net sales	$	110,115		$	109,780		0.3	%
Earnings from operations	$	10,459		$	10,614		(1.5	)%
Operating margin	9.5		%	9.7		%

Licensed Brands’ net sales increased 0.3% to $110.1 million for Fiscal 2015 from $109.8 million for Fiscal 2014. The small sales increase reflects an increase in sales of SureGrip Footwear mostly offset by decreased sales of Dockers Footwear. Unit sales for Dockers Footwear decreased 6% for Fiscal 2015, while the average price per pair of shoes increased 4% for the same period.

Licensed Brands’ earnings from operations for Fiscal 2015 decreased 1.5%, from $10.6 million for Fiscal 2014 to $10.5 million, primarily due to increased expenses as a percentage of net sales, reflecting license agreement expense and increased compensation and depreciation expenses.

Corporate, Interest Expenses and Other Charges

Corporate and other expense for Fiscal 2015 was $31.9 million compared to $29.0 million for Fiscal 2014. Corporate expense in Fiscal 2015 included $2.3 million in asset impairment and other charges, primarily for network intrusion expenses, retail store asset impairments and other legal matters, partially offset by a gain on a lease termination. Corporate expense in Fiscal 2014 included $1.3 million in asset impairment and other charges, primarily for network intrusion expenses, retail store asset impairments, other legal matters and a lease termination, partially offset by a gain on another lease termination. Excluding the charges listed above, corporate and other expense increased primarily due to increased bonus expense as a result of the reversal of bonus accruals last year.

Net interest expense decreased 29.5% from $4.6 million in Fiscal 2014 to $3.2 million in Fiscal 2015 primarily due to lower average borrowings under the Company's Credit Facility.

Results of Operations—Fiscal 2014 Compared to Fiscal 2013

The Company’s net sales for Fiscal 2014 (52 weeks) increased 0.8% to $2.62 billion from $2.60 billion in Fiscal 2013 (53 weeks). The increase in net sales was a result of increased sales in Lids Sports Group, Johnston & Murphy Group and Licensed Brands, offset by decreased sales in Journeys and Schuh Groups. Net sales for Fiscal 2013 included an estimated $35.2 million of sales due to the fifty-third week. Gross margin was flat at $1.30 billion, but decreased as a percentage of net sales from 49.9% in Fiscal 2013 to 49.5% in Fiscal 2014, primarily reflecting decreased gross margin as a percentage of net sales in the Schuh Group, Lids Sports Group and Licensed Brands, offset slightly by increased gross margin as a percentage of net sales in the Journeys and Johnston & Murphy Groups. Selling and administrative expenses in Fiscal 2014 increased 2.0% from Fiscal 2013 and increased as a percentage of net sales from 42.7% in Fiscal 2013 to 43.2% in Fiscal 2014, primarily reflecting expense increases in all the Company's business segments except Licensed Brands. The Company records buying and merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Explanations of the changes in results of operations are provided by business segment in discussions following these introductory paragraphs.

Pretax earnings for Fiscal 2014 were $158.9 million, compared to $164.8 million for Fiscal 2013. Pretax earnings for Fiscal 2014 included asset impairment and other charges of $1.3 million, including $3.3 million for expenses related to the computer network intrusion announced in December 2010, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination partially offset by an $(8.3) million gain on the lease termination of a New York City Journeys store. Pretax earnings for Fiscal 2013 included asset impairment and other charges of $17.0 million, including $15.5 million for expenses related to the computer network intrusion, $1.4 million for retail store asset impairments and $0.1 million for other legal matters.

Net earnings for Fiscal 2014 were $92.7 million ($3.92 diluted earnings per share) compared to $112.4 million ($4.68 diluted earnings per share) for Fiscal 2013. Net earnings for Fiscal 2014 included a $0.3 million ($0.02 diluted loss per share) charge to earnings (net of tax), primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company. Net earnings for Fiscal 2013 included a $0.5 million ($0.01 diluted loss per share)

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charge to earnings (net of tax) primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company. The Company recorded an effective federal income tax rate of 41.5% for Fiscal 2014 compared to 31.5% for Fiscal 2013. Fiscal 2013's lower effective tax rate reflects the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions. See Note 9 to the Consolidated Financial Statements for additional information.

Journeys Group

	Fiscal Year Ended						% Change
	2014			2013
	(dollars in thousands)
Net sales	$	1,082,241		$	1,111,490		(2.6	)%
Earnings from operations	$	97,377		$	109,953		(11.4	)%
Operating margin	9.0		%	9.9		%

Net sales from Journeys Group decreased 2.6% to $1.08 billion for Fiscal 2014 from $1.11 billion for Fiscal 2013. The decrease reflects primarily a 2% decrease in same store sales, an 18% increase in comparable direct sales and a 1% decrease in comparable sales, including both store and direct sales. The comparable store sales decrease reflected a 3% decrease in footwear unit comparable sales partially offset by a 1% increase in the average price per pair of shoes. Total unit sales decreased 4% during the same period. The store count for Journeys Group was 1,168 stores at the end of Fiscal 2014, including 174 Journeys Kidz stores, 50 Shi by Journeys stores, 117 Underground by Journeys stores and 31 Journeys stores in Canada, compared to 1,157 stores at the end of Fiscal 2013, including 156 Journeys Kidz stores, 51 Shi by Journeys stores, 130 Underground by Journeys stores and 24 Journeys stores in Canada.

Journeys Group earnings from operations for Fiscal 2014 decreased 11.4% to $97.4 million, compared to $110.0 million for Fiscal 2013. The decrease in earnings from operations was primarily due to decreased net sales and to increased expenses as a percentage of net sales, reflecting negative leverage from negative comparable sales, partially offset by decreased bonus accruals.

Schuh Group

	Fiscal Year Ended						% Change
	2014			2013
	(dollars in thousands)
Net sales	$	364,732		$	370,480		(1.6	)%
Earnings from operations	$	3,063		$	11,209		(72.7	)%
Operating margin	0.8		%	3.0		%

Net sales from the Schuh Group decreased 1.6% to $364.7 million for Fiscal 2014, compared to $370.5 million for Fiscal 2013. The sales decrease reflects a 9% decrease in same store sales, a 4% decrease in comparable direct sales, an 8% decrease in comparable sales, including both store and direct sales, and a $2.1 million decrease in sales from changes in exchange rates, partially offset by a 13% increase in average stores operated (i.e. the sum of the number of stores open on the first day of the fiscal year and the last day of each fiscal month during the year divided by thirteen). Schuh Group operated 99 stores, including four Schuh Kids stores at the end of Fiscal 2014 compared to 79 stores, including three Schuh Kids stores, and 13 concessions at the end of Fiscal 2013.

Schuh Group earnings from operations were $3.1 million for Fiscal 2014 compared to $11.2 million for Fiscal 2013. Earnings included $11.7 million for Fiscal 2014 and $12.1 million for Fiscal 2013 in compensation expense related to a deferred purchase price obligation in connection with the acquisition. Earnings also included $13.1 million for Fiscal 2014 and $15.8 million for Fiscal 2013 related to accruals for a contingent bonus payment for Schuh employees provided for in the Schuh acquisition. The decreases in deferred purchase price expense and contingent bonus expense in Fiscal 2014 were offset by decreased gross margin and negative leverage from the negative comparable sales. The decreased gross margin reflected increased promotional activity and changes in product mix.

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Lids Sports Group

	Fiscal Year Ended						% Change
	2014			2013
	(dollars in thousands)
Net sales	$	820,996		$	791,255		3.8	%
Earnings from operations	$	63,748		$	82,867		(23.1	)%
Operating margin	7.8		%	10.5		%

Net sales from the Lids Sports Group increased 3.8% to $821.0 million for Fiscal 2014 from $791.3 million for Fiscal 2013. The increase primarily reflects a 6% increase in average Lids Sports Group stores operated. Same store sales decreased 1%, comparable direct sales increased 26% and comparable sales, including both store and direct sales, were flat for Fiscal 2014. The same store sales decrease reflected a 2% decrease in comparable store hat units sold while average price per hat was flat. Lids Sports Group operated 1,133 stores at the end of Fiscal 2014, including 110 Lids stores in Canada, 177 Lids Locker Room and Clubhouse stores and 26 Locker Room by Lids leased departments at Macy's, compared to 1,053 stores at the end of Fiscal 2013, including 98 Lids stores in Canada and 144 Lids Locker Room and Clubhouse stores.

Lids Sports Group earnings from operations for Fiscal 2014 decreased 23.1% to $63.7 million compared to $82.9 million for Fiscal 2013. The decrease in operating income was primarily due to decreased gross margin as a percentage of net sales, reflecting increased promotional activity and changes in product mix, and to increased expenses as a percentage of net sales, primarily reflecting negative leverage due to negative same store sales.

Johnston & Murphy Group

	Fiscal Year Ended						% Change
	2014			2013
	(dollars in thousands)
Net sales	$	245,941		$	221,860		10.9	%
Earnings from operations	$	17,638		$	15,696		12.4	%
Operating margin	7.2		%	7.1		%

Johnston & Murphy Group net sales increased 10.9% to $245.9 million for Fiscal 2014 from $221.9 million for Fiscal 2013. The increase reflected primarily a 7% increase in same store sales, a 15% increase in comparable direct sales and an 8% increase in comparable sales, including both store and direct sales, an 8% increase in Johnston & Murphy wholesale sales, a 5% increase in average stores operated for Johnston & Murphy retail operations and additional sales for the then-recent relaunched Trask brand. Unit sales for the Johnston & Murphy wholesale business increased 8% in Fiscal 2014, while the average price per pair of shoes was flat for the same period. Retail operations accounted for 71.9% of the Johnston & Murphy Group's sales in Fiscal 2014, up from 71.7% in Fiscal 2013. The comparable sales increase in Fiscal 2014 reflects a 5% increase in the average price per pair of shoes for Johnston & Murphy retail operations, primarily associated with increased sales of higher-priced dress shoes and increased prices in the casual lines and footwear unit comparable sales increased 3%. The store count for Johnston & Murphy retail operations at the end of Fiscal 2014 included 168 Johnston & Murphy shops and factory stores, including seven stores in Canada, compared to 157 Johnston & Murphy shops and factory stores, including five stores in Canada, at the end of Fiscal 2013.

Johnston & Murphy earnings from operations for Fiscal 2014 increased 12.4% to $17.6 million from $15.7 million for Fiscal 2013, primarily due to increased net sales and increased gross margin as a percentage of net sales, reflecting increased initial margins, partially offset by increased expenses as a percentage of net sales, due primarily to expenses associated with the relaunch of the Trask brand.

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Licensed Brands

	Fiscal Year Ended						% Change
	2014			2013
	(dollars in thousands)
Net sales	$	109,780		$	108,498		1.2	%
Earnings from operations	$	10,614		$	10,078		5.3	%
Operating margin	9.7		%	9.3		%

Licensed Brands’ net sales increased 1.2% to $109.8 million for Fiscal 2014 from $108.5 million for Fiscal 2013. The sales increase reflects an increase in sales of SureGrip Footwear and Dockers Footwear partially offset by decreased sales of the Chaps line of footwear. Unit sales for Dockers Footwear decreased 1% for Fiscal 2014, while the average price per pair of shoes increased 2% for the same period.

Licensed Brands’ earnings from operations for Fiscal 2014 increased 5.3%, from $10.1 million for Fiscal 2013 to $10.6 million, primarily due to increased net sales and decreased expenses as a percentage of net sales, reflecting decreased bonus accruals.

Corporate, Interest Expenses and Other Charges

Corporate and other expense for Fiscal 2014 was $29.0 million compared to $59.9 million for Fiscal 2013. Corporate expense in Fiscal 2014 included $1.3 million in asset impairment and other charges, primarily for network intrusion expenses, retail store asset impairments, other legal matters and a lease termination, partially offset by a gain on another lease termination. Corporate expense in Fiscal 2013 included $17.0 million in asset impairment and other charges, primarily for network intrusion expenses, retail store asset impairments and other legal matters. Excluding the charges listed above, corporate and other expense decreased primarily due to decreased bonus accruals.

Net interest expense decreased 9.5% from $5.1 million in Fiscal 2013 to $4.6 million in Fiscal 2014 primarily due to lower interest on the U.K. debt resulting from payments of the U.K. debt during Fiscal 2014 and Fiscal 2013.

Liquidity and Capital Resources

The following table sets forth certain financial data at the dates indicated.

	Jan. 31, 2015		Feb. 1, 2014		Feb. 2, 2013
	(dollars in millions)
Cash and cash equivalents	$	112.9	$	59.4	$	59.8
Working capital	$	441.7	$	451.3	$	407.1
Long-term debt (includes current maturities)	$	29.2	$	33.7	$	50.7

Working Capital

The Company’s business is seasonal, with the Company’s investment in inventory and accounts receivable normally reaching peaks in the spring and fall of each year. Historically, cash flow from operations has been generated principally in the fourth quarter of each fiscal year.

Cash provided by operating activities was $189.8 million in Fiscal 2015 compared to $140.0 million in Fiscal 2014. The $49.8 million increase from operating activities from Fiscal 2014 reflects an increase in cash flow from changes in inventory, prepaids and other current assets and accounts payable of $27.4 million, $9.1 million and $7.8 million, respectively, and to increased earnings. The $27.4 million increase in cash flow from inventory reflects a reduction in Journeys Group inventory.

The $9.1 million increase in cash flow from prepaids and other current assets reflected changes in prepaid income taxes. The $7.8 million increase in cash flow from accounts payable reflects changes in buying patterns and payment terms negotiated with individual vendors.

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The $31.0 million increase in inventories at January 31, 2015 from February 1, 2014 levels reflects increases in Lids Sports Group and Johnston & Murphy retail inventory, reflecting a net increase of 231 Lids Sports Group stores and leased departments, slower than expected holiday sales and increased wholesale inventory in Lids Team Sports and Johnston & Murphy.

Accounts receivable at January 31, 2015 increased $1.3 million compared to February 1, 2014.

Cash provided by operating activities was $140.0 million in Fiscal 2014 compared to $123.2 million in Fiscal 2013. The $16.8 million increase from operating activities from Fiscal 2013 reflects an increase in cash flow from changes in accounts payable of $37.8 million, partially offset by decreased earnings of $19.8 million. The $37.8 million increase in cash flow from accounts payable reflects changes in buying patterns and payment terms negotiated with individual vendors.

The $58.4 million increase in inventories at February 1, 2014 from February 2, 2013 levels reflects increases in retail inventory, reflecting slower than expected sales and a 6.4% increase in square footage, and increased wholesale inventory in Licensed Brands and Lids Team Sports.

Accounts receivable at February 1, 2014 increased $3.7 million compared to February 2, 2013, due primarily to increased wholesale sales in the Licensed Brands business and increased tenant allowance and other receivables in retail.

Sources of Liquidity

The Company has three principal sources of liquidity: cash from operations, cash and cash equivalents on hand and the Credit Facility discussed below. The Company believes that cash and cash equivalents on hand, cash from operations and availability under its Credit Facility will be sufficient to cover its working capital and capital expenditures for the foreseeable future.

On January 31, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Facility”) with the lenders party thereto and Bank of America, N.A., as agent, providing for a revolving credit facility in the aggregate principal amount of $400.0 million, including a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $40.0 million, a revolving credit subfacility for the benefit of GCO Canada, Inc. in an aggregate amount not to exceed $25.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit, and revolving credit subfacility for the benefit of Genesco (UK) Limited in an aggregate amount not to exceed $50.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The facility has a five-year term. Any swingline loans and any letters of credit and borrowings under the Canadian facilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis.

The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit facility may be increased up to no more than $40.0 million.

Genesco (UK) Limited has a one-time option to increase the availability of its subfacility under the Credit Facility by an additional amount of up to $50.0 million.

The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ($400.0 million or, if increased as described above, up to $550.0 million or $600.0 million, respectively) or the "Borrowing Base", which generally is based on 90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves (the "Loan Cap"). The relevant assets of Genesco (UK) Limited will be included in the Borrowing Base if the additional $50.0 million sublimit increase is exercised, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $50.0 million and the total outstanding to Genesco (UK) Limited will not exceed 30% of the Loan Cap.

The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche. For additional information on the Company’s Credit Facility, see Note 6 to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data.

In connection with the Schuh acquisition, Schuh entered into an amended and restated Senior Term Facilities Agreement and Working Capital Facility Letter (collectively, the “UK Credit Facilities”), which provide for term loans of up to £29.5 million (a £15.5 million A term loan ("A term loan") and £14.0 million B term loan ("B term loan")) and a working capital facility of £5.0 million. The Working Capital Facility Letter was allowed to lapse in June 2012. The A term loan bears interest at LIBOR plus 2.50% per annum. The B term loan bears interest at LIBOR plus 3.75% per annum. The Company is not required to make any payments on the B term loan until it expires October 31, 2015, unless the Company’s Schuh

36

Group segment has Excess Cash Flow (as defined in the UK Credit Facilities). The Company did not make any payments on the B term loan in Fiscal 2015 and paid less than £0.1 million and £4.8 million on the B term loan in Fiscal 2014 and Fiscal 2013, respectively.

In November 2013, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of up to £12.5 million ("C term loan"). The C term loan bears interest at LIBOR plus 2.50% per annum. In June 2014, Schuh Group Limited entered into an additional term loan of £12.5 million ("D term loan"). The D term loan bears interest at LIBOR plus 0.95% per annum. The D term loan was paid in the fourth quarter of Fiscal 2015.

There were $29.2 million in UK term loans outstanding at January 31, 2015. The UK Credit Facilities contains certain covenants at the Schuh level including a minimum interest coverage covenant initially set at 4.25x and increasing to 4.50x in January 2012 and thereafter, a maximum leverage covenant initially set at 2.75x declining over time at various rates to 2.25x beginning in July 2012 and a minimum cash flow coverage of 1.10x. The Company was in compliance with all the covenants at January 31, 2015. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries.

Revolving credit borrowings averaged $17.3 million during Fiscal 2015 and $38.5 million during Fiscal 2014, as cash on hand, cash generated from operations and revolver borrowings primarily funded seasonal working capital requirements, capital expenditures and stock repurchases for Fiscal 2015 and Fiscal 2014.

There were $14.8 million of letters of credit outstanding and no revolver borrowings outstanding under the Credit Facility at January 31, 2015. The Company is not required to comply with any financial covenants under the Credit Facility unless Excess Availability (as defined in the Credit Agreement) is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the Company to meet a minimum fixed charge coverage ratio of (a) an amount equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0:1.0. Excess Availability was $367.0 million at January 31, 2015. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at Janaury 31, 2015.

The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control.

The Company’s Credit Facility prohibits the payment of dividends and other restricted payments unless as of the date of the making of any Restricted Payment (as defined in the Credit Facility) or consummation of any Acquisition (as defined in the Credit Facility), (a) no Default (as defined in the Credit Facility) or Event of Default (as defined in the Credit Facility)exists or would arise after giving effect to such Restricted Payment or Acquisition, and (b) either (i) the Borrowers (as defined in the Credit Facility) have pro forma projected Excess Availability for the following six month period equal to or greater than 25% of the Loan Cap, after giving pro forma effect to such Restricted Payment or Acquisition, or (ii) (A) the Borrowers have pro forma projected Excess Availability for the following six month period of less than 25% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio (as defined in the Credit Facility), on a pro-forma basis for the twelve months preceding such Restricted Payment or Acquisition, will be equal to or greater than 1.0:1.0 and (c) after giving effect to such Restricted Payment or Acquisition, the Borrowers are Solvent (as defined in the Credit Facility). The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2016. The Company’s UK Credit Facilities prohibit the payment of any dividends by Schuh or its subsidiaries to the Company.

The Company issued a mandatory notice of redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4, and on its $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The total cost of the redemption was $1.5 million. As a result, all of these preferred issues of stock were either converted to common stock or redeemed in the first quarter of Fiscal 2014 and there are no outstanding shares remaining. Therefore, there is no longer an annual dividend requirement.

Off-Balance Sheet Arrangements

None.

37

Contractual Obligations

The following tables set forth aggregate contractual obligations and commitments as of January 31, 2015.

(in thousands)	Payments Due by Period
Contractual Obligations	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Long-Term Debt Obligations	$	29,155	$	13,152	$	3,765	$	12,238	$	—
Operating Lease Obligations	1,229,339		234,393		380,295		263,575		351,076
Purchase Obligations(1)	830,260		830,260		—		—		—
Long-Term Obligations – Schuh(2)	72,876		71,456		875		545		—
Other Long-Term Liabilities	1,812		176		959		351		326
Total Contractual Obligations(3)	$	2,163,442	$	1,149,437	$	385,894	$	276,709	$	351,402

(in thousands)	Amount of Commitment Expiration Per Period
Commercial Commitments	Total Amounts Committed		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Letters of Credit	$	14,780	$	14,780	$	—	$	—	$	—
Total Commercial Commitments	$	14,780	$	14,780	$	—	$	—	$	—

(1) Represents open purchase orders for inventory.

(2) Includes deferred purchase price payments and earn-out bonus payments related to the Schuh acquisition and interest on the UK term loans. For additional information, see Note 6 to the Consolidated Financial Statements included in Item 8.

(3) Excludes unrecognized tax benefits of $3.6 million due to their uncertain nature in timing of payments, if any.

Capital Expenditures

Capital expenditures were $103.1 million, $98.5 million and $71.7 million for Fiscal 2015, 2014 and 2013, respectively. The $4.6 million increase in Fiscal 2015 capital expenditures as compared to Fiscal 2014 reflected an increase primarily due to major capital projects related to a fit-out of a new distribution center and construction of a new office building. The $26.8 million increase in Fiscal 2014 capital expenditures as compared to Fiscal 2013 reflected an increase in retail store capital expenditures due to the construction of 183 new stores and leased departments opened in Fiscal 2014, compared to 104 stores in Fiscal 2013.

Total capital expenditures in Fiscal 2016 are expected to be approximately $133 million. These include retail capital expenditures of approximately $111 million to open approximately 28 Journeys stores, including 8 in Canada, 30 Journeys Kidz stores, 22 Schuh stores, including four Schuh Kids, 11 Johnston & Murphy shops and factory stores, and 25 Lids Sports Group stores, including 20 Lids stores, with 5 stores in Canada, and 5 Lids Locker Room stores, and to complete approximately 223 major store renovations. The planned amount of capital expenditures in Fiscal 2016 for wholesale operations and other purposes is approximately $22 million, including approximately $13.7 million for new systems.

Future Capital Needs

The Company expects that cash on hand and cash provided by operations and borrowings under its Credit Facility will be sufficient to support seasonal working capital and capital expenditure requirements during Fiscal 2016. In addition to the seasonal working capital requirements, the Company expects to pay approximately $71 million related to the Schuh earn-out, deferred purchase price and other acquisition related payments. The Company expects to fund these payments from a combination of cash on hand, cash generated from operations, U.K. Bank borrowings or borrowings under the Credit Facility during Fiscal 2016. The approximately $10.5 million of costs associated with discontinued operations that are expected to be paid during the next twelve months are expected to be funded from cash on hand, cash generated from operations and borrowings under the Credit Facility during Fiscal 2016.

38

The Company had total available cash and cash equivalents of $112.9 million and $59.4 million as of January 31, 2015 and February 1, 2014, respectively, of which approximately $25.2 million and $39.4 million was held by the Company's foreign subsidiaries as of January 31, 2015 and February 1, 2014, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to permanently reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.

Common Stock Repurchases

The weighted shares outstanding reflects the effect of stock buy back programs. The Company repurchased 64,709 shares at a cost of $4.6 million during Fiscal 2015. The Company has $60.9 million remaining under its current $75.0 million share repurchase authorization. The Company repurchased 337,665 shares at a cost of $20.7 million during Fiscal 2014. The Company repurchased 645,904 shares at a cost of $37.7 million during Fiscal 2013.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters, including those disclosed in Note 13 to the Company’s Consolidated Financial Statements. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million reflected in Fiscal 2015, $0.5 million reflected in Fiscal 2014 and $0.8 million reflected in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of the probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves may not be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition or results of operations.

Financial Market Risk

The following discusses the Company’s exposure to financial market risk related to changes in interest rates.

Outstanding Debt of the Company – The Company has $29.2 million of outstanding U.K. term loans at a weighted average interest rate of 3.36% as of January 31, 2015. A 100 basis point adverse change in interest rates would increase interest expense by $0.3 million on the $29.2 million term loans.

Cash and Cash Equivalents – The Company’s cash and cash equivalent balances are invested in financial instruments with original maturities of three months or less. The Company did not have significant exposure to changing interest rates on invested cash at January 31, 2015. As a result, the Company considers the interest rate market risk implicit in these investments at January 31, 2015 to be low.

Accounts Receivable – The Company’s accounts receivable balance at January 31, 2015 is concentrated in two of its footwear wholesale businesses, which sell primarily to department stores and independent retailers across the United States and its Lids Team Sports wholesale business, which sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, one customer accounted for 8%, two other customers each accounted for 6% and no other customer accounted for more than 5% of the Company’s total trade receivables balance as of January 31, 2015. The Company monitors the credit quality of its customers and establishes an allowance for doubtful accounts based upon factors surrounding credit risk of specific customers, historical trends and other information, as well as customer specific factors; however, credit risk is affected by conditions or occurrences within the economy and the retail industry, as well as company-specific information.

Foreign Currency Exchange Risk – The Company is exposed to translation risk because certain of its foreign operations utilize the local currency as their functional currency and those financial results must be translated into United States dollars. As currency exchange rates fluctuate, translation of the Company's financial statements of foreign businesses into United States dollars affects the comparability of financial results between years.

39

Summary – Based on the Company’s overall market interest rate exposure at January 31, 2015, the Company believes that the effect, if any, of reasonably possible near-term changes in interest rates on the Company’s consolidated financial position, results of operations or cash flows for Fiscal 2016 would not be material.

New Accounting Principles

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU No. 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures, including which transition method will be adopted.

Inflation

The Company does not believe inflation has had a material impact on sales or operating results during periods covered in this discussion.

ITEM 7A, QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company incorporates by reference the information regarding market risk appearing under the heading “Financial Market Risk” in Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations."

40

ITEM 8, FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting	42
Report of Independent Registered Public Accounting Firm	43
Consolidated Balance Sheets, January 31, 2015 and February 1, 2014	44
Consolidated Statements of Operations, each of the three fiscal years ended 2015, 2014 and 2013	46
Consolidated Statements of Comprehensive Income, each of the three fiscal years ended 2015, 2014 and 2013	47
Consolidated Statements of Cash Flows, each of the three fiscal years ended 2015, 2014 and 2013	48
Consolidated Statements of Equity, each of the three fiscal years ended 2015, 2014 and 2013	49
Notes to Consolidated Financial Statements	50

41

Report of Independent Registered Public Accounting Firm

On Internal Control over Financial Reporting

The Board of Directors and Shareholders

Genesco Inc.

We have audited Genesco Inc. and Subsidiaries' internal control over financial reporting as of January 31, 2015, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the COSO criteria). Genesco Inc. and Subsidiaries' management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Genesco Inc. and Subsidiaries maintained, in all material respects, effective internal control over financial reporting as of January 31, 2015, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Genesco Inc. and Subsidiaries as of January 31, 2015 and February 1, 2014, and the related consolidated statements of operations, comprehensive income, cash flows, and equity for each of the three fiscal years in the period ended January 31, 2015, and our report dated April 1, 2015 expressed an unqualified opinion thereon. Our audits also included the financial statement schedule listed in the Index at Item 15.

	/s/ Ernst & Young LLP
Nashville, Tennessee
April 1, 2015

42

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Genesco Inc.

We have audited the accompanying consolidated balance sheets of Genesco Inc. and Subsidiaries (the “Company”) as of January 31, 2015 and February 1, 2014, and the related consolidated statements of operations, comprehensive income, cash flows and equity for each of the three fiscal years in the period ended January 31, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Genesco Inc. and Subsidiaries at January 31, 2015 and February 1, 2014, and the consolidated results of their operations and their cash flows for each of the three fiscal years in the period ended January 31, 2015, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of January 31, 2015, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), and our report dated April 1, 2015 expressed an unqualified opinion thereon.

	/s/ Ernst & Young LLP
Nashville, Tennessee
April 1, 2015

43

Genesco Inc.

and Subsidiaries

Consolidated Balance Sheets

In Thousands, except share amounts

	As of Fiscal Year End
Assets	January 31, 2015			February 1, 2014
Current Assets:
Cash and cash equivalents	$	112,867		$	59,447
Accounts receivable, net of allowances of $4,191 at January 31,
2015 and $4,420 at February 1, 2014	55,263			52,646
Inventories	598,145			567,261
Deferred income taxes	28,293			23,089
Prepaids and other current assets	53,090			54,432
Total current assets	847,658			756,875
Property and equipment:
Land	7,653			6,169
Buildings and building equipment	32,872			20,474
Computer hardware, software and equipment	164,512			131,110
Furniture and fixtures	192,078			173,992
Construction in progress	25,587			35,623
Improvements to leased property	349,087			335,287
Property and equipment, at cost	771,789			702,655
Accumulated depreciation	(466,037		)	(422,618		)
Property and equipment, net	305,752			280,037
Deferred income taxes	31			3,342
Goodwill	296,865			288,100
Trademarks, net of accumulated amortization of $5,054 at
January 31, 2015 and $4,312 at February 1, 2014	82,263			77,571
Other intangibles, net of accumulated amortization of $23,389 at
January 31, 2015 and $20,645 at February 1, 2014	11,585			9,082
Other noncurrent assets	38,933			24,277
Total Assets	$	1,583,087		$	1,439,284

44

Genesco Inc.

and Subsidiaries

Consolidated Balance Sheets

In Thousands, except share amounts

	As of Fiscal Year End
Liabilities and Equity	January 31, 2015			February 1, 2014
Current Liabilities:
Accounts payable	$	176,307		$	145,483
Accrued employee compensation	88,030			49,078
Accrued other taxes	33,965			26,247
Accrued income taxes	12,921			2,188
Current portion – long-term debt	13,152			6,793
Other accrued liabilities	71,036			68,526
Provision for discontinued operations	10,505			7,263
Total current liabilities	405,916			305,578
Long-term debt	16,003			26,937
Pension liability	22,184			9,223
Deferred rent and other long-term liabilities	135,953			175,311
Provision for discontinued operations	4,254			4,112
Total liabilities	584,310			521,161
Commitments and contingent liabilities
Equity
Non-redeemable preferred stock	1,274			1,305
Common equity:
Common stock, $1 par value:
Authorized: 80,000,000 shares
Issued/Outstanding:
January 31, 2015 – 24,515,362/24,026,898
February 1, 2014 – 24,407,724/23,919,260	24,515			24,408
Additional paid-in capital	208,888			190,568
Retained earnings	820,563			734,533
Accumulated other comprehensive loss	(40,576		)	(16,767		)
Treasury shares, at cost (488,464 shares)	(17,857		)	(17,857		)
Total Genesco equity	996,807			916,190
Noncontrolling interest – non-redeemable	1,970			1,933
Total equity	998,777			918,123
Total Liabilities and Equity	$	1,583,087		$	1,439,284

The accompanying Notes are an integral part of these Consolidated Financial Statements

45

Genesco Inc.

and Subsidiaries

Consolidated Statements of Operations

In Thousands, except per share amounts

	Fiscal Year
		2015			2014			2013
Net sales		$	2,859,844		$	2,624,972		$	2,604,817
Cost of sales		1,459,433			1,325,922			1,306,200
Selling and administrative expenses		1,230,864			1,134,274			1,111,717
Asset impairments and other, net		2,281			1,341			17,037
Earnings from operations		167,266			163,435			169,863
Indemnification asset write-off		7,050			—			—
Interest expense, net:
Interest expense		3,337			4,641			5,126
Interest income		(110		)	(66		)	(95		)
Total interest expense, net		3,227			4,575			5,031
Earnings from continuing operations before income taxes		156,989			158,860			164,832
Income tax expense		57,616			65,878			51,935
Earnings from continuing operations		99,373			92,982			112,897
Provision for discontinued operations, net		(1,648		)	(329		)	(462		)
Net Earnings		$	97,725		$	92,653		$	112,435
Basic earnings per common share:
Continuing operations		$	4.23		$	3.99		$	4.78
Discontinued operations		(0.07		)	(0.01		)	(0.02		)
Net earnings		$	4.16		$	3.98		$	4.76
Diluted earnings per common share:
Continuing operations		$	4.19		$	3.94		$	4.69
Discontinued operations		(0.07		)	(0.02		)	(0.01		)
Net earnings		$	4.12		$	3.92		$	4.68

The accompanying Notes are an integral part of these Consolidated Financial Statements.

46

Genesco Inc.

and Subsidiaries

Consolidated Statements of Comprehensive Income

In Thousands, except as noted

	Fiscal Year
	2015			2014			2013
Net earnings	$	97,725		$	92,653		$	112,435
Other comprehensive income (loss):
Gain (loss) on foreign currency forward contract,
net of tax of $0.0 million for each period	—			—			42
Pension liability adjustment net of tax of $4.0 million,
$6.2 million and $2.4 million for 2015, 2014 and
2013, respectively	(6,343		)	9,510			3,657
Postretirement liability adjustment net of tax benefit of
$0.4 million, $0.3 million and $0.1 million for 2015,
2014 and 2013, respectively	(644		)	(542		)	(79		)
Foreign currency translation adjustments	(16,822		)	2,506			1,105
Total other comprehensive (loss) income	(23,809		)	11,474			4,725
Comprehensive Income	$	73,916		$	104,127		$	117,160

The accompanying Notes are an integral part of these Consolidated Financial Statements.

47

Genesco Inc.

and Subsidiaries

Consolidated Statements of Cash Flows

In Thousands

	Fiscal Year
	2015			2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	97,725		$	92,653		$	112,435
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization	74,326			67,135			63,697
Amortization of deferred note expense and debt discount	692			801			792
Deferred income taxes	5,212			14,983			(17,618		)
Provision for recoveries on accounts receivable	390			(525		)	1,325
Indemnification asset write-off	7,050			—			—
Impairment of long-lived assets	1,890			2,347			1,396
Restricted stock expense	13,392			12,295			10,508
Provision for discontinued operations	2,711			543			796
Tax benefit of stock options and restricted stock	(3,061		)	(3,784		)	(4,820		)
Other	894			1,301			1,327
Effect on cash from changes in working capital and other
assets and liabilities, net of acquisitions:
Accounts receivable	(1,325		)	(3,684		)	(5,821		)
Inventories	(30,955		)	(58,386		)	(61,049		)
Prepaids and other current assets	179			(8,885		)	(4,524		)
Accounts payable	27,646			19,850			(17,953		)
Other accrued liabilities	52,694			(10,093		)	(6,624		)
Other assets and liabilities	(59,696		)	13,448			49,343
Net cash provided by operating activities	189,764			139,999			123,210
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(103,111		)	(98,456		)	(71,737		)
Acquisitions, net of cash acquired	(34,918		)	(13,567		)	(23,818		)
Proceeds from asset sales	336			75			81
Net cash used in investing activities	(137,693		)	(111,948		)	(95,474		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of capital leases	(2		)	(2		)	(2		)
Payments of long-term debt	(31,583		)	(6,428		)	(13,581		)
Proceeds from issuance of long-term debt	26,253			15,124			—
Borrowings under revolving credit facility	280,950			402,200			439,600
Payments on revolving credit facility	(280,950		)	(429,900		)	(416,900		)
Tax benefit of stock options and restricted stock	3,061			3,784			4,820
Shares repurchased	(4,635		)	(20,676		)	(37,650		)
Change in overdraft balances	3,489			6,025			(2,925		)
Redemption of preferred shares	—			(1,462		)	—
Dividends paid on non-redeemable preferred stock	—			(33		)	(147		)
Exercise of stock options	2,009			3,230			4,965
Other	(41		)	(1,788		)	4
Net cash used in financing activities	(1,449		)	(29,926		)	(21,816		)
Effect of foreign exchange rate fluctuations on cash	2,798			1,527			85
Net Increase (Decrease) in Cash and Cash Equivalents	53,420			(348		)	6,005
Cash and cash equivalents at beginning of period	59,447			59,795			53,790
Cash and cash equivalents at end of period	$	112,867		$	59,447		$	59,795
Net cash paid for:
Interest	$	2,632		$	3,769		$	4,391
Income taxes	42,816			52,618			81,607

The accompanying Notes are an integral part of these Consolidated Financial Statements.

48

Genesco Inc.

and Subsidiaries

Consolidated Statements of Equity

In Thousands	Total Non-Redeemable Preferred Stock			Common Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Shares			Non Controlling Interest Non-Redeemable			Total Equity
Balance January 28, 2012	$	4,957		$	24,758		$	149,479		$	598,360		$	(32,966	)	$	(17,857	)	$	2,249		$	728,980
Net earnings	—			—			—			112,435			—			—			—			112,435
Other comprehensive income	—			—			—			—			4,725			—			—			4,725
Dividends paid on non-redeemable preferred stock	—			—			—			(147		)	—			—			—			(147		)
Exercise of stock options	—			224			4,584			—			—			—			—			4,808
Issue shares – Employee Stock Purchase Plan	—			2			155			—			—			—			—			157
Employee and non-employee restricted stock	—			—			10,508			—			—			—			—			10,508
Restricted stock issuance	—			194			(194		)	—			—			—			—			—
Restricted shares withheld for taxes	—			(76		)	—			(4,455		)	—			—			—			(4,531		)
Tax benefit of stock options and
restricted stock exercised	—			—			4,820			—			—			—			—			4,820
Shares repurchased	—			(646		)	—			(37,004		)	—			—			—			(37,650		)
Other	(1,033		)	29			1,008			—			—			—			—			4
Noncontrolling interest – loss	—			—			—			—			—			—			(322		)	(322		)
Balance February 2, 2013	3,924			24,485			170,360			669,189			(28,241		)	(17,857		)	1,927			823,787
Net earnings	—			—			—			92,653			—			—			—			92,653
Other comprehensive income	—			—			—			—			11,474			—			—			11,474
Dividends paid on non-redeemable preferred stock	—			—			—			(33		)	—			—			—			(33		)
Exercise of stock options	—			130			2,904			—			—			—			—			3,034
Issue shares – Employee Stock Purchase Plan	—			3			193			—			—			—			—			196
Employee and non-employee restricted stock	—			—			12,295			—			—			—			—			12,295
Restricted stock issuance	—			214			(214		)	—			—			—			—			—
Restricted shares withheld for taxes	—			(105		)	105			(6,938		)	—			—			—			(6,938		)
Tax benefit of stock options and
restricted stock exercised	—			—			3,784			—			—			—			—			3,784
Shares repurchased	—			(338		)	—			(20,338		)	—			—			—			(20,676		)
Redemption of preferred shares	(1,462		)	—			—			—			—			—			—			(1,462		)
Other	(1,157		)	19			1,141			—			—			—			—			3
Noncontrolling interest – gain	—			—			—			—			—			—			6			6
Balance February 1, 2014	1,305			24,408			190,568			734,533			(16,767		)	(17,857		)	1,933			918,123
Net earnings	—			—			—			97,725			—			—			—			97,725
Other comprehensive loss	—			—			—			—			(23,809		)	—			—			(23,809		)
Exercise of stock options	—			69			1,749			—			—			—			—			1,818
Issue shares – Employee Stock Purchase Plan	—			3			188			—			—			—			—			191
Employee and non-employee restricted stock	—			—			13,392			—			—			—			—			13,392
Restricted stock issuance	—			202			(202		)	—			—			—			—			—
Restricted shares withheld for taxes	—			(88		)	88			(7,125		)	—			—			—			(7,125		)
Tax benefit of stock options and
restricted stock exercised	—			—			3,061			—			—			—			—			3,061
Shares repurchased	—			(65		)	—			(4,570		)	—			—			—			(4,635		)
Other	(31		)	(14		)	44			—			—			—			—			(1		)
Noncontrolling interest – gain	—			—			—			—			—			—			37			37
Balance January 31, 2015	$	1,274		$	24,515		$	208,888		$	820,563		$	(40,576	)	$	(17,857	)	$	1,970		$	998,777

The accompanying Notes are an integral part of these Consolidated Financial Statements.

49

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies

Nature of Operations

Genesco Inc. and its subsidiaries (collectively the "Company") business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom and the Republic of Ireland; through e-commerce websites including journeys.com, journeyskidz.com, shibyjourneys.com, schuh.co.uk, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear, and the Company's SureGrip^® line of slip-resistant, occupational footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids, Hat World and Hat Shack banners; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com; and an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports Group business, at January 31, 2015, the Company operated 2,824 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland.

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip^®Footwear, occupational footwear primarily sold directly to consumers; and other brands.

Principles of Consolidation

All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated.

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2015 was a 52-week year with 364 days, Fiscal 2014 was a 52-week year with 364 days and Fiscal 2013 was a 53-week year with 371 days. Fiscal 2015 ended on January 31, 2015, Fiscal 2014 ended on February 1, 2014 and Fiscal 2013 ended on February 2, 2013.

50

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas requiring management estimates or judgments include the following key financial areas:

Inventory Valuation

The Company values its inventories at the lower of cost or market.

In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company.

The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate.

In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories.

Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the

fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return

products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates.

51

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value.

Impairment of Long-Lived Assets

The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5.

The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures.

Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting

unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination.

52

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million in Fiscal 2015, $0.5 million in Fiscal 2014 and $0.8 million in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13.

Revenue Recognition

Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience.

Income Taxes

As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not

53

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 31, 2015, the Company had a deferred tax valuation allowance of $4.4 million.

Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results.

The Company recorded an effective income tax rate of 36.7% for Fiscal 2015 compared to 41.5% for Fiscal 2014 and 31.5% for Fiscal 2013. The tax rate for Fiscal 2015 was lower than Fiscal 2014 primarily due to a $7.0 million reversal of charges previously recorded related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during Fiscal 2015. Related to the same uncertain tax position, the Company wrote off a $7.1 million indemnification asset during Fiscal 2015. The tax rate for Fiscal 2013 was lower compared to Fiscal 2015 and Fiscal 2014 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions.

Postretirement Benefits Plan Accounting

Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act.

54

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur.

The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions.

The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately six years.

Cash and Cash Equivalents

The Company had total available cash and cash equivalents of $112.9 million and $59.4 million as of January 31, 2015 and February 1, 2014, respectively, of which approximately $25.2 million and $39.4 million was held by the Company's foreign subsidiaries as of January 31, 2015 and February 1, 2014, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to permanently reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at January 31, 2015 and February 1, 2014. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At January 31, 2015, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets.

At January 31, 2015 and February 1, 2014, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $45.6 million and $42.1 million, respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets.

55

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. The Company’s Lids Team Sports wholesale business sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, one customer accounted for 8% of the Company’s total trade receivables balance and two other customers each accounted for 6% of the Company's total trade

receivables balance, while no other customer accounted for more than 5% of the Company’s total trade receivables balance as of January 31, 2015.

The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes.

Property and Equipment

Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives:

Buildings and building equipment	20-45 years
Computer hardware, software and equipment	3-10 years
Furniture and fixtures	10 years

Depreciation expense related to property and equipment was approximately $71.0 million, $63.9 million and $60.3 million for Fiscal 2015, 2014 and 2013, respectively.

Leases

Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations.

Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent.

The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term.

56

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Acquisition

Acquisitions are accounted for using the Business Combinations Topic of the Codification. The total purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition.

Goodwill and Other Intangibles

Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. The Company will update the tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification.

Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks, net of amortization, acquired in connection with the acquisition of Schuh Group Ltd. in

June 2011, Hat World Corporation in April 2004 and various other small acquisitions. The Consolidated Balance Sheets include goodwill of $200.1 million for the Lids Sports Group, $96.0 million for the Schuh Group and $0.8 million for Licensed Brands at January 31, 2015, and $182.4 million for the

Lids Sports Group, $104.9 million for the Schuh Group and $0.8 million for Licensed Brands at February 1, 2014. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying amount. The Company has not recorded an impairment charge for intangible assets.

In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired.

As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $18.0 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $2.2 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair

57

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

value of the Lids Team Sports business by $7.5 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.5 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount.

Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon

their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount

by which the carrying value exceeds the fair value of the asset.

Fair Value of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments at January 31, 2015 and February 1, 2014 are:

In thousands	January 31, 2015				February 1, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	—	$	—	$	—	$	—
UK Term Loans	29,155		29,126		33,730		33,840

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 as defined in Note 5.

Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Cost of Sales

For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales.

For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers.

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

of distribution are included in selling and administrative expenses in the amounts of $9.1 million, $8.7 million and $8.2 million for Fiscal 2015, 2014 and 2013, respectively.

EVA Incentive Plan

Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year are retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. The Company recorded a $5.7 million charge to earnings in the first quarter of Fiscal 2015 in connection with the amendment related to bonus amounts previously deferred to future years.

Gift Cards

The Company has a gift card program that began in calendar 1999 for its Lids Sports operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based

upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns.

Gift card breakage is recognized in revenues each period. Gift card breakage recognized as revenue was $1.0 million, $0.8 million and $0.7 million for Fiscal 2015, 2014 and 2013, respectively. The Consolidated Balance Sheets include an accrued liability for gift cards of $15.8 million and $14.4 million at January 31, 2015 and February 1, 2014, respectively.

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $413.6 million, $381.6 million and $359.3 million for Fiscal 2015, 2014 and 2013, respectively.

Shipping and Handling Costs

Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Preopening Costs

Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations.

Store Closings and Exit Costs

From time to time, the Company makes strategic decisions to close stores or exit locations or activities. Under the provisions of the new Property, Plant, and Equipment Topic of the Codification, which the Company adopted in the first quarter of Fiscal 2015, the definition of a discontinued operation was amended. A discontinued operation may include a component of an entity or a group of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operation or financial results. If stores or operating activities to be closed or exited constitute a component or group of components that represent a strategic shift in the Company's operations, these closures will be considered discontinued operations. The results of operations of discontinued operations are

presented retroactively, net of tax, as a separate component on the Condensed Consolidated Statements of Operations. In each of the years presented, no store closings have met the discontinued operations criteria.

Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as

defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met.

Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary.

Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification.

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $67.0 million, $56.9 million and $48.3 million for Fiscal 2015, 2014 and 2013, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. The Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million at January 31, 2015 and February 1, 2014.

Consideration to Resellers

In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates.

Cooperative Advertising

Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such

advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative

expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification.

Cooperative advertising costs recognized in selling and administrative expenses were $3.3 million, $3.2 million and $3.5 million for Fiscal 2015, 2014 and 2013, respectively. During Fiscal 2015, 2014 and 2013, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements.

Vendor Allowances

From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor.

The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is

incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales.

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $4.1 million, $2.8 million and $3.8 million for Fiscal 2015, 2014 and 2013, respectively. During Fiscal 2015, 2014 and 2013, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred.

Earnings Per Common Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted

earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11).

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are reported as an item of income and resulted in a net loss of $2.4 million, $2.7 million and $0.4 million for Fiscal 2015, 2014 and 2013, respectively.

Share-Based Compensation

The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008.

The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess of recognized compensation expense are reported as a financing cash flow (see Note 12).

Other Comprehensive Income

The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at January 31, 2015 consisted of $22.8 million of cumulative pension liability adjustment, net of tax, a cumulative post retirement liability adjustment of $1.5 million, net of tax, and a cumulative foreign currency translation adjustment of $16.3 million.

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

The following table summarizes the components of accumulated other comprehensive loss for the year ended January 31, 2015:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 1, 2014	$	575		$	(17,342	)	$	(16,767	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(13,407		)	—			(13,407		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(3,415		)	—			(3,415		)
Net actuarial gain	—			(15,075		)	(15,075		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			3,648			3,648
Amortization reclassified from AOCI, before tax	—			3,648			3,648
Income tax expense	—			4,440			4,440
Current period other comprehensive loss, net of tax	(16,822		)	(6,987		)	(23,809		)
Balance January 31, 2015	$	(16,247	)	$	(24,329	)	$	(40,576	)

(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations.

Business Segments

The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14).

New Accounting Principles

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU No. 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate

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Notes to Consolidated Financial Statements

Note 1

Summary of Significant Accounting Policies, Continued

components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures, including which transition method will be adopted.

Note 2

Acquisitions and Intangible Assets

Acquisitions

During Fiscal 2015, the Company completed acquisitions of primarily small retail chains and one small wholesale business for a total purchase price of $34.9 million. In Fiscal 2014 and 2013, the Company completed other acquisitions of primarily small retail chains for a total purchase price of $13.6 million and $23.8 million, respectively. The stores and wholesale business acquired are operated within the Lids Sports Group.

Other Intangible Assets

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
In thousands	Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014
Gross other intangibles	$	13,616		$	13,104		$	18,244		$	14,381		$	3,114		$	2,242		$	34,974		$	29,727
Accumulated amortization	(12,301		)	(11,997		)	(9,424		)	(7,354		)	(1,664		)	(1,294		)	(23,389		)	(20,645		)
Net Other Intangibles	$	1,315		$	1,107		$	8,820		$	7,027		$	1,450		$	948		$	11,585		$	9,082

*Includes non-compete agreements, vendor contract and backlog.

The amortization of intangibles, including trademarks, was $3.3 million, $3.2 million and $3.4 million for Fiscal 2015, 2014 and 2013, respectively. The amortization of intangibles, including trademarks, will be $2.9 million, $2.4 million, $1.8 million, $1.5 million and $0.7 million for Fiscal 2016, 2017, 2018, 2019 and 2020, respectively.

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Notes to Consolidated Financial Statements

Note 3

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges

In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets.

Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment, and in asset impairment and other, net in the accompanying Consolidated Statements of Operations.

The Company recorded a pretax charge to earnings of $2.3 million in Fiscal 2015, including $3.1 million for network intrusion expenses, $1.9 million for retail store asset impairments and $0.7 million for other legal matters, partially offset by a $(3.4) million gain on a lease termination of a Lids store.

The Company recorded a pretax charge to earnings of $1.3 million in Fiscal 2014, including $3.3 million for network intrusion expenses, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination, partially offset by an $(8.3) million gain on the lease termination of a New York City Journeys store.

The Company recorded a pretax charge to earnings of $17.0 million in Fiscal 2013, including $15.6 million for network intrusion expenses, $1.4 million for retail store asset impairments and $0.1 million for other legal matters.

Discontinued Operations

In Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company recorded an additional charge to earnings of $2.7 million ($1.6 million net of tax), $0.5 million ($0.3 million net of tax) and $0.8 million ($0.5 million net of tax) reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company (see Note 13).

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Notes to Consolidated Financial Statements

Note 3

Asset Impairments and Other Charges and Discontinued Operations, Continued

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2012	$	12,517
Additional provision Fiscal 2013	796
Charges and adjustments, net	(1,962		)
Balance February 2, 2013	11,351
Additional provision Fiscal 2014	543
Charges and adjustments, net	(519		)
Balance February 1, 2014	11,375
Additional provision Fiscal 2015	2,711
Charges and adjustments, net	673
Balance January 31, 2015*	14,759
Current provision for discontinued operations	10,505
Total Noncurrent Provision forDiscontinued Operations	$	4,254

*Includes a $14.1 million environmental provision, including $10.5 million in current provision for discontinued operations.

Note 4

Inventories

In thousands	January 31, 2015		February 1, 2014
Raw materials	$	32,941	$	26,115
Wholesale finished goods	65,785		64,357
Retail merchandise	499,419		476,789
Total Inventories	$	598,145	$	567,261

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Notes to Consolidated Financial Statements

Note 5

Fair Value

The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. This Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of January 31, 2015 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Impairment Charges
Measured as of May 3, 2014	$	890	$	—	$	—	$	890	$	824
Measured as of August 2, 2014	258		—		—		258		418
Measured as of November 1, 2014	22		—		—		22		397
Measured as of January 31, 2015	161		—		—		161		251
Total Asset Impairment Fiscal 2015									$	1,890

In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $1.9 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used and tested on a nonrecurring basis during the twelve months ended January 31, 2015. These charges are reflected in asset impairments and other, net on the Consolidated Statements of Operations.

The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

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Notes to Consolidated Financial Statements

Note 6

Long-Term Debt

In thousands	January 31, 2015		February 1, 2014
Revolver borrowings	$	—	$	—
UK term loans	29,155		33,730
Total long-term debt	29,155		33,730
Current portion	13,152		6,793
Total Noncurrent Portion of Long-Term Debt	$	16,003	$	26,937

Long-term debt maturing during each of the next five years ending in January each year is $13.2 million, $1.9 million, $1.9 million, $1.9 million and $10.3 million, respectively.

The Company did not have any revolver borrowings outstanding under the Credit Facility at January 31, 2015 and had $29.2 million in term loans outstanding under the U.K. Credit Facilities (described below) at January 31, 2015. The Company had outstanding letters of credit of $14.8 million under the Credit Facility at January 31, 2015. These letters of credit support product purchases and lease and insurance indemnifications.

Credit Facility:

On January 31, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Facility”) by and among the Company, certain subsidiaries of the Company party thereto, as other borrowers, the lenders party thereto and Bank of America, N.A., as agent (the "Agent"). The Credit Facility provides revolving credit in the aggregate principal amount of $400.0 million and replaces the previous $375.0 million revolving credit facility. The Credit Facility expires January 31, 2019.

Deferred financing costs incurred of $1.6 million related to the Credit Facility were capitalized and are being amortized over five years. In addition, the remaining deferred financing costs of $1.5 million related to the previous amendment are being amortized over five years. These costs are included in other non-current assets on the Consolidated Balance Sheets.

The material terms of the Credit Facility are as follows:

Availability

The Credit Facility is a revolving credit facility in the aggregate principal amount of $400.0 million, including a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $40.0 million, a revolving credit subfacility for the benefit of GCO Canada, Inc. in an aggregate amount not to exceed $25.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit, and revolving credit subfacility for the benefit of Genesco (UK) Limited in an aggregate amount not to exceed $50.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The facility has a five-year term. Any

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Genesco Inc.

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Notes to Consolidated Financial Statements

Note 6

Long-Term Debt, Continued

swingline loans and any letters of credit and borrowings under the Canadian facilities and UK facilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis.

The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit facility may be increased up to no more than $40.0 million.

Genesco (UK) Limited has a one-time option to increase the availability of its subfacility under the Credit Facility by an additional amount of up to $50.0 million.

The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ($400.0 million or, if increased as described above, up to $550.0 million or $600.0 million, respectively) or the "Borrowing Base", which generally is based on 90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves (the "Loan Cap"). The relevant assets of Genesco (UK) Limited will be included in the Borrowing Base if the additional $50.0 million sublimit increase is exercised, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $50.0 million and the total outstanding to Genesco (UK) Limited will not exceed 30% of the Loan Cap.

The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche.

Collateral

The loans and other obligations under the Credit Facility are secured by a perfected first priority lien and security interest in all tangible and intangible assets and excludes real estate and leaseholds of the Company and certain subsidiaries of the Company, including a pledge of 65% of the Company's interest in Genesco (UK) Limited. The assets of Genesco (UK) Limited will not be pledged as collateral unless the additional $50.0 million sublimit increase is exercised and once pledged, will only serve to secure the obligations of GCO Canada, Inc. and Genesco (UK) Limited and their respective subsidiaries.

Interest and Fees

The Company’s borrowings under the Credit Facility bear interest at varying rates that, at the Company’s option, can be based on:

Domestic Facility:

(a) LIBOR plus the applicable margin (as defined and based on average Excess Availability during the prior quarter), or (b) the domestic Base Rate (defined as the higher of (i) the Bank of America prime rate, (ii) the federal funds rate plus 0.50% or (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin.

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Notes to Consolidated Financial Statements

Note 6

Long-Term Debt, Continued

Canadian Sub-Facility:

(a) For loans made in Canadian dollars, the bankers’ acceptances (“BA”) rate plus the applicable margin, or (b) the Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) the Bank of America (Canada Branch) overnight rate plus 0.50%, and (iii) the BA rate for a one month interest period plus 1.0%) plus the applicable margin.

(a) For loans made in U.S. dollars, LIBOR plus the applicable margin, or (b) the U.S. Index Rate (defined as the highest of the (i) Bank of America (Canada branch) U.S. dollar base rate, (ii) the Federal Funds rate plus 0.50%, and (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin.

UK Sub-Facility:

LIBOR plus the applicable margin.

Swingline Loans:

Domestic swingline loans - domestic Base Rate plus the applicable margin.

UK swingline loans - UK Base Rate (being the "base rate" of the local Bank of America branch in the jurisdiction of the currency chosen) plus the applicable margin.

The initial applicable margin for Base Rate loans and U.S. Index rate loans and Canadian Prime Rate loans was 0.50% and the initial applicable margin for LIBOR loans, BA equivalent loans and UK swingline loans was 1.50%. Thereafter, the applicable margin is subject to adjustment based on “Excess Availability” for the prior quarter. The term “Excess Availability” means, as of any given date, the excess (if any) of the Loan Cap (being the lesser of the total commitments and the Borrowing Base) over the outstanding credit extensions under the Credit Facility.

Interest on the Company’s borrowings is payable monthly in arrears for domestic Base Rate loans (including domestic swingline loans), U.S. Index rate loans, Canadian Prime Rate loans and UK swingline loans and at the end of each interest rate period (but not less often than quarterly) for LIBOR loans and BA equivalent loans.

The Company is also required to pay a commitment fee on the actual daily unused portions of the Credit Facility at a rate of  0.25% per annum.

Currency

Loans to GCO Canada, Inc. may be made in U.S. dollars or Canadian dollars. Loans to Genesco (UK) Limited may be made in U.S. dollars, Euros, Pounds Sterling or any other freely transferable currencies approved by the Agent and applicable lenders.

Certain Covenants

The Company is not required to comply with any financial covenants unless Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the

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Notes to Consolidated Financial Statements

Note 6

Long-Term Debt, Continued

Company to meet a minimum fixed charge coverage ratio of (a) an amount equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0:1.0. Excess Availability was $367.0 million at January 31,

2015. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at January 31, 2015.

The Credit Facility also permits the Company to incur up to $500.0 million of senior debt provided that certain terms and conditions are met.

In addition, the Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, transactions with affiliates, asset dispositions, mergers and consolidations, prepayments or material amendments of other indebtedness and other matterscustomarily restricted in such agreements.

Cash Dominion

The Credit Facility also contains cash dominion provisions that apply in the event that the Company’s Excess Availability is less than the greater of $30.0 million or 12.5% of the Loan Cap or there is an event of default under the Credit Facility.

Events of Default

The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control.

Certain of the lenders under the Credit Facility or their affiliates have provided and may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they receive customary fees and commissions.

U.K. Credit Facility

In connection with the Schuh acquisition, Schuh entered into an amended and restated Senior Term Facilities Agreement and Working Capital Facility Letter, (collectively, the “UK Credit Facilities”)

which originally provided for term loans of up to £29.5 million (a £15.5 million A term loan and £14.0 million B term loan) and a working capital facility of £5.0 million. The Working Capital Facility Letter was allowed to lapse in June 2012. The A term loan bears interest at LIBOR plus 2.50% per annum. The B term loan bears interest at LIBOR plus 3.75% per annum. The Company is not required to make any payments on the B term loan until it expires October 31, 2015, unless the Company’s Schuh Group segment has Excess Cash Flow (as defined in the UK Credit Facilities). The Company paid nothing on the B term loan in Fiscal 2015 and less than £0.1 million and £4.8 million on the B term loan in Fiscal 2014 and 2013, respectively.

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Notes to Consolidated Financial Statements

Note 6

Long-Term Debt, Continued

In November 2013, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of up to £12.5 million ("C term loan"). The C term loan bears interest at LIBOR plus 2.50% per annum and expires September 30, 2019.

In June 2014, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of £12.5 million ("D term loan"). The D term loan bears interest at LIBOR plus 0.95% per annum and expires June 18, 2015. The D term loan was paid in the fourth quarter of Fiscal 2015.

The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant initially set at 4.25x and increasing to 4.50x in January 2012 and thereafter, a maximum leverage covenant initially set at 2.75x declining over time at various rates to 2.25x beginning in July 2012 and a minimum cash flow coverage of 1.10x. The Company was in compliance with all the covenants at January 31, 2015. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries.

72

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Notes to Consolidated Financial Statements

Note 7

Commitments Under Long-Term Leases

Operating Leases

The Company leases its office space and all of its retail store locations, certain distribution centers and transportation equipment under various noncancelable operating leases. The leases have varying terms and expire at various dates through 2030. The store leases in the United States, Puerto Rico and Canada typically have initial terms of approximately 10 years. The stores leases in the United Kingdom and the Republic of Ireland typically have initial terms of between 10 and 20 years. Generally, most of the leases require the Company to pay taxes, insurance, maintenance costs and contingent rentals based on sales. Approximately 3% of the Company’s leases contain renewal options.

Rental expense under operating leases of continuing operations was:

In thousands	2015			2014			2013
Minimum rentals	$	250,077		$	227,880		$	215,516
Contingent rentals	9,217			9,667			14,786
Sublease rentals	(852		)	(663		)	(667		)
Total Rental Expense	$	258,442		$	236,884		$	229,635

Minimum rental commitments payable in future years are:

Fiscal Years	In thousands
2016	$	234,392
2017	206,276
2018	174,019
2019	141,859
2020	121,716
Later years	351,077
Total Minimum Rental Commitments	$	1,229,339

For leases that contain predetermined fixed escalations of the minimum rentals, the related rental expense is recognized on a straight-line basis and the cumulative expense recognized on the straight-line basis in excess of the cumulative payments is included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are recorded as deferred rent and amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $23.5 million and $24.2 million for Fiscal 2015 and 2014, respectively, and deferred rent of $45.0 million and $41.6 million for Fiscal 2015 and 2014, respectively, are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets.

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and Subsidiaries

Notes to Consolidated Financial Statements

Note 8

Equity

Non-Redeemable Preferred Stock

	Shares Authorized		Number of Shares			Amounts in Thousands									Common Convertible Ratio		No. of Votes per share
Class (In order of preference)*			2015	2014	2013	2015			2014			2013
Subordinated Serial Preferred (Cumulative)
Aggregate	3,000,000	**	—	—	—	—			—			—			N/A		N/A
$2.30 Series 1	64,368		—	—	16,203	$	—		$	—		$	648		.83		1
$4.75 Series 3	40,449		—	—	7,398	—			—			740			2.11		2
$4.75 Series 4	53,764		—	—	3,247	—			—			325			1.52		1
Series 6	800,000		—	—	—	—			—			—					100
$1.50 Subordinated Cumulative Preferred	5,000,000		—	—	30,067	—			—			902					1
			—	—	56,915	—			—			2,615
Employees’ Subordinated Convertible Preferred	5,000,000		44,836	46,069	46,852	1,345			1,382			1,405			1.00	***	1
Stated Value of Issued Shares						1,345			1,382			4,020
Employees’ Preferred Stock Purchase Accounts						(71		)	(77		)	(96		)
Total Non-Redeemable Preferred Stock						$	1,274		$	1,305		$	3,924

*    In order of preference for liquidation and dividends.

** The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate.

***    Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock.

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Notes to Consolidated Financial Statements

Note 8

Equity, Continued

Preferred Stock Transactions

In thousands	Non-Redeemable Preferred Stock			Non-Redeemable Employees’ Preferred Stock			Employees’ Preferred Stock Purchase Accounts			Total Non-Redeemable Preferred Stock
Balance January 28, 2012	$	3,621		$	1,437		$	(101	)	$	4,957
Other stock conversions	(1,006		)	(32		)	5			(1,033		)
Balance February 2, 2013	2,615			1,405			(96		)	3,924
Preferred stock redemptions	(1,462		)	—			—			(1,462		)
Other stock conversions	(1,153		)	(23		)	19			(1,157		)
Balance February 1, 2014	—			1,382			(77		)	1,305
Other stock conversions	—			(37		)	6			(31		)
Balance January 31, 2015	$	—		$	1,345		(71		)	$	1,274

Subordinated Serial Preferred Stock (Cumulative):

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 during the first quarter of Fiscal 2014. The Series 1 preferred stock was redeemed at $40 per share plus accumulated dividends. During Fiscal 2014, 13,713 shares of Series 1 preferred stock were converted to common stock and 2,490 shares of Series 1 preferred stock were redeemed. The Series 3 and 4 preferred stocks were redeemed at $100 per share plus accumulated dividends. During Fiscal 2014, 6,046 shares of Series 3 preferred stock were converted to common stock and 1,352 shares of Series 3 preferred stock were redeemed. During Fiscal 2014, 3,247 shares of Series 4 preferred stock were redeemed. The total cost of the redemption for Series 1, 3 and 4 preferred stock was $0.6 million in Fiscal 2014.

The Company’s shareholders’ rights plan grants to common shareholders the right to purchase, at a specified exercise price, a fraction of a share of subordinated serial preferred stock, Series 6, in the event of an acquisition of, or an announced tender offer for, 15% or more of the Company’s outstanding common stock. Upon any such event, each right also entitles the holder (other than the person making such acquisition or tender offer) to purchase, at the exercise price, shares of common stock having a market value of twice the exercise price. In the event the Company is acquired in a transaction in which the Company is not the surviving corporation, each right would entitle its holder to purchase, at the exercise price, shares of the acquiring company having a market value of twice the exercise price. The rights expire in March 2020, are redeemable under certain circumstances for $.01 per right and are subject to exchange for one share of common stock or an equivalent amount of preferred stock at any time after the event which makes the rights exercisable and before a majority of the Company’s common stock is acquired.

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Notes to Consolidated Financial Statements

Note 8

Equity, Continued

$1.50 Subordinated Cumulative Preferred Stock:

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The $1.50 Subordinated Cumulative Preferred Stock was redeemed at $30 per share plus accumulated dividends. During Fiscal 2014, 30,067 shares of $1.50 Subordinated Cumulative Preferred Stock were redeemed. The total cost of the redemption for the $1.50 Subordinated Cumulative Preferred Stock was $0.9 million in Fiscal 2014.

Employees’ Subordinated Convertible Preferred Stock:

Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share.

Common Stock:

Common stock-$1 par value. Authorized: 80,000,000 shares; issued: January 31, 2015 – 24,515,362 shares; February 1, 2014 –24,407,724 shares. There were 488,464 shares held in treasury at January 31, 2015 and February 1, 2014. Each outstanding share is entitled to one vote. At January 31, 2015, common shares were reserved as follows: 44,836 shares for conversion of preferred stock; 62,238 shares for the 2005 Stock Incentive Plan; 860,964 shares for the 2009 Amended and Restated Stock Incentive Plan; and 307,604 shares for the Genesco Employee Stock Purchase Plan.

For the year ended January 31, 2015, 68,616 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $26.49, for a total of $1.8 million; 185,416 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 2,688 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $71.01, for a total of $0.2 million; 16,396 shares were issued to directors for no consideration; 88,003 shares were withheld for taxes on restricted stock vested in Fiscal 2015; 13,999 shares of restricted stock were forfeited in Fiscal 2015; and 1,233 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 64,709 shares of common stock at an average weighted market price of $71.63 for a total of $4.6 million.

For the year ended February 1, 2014, 130,051 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $23.33, for a total of $3.0 million; 199,392 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 3,146 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $62.30, for a total of $0.2 million; 14,435 shares were issued to directors for no consideration; 105,193 shares were withheld for taxes on restricted stock vested in Fiscal 2014; 6,279 shares of restricted stock were forfeited in Fiscal 2014; and 24,922 shares were issued in miscellaneous conversions of Series 1, 3 and Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 337,665 shares of common stock at an average weighted market price of $61.23 for a total of $20.7 million.

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Notes to Consolidated Financial Statements

Note 8

Equity, Continued

For the year ended February 2, 2013, 223,618 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $21.50, for a total of $4.8 million; 194,232 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 2,463 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $63.84, for a total of $0.2 million; 10,224 shares were issued to directors for no consideration; 75,552 shares were withheld for taxes on restricted stock vested in Fiscal 2013; 4,020 shares of restricted stock were forfeited in Fiscal 2013; and 22,028 shares were issued in miscellaneous conversions of Series 1, 3, 4 and Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 645,904 shares of common stock at an average weighted market price of $58.29 for a total of $37.7 million.

Restrictions on Dividends and Redemptions of Capital Stock:

The Company’s charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted.

The Company’s Credit Facility prohibits the payment of dividends and other restricted payments unless as of the date of the making of any Restricted Payment or consummation of any Acquisition, (a) no Default or Event of Default exists or would arise after giving effect to such Restricted Payment or Acquisition, and (b) either (i) the Borrowers have pro forma projected Excess Availability for the following six month period equal to or greater than 25% of the Loan Cap, after giving pro forma effect to such Restricted Payment or Acquisition, or (ii) (A) the Borrowers have pro forma projected Excess Availability for the following six month period of less than 25% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio, on a pro forma basis for the twelve months preceding such Restricted Payment or Acquisition, will be equal to or greater than 1.0:1.0, and (c) after giving effect to such Restricted Payment or Acquisition, the Borrowers are Solvent. The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2015. The Company’s UK Credit Facility prohibits the payment of any dividends by Schuh or its subsidiaries to the Company.

The Company issued a mandatory notice of redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 and on its $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The total cost of the redemption was $1.5 million. As a result, all of these preferred issues of stock were either converted to common stock or redeemed in Fiscal 2014, and there are no outstanding shares remaining. Therefore, there is no longer an annual dividend requirement. Dividends paid during Fiscal 2014 were less than $0.1 million.

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Notes to Consolidated Financial Statements

Note 8

Equity, Continued

Changes in the Shares of the Company’s Capital Stock

	Common Stock		Non- Redeemable Preferred Stock		Employees’ Preferred Stock
Issued at January 28, 2012	24,757,826		75,475		47,922
Exercise of options	223,618		—		—
Issue restricted stock	204,456		—		—
Issue shares—Employee Stock Purchase Plan	2,463		—		—
Shares repurchased	(645,904	)	—		—
Other	(57,544	)	(18,560	)	(1,070	)
Issued at February 2, 2013	24,484,915		56,915		46,852
Exercise of options	130,051		—		—
Issue restricted stock	213,827		—		—
Issue shares—Employee Stock Purchase Plan	3,146		—		—
Shares repurchased	(337,665	)	—		—
Other	(86,550	)	(56,915	)	(783	)
Issued at February 1, 2014	24,407,724		—		46,069
Exercise of options	68,616		—		—
Issue restricted stock	185,416		—		—
Issue shares—Employee Stock Purchase Plan	2,688		—		—
Shares repurchased	(64,709	)	—		—
Other	(84,373	)	—		(1,233	)
Issued at January 31, 2015	24,515,362		—		44,836
Less shares repurchased and held in treasury	488,464		—		—
Outstanding at January 31, 2015	24,026,898		—		44,836

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Notes to Consolidated Financial Statements

Note 9

Income Taxes

The components of earnings from continuing operations before income taxes is comprised of the following:

In thousands	2015		2014		2013
United States	$	150,682	$	152,832	$	152,457
Foreign	6,307		6,028		12,375
Total Earnings from Continuing Operations before Income Taxes	$	156,989	$	158,860	$	164,832

Income tax expense from continuing operations is comprised of the following:

In thousands	2015		2014			2013
Current
U.S. federal	$	43,146	$	35,463		$	50,859
International	292		7,293			9,853
State	8,966		8,139			8,841
Total Current Income Tax Expense	52,404		50,895			69,553
Deferred
U.S. federal	4,422		14,078			(7,924		)
International	636		(1,813		)	(6,379		)
State	154		2,718			(3,315		)
Total Deferred Income Tax Expense (Benefit)	5,212		14,983			(17,618		)
Total Income Tax Expense – Continuing Operations	$	57,616	$	65,878		$	51,935

Discontinued operations were recorded net of income tax expense (benefit) of approximately $(1.1) million, $(0.2) million and $(0.3) million in Fiscal 2015, 2014 and 2013, respectively.

As a result of the exercise of stock options and vesting of restricted stock during Fiscal 2015, 2014 and 2013, the Company realized an additional income tax benefit of approximately $3.1 million, $3.8 million and $4.8 million, respectively. These tax benefits are reflected as an adjustment to additional paid-in capital.

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Notes to Consolidated Financial Statements

Note 9

Income Taxes, Continued

 Deferred tax assets and liabilities are comprised of the following:

	January 31,			February 1,
In thousands	2015			2014
Identified intangibles	$	(30,923	)	$	(28,468	)
Prepaids	(3,135		)	(3,063		)
Convertible bonds	(2,402		)	(3,001		)
Tax over book depreciation	(2,028		)	—
Total deferred tax liabilities	(38,488		)	(34,532		)
Options	229			448
Deferred rent	4,494			4,986
Pensions	9,721			4,253
Expense accruals	14,185			15,673
Uniform capitalization costs	14,369			13,750
Book over tax depreciation	—			2,839
Provisions for discontinued operations and restructurings	5,983			4,731
Inventory valuation	3,816			2,115
Tax net operating loss and credit carryforwards	2,030			2,396
Allowances for bad debts and notes	711			761
Deferred compensation and restricted stock	6,933			6,606
Other	4,853			4,320
Gross deferred tax assets	67,324			62,878
Deferred tax asset valuation allowance	(4,411		)	(3,771		)
Deferred tax asset net of valuation allowance	62,913			59,107
Net Deferred Tax Assets	$	24,425		$	24,575

The deferred tax balances have been classified in the Consolidated Balance Sheets as follows:

	2015			2014
Net current asset	$	28,293		$	23,089
Net non-current asset	31			3,342
Net non-current liability	(3,899		)	(1,856		)
Net Deferred Tax Assets	$	24,425		$	24,575

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Notes to Consolidated Financial Statements

Note 9

Income Taxes, Continued

Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows:

	2015		2014		2013
U. S. federal statutory rate of tax	35.00	%	35.00	%	35.00	%
State taxes (net of federal tax benefit)	3.80		4.62		3.11
Foreign rate differential	(1.56	)	(1.24	)	(1.98	)
Change in valuation allowance	0.57		0.05		(0.17	)
Permanent items	2.13		2.18		1.85
Uncertain federal, state and foreign tax positions	(3.06	)	0.21		(5.73	)
Other	(0.18	)	0.65		(0.57	)
Effective Tax Rate	36.70	%	41.47	%	31.51	%

The provision for income taxes resulted in an effective tax rate for continuing operations of 36.70% for Fiscal 2015, compared with an effective tax rate of 41.47% for Fiscal 2014. The tax rate for Fiscal 2015 was lower primarily due to the reversal of previously recorded charges related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company which the Company resolved favorably during the third quarter of Fiscal 2015.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had a federal net operating loss carryforward, which was assumed in one of the prior year acquisitions, of $1.2 million, $1.3 million and $1.5 million, respectively, which expire in fiscal years 2025 through 2030.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had state net operating loss carryforwards of $0.0 million, $0.0 million and $0.1 million, respectively, which expire in fiscal years 2016 through 2031.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had state tax credits of $0.4 million, $0.7 million and $0.9 million, respectively. These credits expire in fiscal years 2015 through 2019.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had foreign net operating losses of $6.8 million, $7.5 million and $10.4 million, respectively, which have no expiration.

As of January 31, 2015, the Company has provided a valuation allowance of approximately $4.4 million on deferred tax assets associated primarily with foreign net operating losses and foreign fixed assets for which management has determined it is more likely than not that the deferred tax assets will not be realized. The $0.6 million net increase in the valuation allowance during Fiscal 2015 from the $3.8 million provided for as of February 1, 2014 determined in accordance with the Income Tax Topic of the Codification relates to increases in fixed asset-related deferred tax assets that will more likely than not never be realized. Management believes that it is more likely than not that the remaining deferred tax assets will be fully realized.

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Notes to Consolidated Financial Statements

Note 9

Income Taxes, Continued

As of January 31, 2015, the Company has not provided for withholding or United States federal income taxes on approximately $34.2 million of accumulated undistributed earnings of its foreign subsidiaries as they are considered by management to be permanently reinvested. If these undistributed earnings were not considered to be permanently reinvested, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. The determination of the amount of unrecognized deferred tax liability related to these temporary differences is not practicable at this time as this could be significantly impacted by the source location and amount of the distribution, the underlying tax rate already paid on the earnings, foreign withholding taxes and the opportunity to use foreign tax credits.

The methodology in the Income Tax Topic of the Codification prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold should be measured in order to determine the tax benefit to be recognized in the financial statements.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2015, 2014 and 2013.

In thousands	2015			2014			2013
Unrecognized Tax Benefit – Beginning of Period	$	10,960		$	10,437		$	20,467
Gross Increases (Decreases) – Tax Positions in a Prior Period	231			139			(2,464		)
Gross Increases (Decreases) – Tax Positions in a Current Period	(287		)	1,452			133
Settlements	—			(340		)	(449		)
Lapse of Statutes of Limitations	(6,907		)	(728		)	(7,250		)
Unrecognized Tax Benefit – End of Period	$	3,997		$	10,960		$	10,437

The amount of unrecognized tax benefits as of January 31, 2015, February 1, 2014 and February 2, 2013 which would impact the annual effective rate if recognized were $1.3 million, $1.3 million and $2.4 million, respectively. The Company believes it is reasonably possible that there will be a $0.1 million decrease in the gross tax liability for uncertain tax positions within the next 12 months based upon the expiration of statutes of limitation.

The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense on the Consolidated Statements of Operations. Related to the uncertain tax benefits noted above, the Company recorded interest and penalties of approximately $(0.1) million

benefit and $0.0 million, respectively, during Fiscal 2015, $(0.1) million and $(0.1) million benefit, respectively, during Fiscal 2014 and $(1.2) million benefit and $0.1 million expense, respectively, during Fiscal 2013. The Company recognized a liability for accrued interest and penalties of $0.8 million and $0.1 million, respectively, as of January 31, 2015, $0.9 million and $0.1 million, respectively, as of February 1, 2014 and $1.1 million and $0.2 million, respectively, as of February 2, 2013. The long-term portion of the unrecognized tax benefits and related accrued interest and penalties are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets.

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and Subsidiaries

Notes to Consolidated Financial Statements

Note 9

Income Taxes, Continued

Income tax reserves are determined using the methodology required by the Income Tax Topic of the Codification.

The Company and its subsidiaries file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. With few exceptions, the Company's U.S. federal and state and local income tax returns for fiscal years ended January 28, 2012 and beyond remain subject to examination. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitation generally ranging from two to six years.

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans

Defined Benefit Pension Plans

The Company sponsored a non-contributory, defined benefit pension plan. As of January 1, 1996, the Company amended the plan to change the pension benefit formula to a cash balance formula from the then existing benefit calculation based upon years of service and final average pay. The benefits accrued under the old formula were frozen as of December 31, 1995. Upon retirement, the participant will receive this accrued benefit payable as an annuity. In addition, the participant will receive as a lump sum (or annuity if desired) the amount credited to the participant’s cash balance account under the new formula. Effective January 1, 2005, the Company froze the defined benefit cash balance plan which prevents any new entrants into the plan as of that date as well as affects the amounts credited to the participants’ accounts as discussed below.

Under the cash balance formula, beginning January 1, 1996, the Company credits each participants’ account annually with an amount equal to 4% of the participant’s compensation plus 4% of the participant’s compensation in excess of the Social Security taxable wage base. Beginning December 31, 1996 and annually thereafter, the account balance of each active participant was credited with 7% interest calculated on the sum of the balance as of the beginning of the plan year and 50% of the amounts credited to the account, other than interest, for the plan year. The account balance of each participant who was inactive would be credited with interest at the lesser of 7% or the 30 year Treasury rate. Under the frozen plan, each participants’ cash balance plan account will be credited annually only with interest at the 30 year Treasury rate, not to exceed 7%, until the participant retires. The amount credited each year will be based on the rate at the end of the prior year.

Other Postretirement Benefit Plans

The Company provides health care benefits for early retirees and life insurance benefits for certain retirees not covered by collective bargaining agreements. Under the health care plan, early retirees are eligible for benefits until age 65. Employees who meet certain requirements are eligible for life insurance benefits upon retirement. The Company accrues such benefits during the period in which the employee renders service.

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Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Obligations and Funded Status

Change in Benefit Obligation

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Benefit obligation at beginning of year	$	111,133		$	119,126		$	5,714		$	4,487
Service cost	450			350			526			428
Interest cost	4,664			4,584			226			159
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Actuarial (gain) loss	18,544			(3,927		)	1,158			990
Benefit Obligation at End of Year	$	125,764		$	111,133		$	6,886		$	5,714

Change in Plan Assets

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Fair value of plan assets at beginning of year	$	101,910		$	98,612		—			—
Actual gain on plan assets	10,697			12,298			—			—
Employer contributions	—			—			738			350
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Fair Value of Plan Assets at End of Year	$	103,580		$	101,910		—			—
Funded Status at End of Year	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

Amounts recognized in the Consolidated Balance Sheets consist of:

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Current liabilities	$	—		$	—		$	(247	)	$	(208	)
Noncurrent liabilities	(22,184		)	(9,223		)	(6,639		)	(5,506		)
Net Amount Recognized	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				Other Benefits
In thousands	2015		2014		2015		2014
Net loss	$	37,518	$	27,147	$	2,515	$	1,459
Total Recognized in Accumulated Other Comprehensive Loss	$	37,518	$	27,147	$	2,515	$	1,459

Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows:

In thousands	January 31, 2015		February 1, 2014
Projected benefit obligation	$	125,764	$	111,133
Accumulated benefit obligation	125,764		111,133
Fair value of plan assets	103,580		101,910

Components of Net Periodic Benefit Cost

Net Periodic Benefit Cost

	Pension Benefits									Other Benefits
In thousands	2015			2014			2013			2015		2014		2013
Service cost	$	450		$	350		$	350		$	526	$	428	$	356
Interest cost	4,664			4,584			4,961			226		159		157
Expected return on plan assets	(6,069		)	(6,654		)	(7,003		)	—		—		—
Amortization:
Prior service cost	—			—			4			—		—		—
Losses	3,546			6,160			6,032			102		97		84
Net amortization	$	3,546		$	6,160		$	6,036		$	102	$	97	$	84
Net Periodic Benefit Cost	$	2,591		$	4,440		$	4,344		$	854	$	684	$	597

Reconciliation of Accumulated Other Comprehensive Income

	Pension Benefits			Other Benefits
In thousands	2015			2015
Net loss	$	13,916		$	1,158
Amortization of prior service cost	—			—
Amortization of net actuarial loss	(3,546		)	(102		)
Total Recognized in Other Comprehensive Income	$	10,370		$	1,056
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	12,961		$	1,910

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year

are $5.4 million and $0.0 million, respectively. The estimated net loss for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.2 million.

Weighted-average assumptions used to determine benefit obligations

	Pension Benefits				Other Benefits
	2015		2014		2015		2014
Discount rate	3.55	%	4.40	%	3.31	%	4.40	%
Rate of compensation increase	NA		NA		—		—

For Fiscal 2015 and 2014, the discount rate was based on a yield curve of high quality corporate bonds with cash flows matching the Company’s planned expected benefit payments.

Weighted-average assumptions used to determine net periodic benefit costs

	Pension Benefits						Other Benefits
	2015		2014		2013		2015		2014		2013
Discount rate	4.40	%	4.00	%	4.35	%	4.40	%	4.01	%	4.17	%
Expected long-term rate of return on plan assets	6.75	%	7.75	%	7.75	%	—		—		—
Rate of compensation increase	NA		NA		NA		—		—		—

The weighted average discount rate used to measure the benefit obligation for the pension plan decreased from 4.40% to 3.55% from Fiscal 2014 to Fiscal 2015. The decrease in the rate increased the accumulated benefit obligation by $11.4 million and increased the projected benefit obligation by $11.4 million. The weighted average discount rate used to measure the benefit obligation for the pension plan increased from 4.00% to 4.40% from Fiscal 2013 to Fiscal 2014. The increase in the rate decreased the accumulated benefit obligation by $3.9 million and decreased the projected benefit obligation by $3.9 million.

To develop the expected long-term rate of return on assets assumption, the Company considered historical asset returns, the current asset allocation and future expectations. Considering this information, the Company selected a 6.75% long-term rate of return on assets assumption.

Assumed health care cost trend rates

	2015		2014
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5	%	5	%
Year that the rate reaches the ultimate trend rate	2020		2019

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below.

In thousands	1% Increase in Rates		1% Decrease in Rates
Aggregated service and interest cost	$	105	$	170
Accumulated postretirement benefit obligation	$	1,139	$	927

Plan Assets

The Company’s pension plan weighted average asset allocations as of January 31, 2015 and February 1, 2014, by asset category are as follows:

	Plan Assets
	January 31, 2015		February 1, 2014
Asset Category
Equity securities	63	%	65	%
Debt securities	37	%	35	%
Total	100	%	100	%

The investment strategy of the Trust is to ensure over the long-term an asset pool, that when combined with Company contributions, will support benefit obligations to participants, retirees and beneficiaries. Investment management responsibilities of plan assets are delegated to outside investment advisers and overseen by an Investment Committee comprised of members of the Company’s senior management that are appointed by the Board of Directors. The Company has an investment policy that provides direction on the implementation of this strategy.

The investment policy establishes a target allocation for each asset class and investment manager. The actual asset allocation versus the established target is reviewed at least quarterly and is maintained within a +/- 5% range of the target asset allocation. Target allocations are 50% domestic equity, 13% international equity, 35% fixed income and 2% cash investments.

All investments are made solely in the interest of the participants and beneficiaries for the exclusive purposes of providing benefits to such participants and their beneficiaries and defraying the expenses related to administering the Trust as determined by the Investment Committee. All assets shall be properly diversified to reduce the potential of a single security or single sector of securities having a disproportionate impact on the portfolio.

The Committee utilizes an outside investment consultant and investment managers to implement its various investment strategies. Performance of the managers is reviewed quarterly and the investment objectives are consistently evaluated.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

At January 31, 2015 and February 1, 2014, there were no Company related assets in the plan.

Generally, quoted market prices are used to value pension plan assets. Equities, some fixed income securities, publicly traded investment funds and U.S. government obligations are valued at the closing price reported on the active market on which the individual security is traded.

The following tables present the pension plan assets by level within the fair value hierarchy as of January 31, 2015 and February 1, 2014. 

January 31, 2015	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	12,266		$	—	$	—	$	12,266
U.S. securities	53,074			—		—		53,074
Fixed Income Securities	38,034			—		—		38,034
Other:
Cash Equivalents	232			—		—		232
Other (includes receivables and payables)	(26		)	—		—		(26		)
Total Pension Plan Assets	$	103,580		$	—	$	—	$	103,580

February 1, 2014	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	13,026		$	—	$	—	$	13,026
U.S. securities	53,187			—		—		53,187
Fixed Income Securities	35,481			—		—		35,481
Other:
Cash Equivalents	235			—		—		235
Other (includes receivables and payables)	(19		)	—		—		(19		)
Total Pension Plan Assets	$	101,910		$	—	$	—	$	101,910

Cash Flows

Return of Assets

There was no return of assets from the plan to the Company in Fiscal 2015 and no plan assets are projected to be returned to the Company in Fiscal 2016.

Contributions

There was no Employee Retirement Income Security Act ("ERISA") cash requirement for the plan in 2014 and none is projected to be required in 2015. It is the Company’s policy to contribute enough cash to maintain at least an 80% funding level.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Estimated Future Benefit Payments

Expected benefit payments from the trust, including future service and pay, are as follows:

Estimated future payments	Pension Benefits ($ in millions)		Other Benefits ($ in millions)
2015	$	8.5	$	0.2
2016	8.5		0.3
2017	8.3		0.3
2018	8.1		0.3
2019	8.0		0.3
2020 – 2024	37.2		1.9

Section 401(k) Savings Plan

The Company has a Section 401(k) Savings Plan available to employees who have completed one full year of service and are age 21 or older.

Since January 1, 2005, the Company has matched 100% of each employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for the Company’s cash balance retirement plan before it was frozen, the Company annually makes an additional contribution of 2 1/2 % of salary to each employee’s account. In calendar 2005 and future years, participants are immediately vested in their contributions and the Company’s matching contribution plus actual earnings thereon. The contribution expense to the Company for the matching program was approximately $5.5 million for Fiscal 2015, $5.0 million for Fiscal 2014 and $5.3 million for Fiscal 2013.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 11

Earnings Per Share

	For the Year Ended January 31, 2015					For the Year Ended February 1, 2014						For the Year Ended February 2, 2013
(In thousands, except per share amounts)	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount
Earnings from continuing operations	$	99,373				$	92,982					$	112,897
Less: Preferred stock dividends and income from participating securities	—					(33		)				(147		)
Basic EPS from continuing operations
Income from continuing operations available to common shareholders	99,373		23,507	$	4.23	92,949			23,297	$	3.99	112,750			23,584	$	4.78
Effect of Dilutive Securities from continuing operations
Options and restricted stock			155						272						372
Convertible preferred stock(1)	—		—			—			—			88			34
Employees’ preferred stock(2)			46						46						47
Diluted EPS from continuing operations
Income from continuing operations available to common shareholders plus assumed conversions	$	99,373	23,708	$	4.19	$	92,949		23,615	$	3.94	$	112,838		24,037	$	4.69

(1) As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of January 31, 2015 and February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2015 and 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013.

(2) The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted.

All outstanding options to purchase shares of common stock at the end of Fiscal 2015, 2014 and 2013 were included in the computation of diluted earnings per share because the impact of doing so was dilutive.

The weighted shares outstanding reflects the effect of stock buy back programs. The Company repurchased 64,709 shares at a cost of $4.6 million during Fiscal 2015. The Company has $60.9 million remaining under its current $75.0 million share repurchase authorization. The Company repurchased 337,665 shares at a cost of $20.7 million during Fiscal 2014. The Company repurchased 645,904 shares at a cost of $37.7 million during Fiscal 2013.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 12

Share-Based Compensation Plans

The Company’s stock-based compensation plans, as of January 31, 2015, are described below. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation – Stock Compensation Topic of the Codification.

Stock Incentive Plans

The Company has two stock incentive plans. Under the 2009 Amended and Restated Equity Incentive Plan (the “2009 Plan”), effective as of June 22, 2011, the Company may grant options, restricted shares, performance awards and other stock-based awards to its employees, consultants and directors for up to 2.5 million shares of common stock. Under the 2005 Equity Incentive Plan (the “2005 Plan”), effective as of June 23, 2005, the Company was permitted to grant options, restricted shares and other stock-based awards to its employees and consultants as well as directors for up to 2.5 million shares of common stock. There will be no future awards under the 2005 Equity Incentive Plan. Under both plans, the exercise price of each option equals the market price of the Company’s stock on the date of grant, and an option’s maximum term is 10 years. Options granted under both plans vest 25% per year over four years.

For Fiscal 2015, 2014 and 2013, the Company did not recognize any stock option related share-based compensation for its stock incentive plans as all such amounts were fully recognized in earlier periods. The Company did not capitalize any share-based compensation cost.

The Compensation—Stock Compensation Topic of the Codification requires that the cash flows resulting from tax benefits for tax deductions in excess of the compensation cost recognized for those options (excess tax benefit) be classified as financing cash flows. Accordingly, the Company classified excess tax benefits of $3.1 million, $3.8 million and $4.8 million as financing cash inflows rather than as operating cash inflows on its Consolidated Statement of Cash Flows for Fiscal 2015, 2014 and 2013, respectively.

The Company did not grant any stock options in Fiscal 2015, 2014 or 2013.

91

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 12

Share-Based Compensation Plans, Continued

A summary of stock option activity and changes for Fiscal 2015, 2014 and 2013 is presented below:

	Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)(1)
Outstanding, January 28, 2012	486,773		$	24.70
Granted	—		—
Exercised	(223,618	)	21.50
Forfeited	—		—
Outstanding, February 2, 2013	263,155		$	27.43
Granted	—		—
Exercised	(130,051	)	23.33
Forfeited	(2,250	)	17.50
Outstanding, February 1, 2014	130,854		$	31.67
Granted	—		—
Exercised	(68,616	)	26.49
Forfeited	0		—
Outstanding, January 31, 2015	62,238		$	37.38	1.31	$	2,121
Exercisable, January 31, 2015	62,238		$	37.38	1.31	$	2,121

(1) Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options.

The total intrinsic value, which represents the difference between the underlying stock’s market price and the option’s exercise price, of options exercised during Fiscal 2015, 2014 and 2013 was $3.4 million, $6.1 million and $11.5 million, respectively.

As of January 31, 2015, the Company does not have any nonvested options under its stock incentive plans.

As of January 31, 2015, there was no unrecognized compensation costs related to stock options under the 2009 Plan. Cash received from option exercises under all share-based payment arrangements for Fiscal 2015, 2014 and 2013 was $1.8 million, $3.0 million and $4.8 million, respectively.

Restricted Stock Incentive Plans

Director Restricted Stock

The 2009 Plan permits grants to non-employee directors on such terms as the Company's board of directors may approve. Restricted stock awards were made to independent directors on the date of the annual meeting of shareholders in each of Fiscal 2015, 2014 and 2013. The shares granted in each award vested on the first anniversary of the grant date, subject to the director's continued service through that date. The board of directors also approved a grant of 365 additional shares in Fiscal 2014 and 336 additional shares in Fiscal 2013 to a newly elected director each year on the annual meeting date in

92

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 12

Share-Based Compensation Plans, Continued

Fiscal 2014 and 2013 on the same terms as the Fiscal 2014 and 2013 grant to all independent directors. In all cases, the director is restricted from selling, transferring, pledging or assigning the shares for three years from the grant date unless he or she earlier leaves the board.

The Fiscal 2015, 2014 and 2013 grants were valued at $97,500, $80,000 and $80,000, respectively, per director based on the average closing price of the stock for the first five trading days of the month in which they were granted and vested on the first anniversary of the grant date. For Fiscal 2015, 2014 and 2013, the Company issued 11,592 shares, 9,280 shares and 9,888 shares, respectively, of director restricted stock.

For Fiscal 2015, 2014 and 2013, the Company recognized $1.1 million, $1.0 million and $0.9 million, respectively, of director restricted stock related share-based compensation in selling and administrative expenses in the accompanying Consolidated Statements of Operations.

Employee Restricted Stock

Under the 2009 Plan, the Company issued 185,416 shares, 199,392 shares and 194,232 shares of employee restricted stock in Fiscal 2015, 2014 and 2013, respectively. Shares of employee restricted stock issued in Fiscal 2015, 2014 and 2013 vest 25% per year over four years, provided that on such date the grantee has remained continuously employed by the Company since the date of grant. The fair value of employee restricted stock is charged against income as compensation cost over the vesting period. Compensation cost recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations for these shares was $12.3 million, $11.3 million and $9.6 million for Fiscal 2015, 2014 and 2013, respectively.

93

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 12

Share-Based Compensation Plans, Continued

A summary of the status of the Company’s nonvested shares of its employee restricted stock as of January 31, 2015 is presented below:

Nonvested Restricted Shares	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at January 28, 2012	772,665		$	32.41
Granted	194,232		57.58
Vested	(195,203	)	29.95
Withheld for federal taxes	(75,552	)	29.97
Forfeited	(3,360	)	38.96
Nonvested at February 2, 2013	692,782		40.59
Granted	199,392		65.11
Vested	(199,428	)	34.31
Withheld for federal taxes	(105,193	)	34.42
Forfeited	(6,279	)	46.48
Nonvested at February 1, 2014	581,274		52.21
Granted	185,416		80.85
Vested	(177,694	)	44.77
Withheld for federal taxes	(88,003	)	45.27
Forfeited	(13,999	)	65.71
Nonvested at January 31, 2015	486,994		$	66.70

As of January 31, 2015, there was $24.9 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements for restricted stock discussed above. That cost is expected to be recognized over a weighted average period of 1.77 years.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, the Company is authorized to issue up to 1.0 million shares of common stock to qualifying full-time employees whose total annual base salary is less than $90,000, effective October 1, 2002. Prior to October 1, 2002, the total annual base salary was limited to $100,000. Under the terms of the Plan, employees could choose each year to have up to 15% of their annual base earnings or $8,500, whichever is lower, withheld to purchase the Company’s common stock. The purchase price of the stock was 85% of the closing market price of the stock on either the exercise date or the grant date, whichever was less. The Company’s board of directors amended the Company’s Employee Stock Purchase Plan effective October 1, 2005 to provide that participants may acquire shares under the Plan at a 5% discount from fair market value on the last day of the Plan year. Employees can choose each year to have up to 15% of their annual base earnings or $9,500, whichever is lower, withheld to purchase the Company’s common stock. Under the Compensation – Stock Compensation Topic of the Codification, shares issued under the Plan as amended are non-compensatory. Under the Plan, the Company sold 2,688 shares, 3,146 shares and 2,463 shares to employees in Fiscal 2015, 2014 and 2013, respectively.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 13

Legal Proceedings

Environmental Matters

New York State Environmental Matters

In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The Company undertook the IRM and RIFS voluntarily, without admitting liability or accepting responsibility for any future remediation of the site. The Company has completed the IRM and the RIFS. In the course of preparing the RIFS, the Company identified remedial alternatives with estimated undiscounted costs ranging from $0.0 million to $24.0 million, excluding amounts previously expended or provided for by the Company. The United States Environmental Protection Agency (“EPA”), which has assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination

of groundwater extraction and treatment and in site chemical oxidation and estimated the present cost of the remediation at approximately $10.7 million.

In July 2009, the Company agreed to a Consent Order with the EPA requiring the Company to perform certain remediation actions, operations, maintenance and monitoring at the site. In September 2009, a Consent Judgment embodying the Consent Order was filed in the U.S. District Court for the Eastern District of New York.

The Village of Garden City, New York (the "Village"), has additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village has estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it, which the complaint alleges could exceed $41 million, undiscounted, over a 70-year period.

The Company has not verified the estimates of either historic or future costs asserted by the Village, but believes that an estimate of future costs based on a 70-year remediation period is unreasonable given the expected remedial period reflected in the EPA's Record of Decision. On May 23, 2008, the Company filed a motion to dismiss the Village's complaint on grounds including applicable statutes of limitation and preemption of certain claims by the NYSDEC's and the EPA's diligent prosecution of remediation. On January 27, 2009, the Court granted the motion to dismiss all counts of the plaintiff's complaint except for the CERCLA claim and a state law claim for indemnity for costs incurred after November 27, 2000. On September 23, 2009, on a motion for reconsideration by the Village, the Court reinstated the claims for injunctive relief under RCRA and for equitable relief under certain of the state

95

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 13

Legal Proceedings, Continued

law theories. The Company intends to continue to defend the action if an acceptable settlement agreement cannot be reached.

Whitehall Environmental Matters

The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan.

In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, the Company had accrued $14.1 million as of January 31, 2015, $11.9 million as of February 1, 2014 and $11.9 million as of February 2, 2013. All such provisions reflect the Company's 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 are included in the liability

arising from provision for discontinued operations on the accompanying Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million reflected in Fiscal 2015, $0.5 million reflected in Fiscal 2014 and $0.8 million reflected in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates.

Other Matters

On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. have asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. The Company does not currently expect any future claims in connection with the intrusion to have a material effect on its financial condition, cash flows, or results of operations.

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Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 13

Legal Proceedings, Continued

On May 14, 2012, a putative class and collective action, Maro v. Hat World, Inc., was filed in the U.S. District Court for the Northern District of Illinois. The action alleged that the Company failed to pay

the plaintiff and other, similarly situated retail store employees of Hat World, Inc., for time spent making bank deposits of store collections, and sought to recover unpaid wages, liquidated damages, statutory penalties, attorney's fees, and costs pursuant to the federal Fair Labor Standards Act, the Illinois Minimum Wage Law and the Illinois Wage Payment and Collection Act. On January 15, 2014, the court dismissed the Maro case with prejudice, based on the plaintiffs' failure to prosecute. On July 16, 2012 and July 30, 2012, additional putative class and collective actions, Chavez v. Hat World, Inc. and Dismukes v. Hat World, Inc., were filed in the same court, alleging that certain Hat World employees were misclassified as exempt from overtime pay, and seeking similar relief. The Chavez and Dismukes actions were consolidated. The parties reached agreement on a settlement, which the court granted final approval on September 5, 2014.

On August 30, 2012, a former employee of a Company subsidiary filed a putative class and collective action, Kershner v. Hat World, Inc., in the Philadelphia, Pennsylvania Court of Common Pleas alleging violations of the Pennsylvania Minimum Wage Act by the subsidiary. The Company reached an agreement to resolve the matter. On May 29, 2014, the court granted final approval of the settlement.

On May 17, 2013, a former employee filed a putative class and representative action, Garcia v. Genesco,Inc. in the Superior Court of California for the County of Ventura, alleging various claims under the California Labor Code, including failure to provide meal and rest periods, failure to timely pay wages, failure to provide accurate itemized wage statements, and unfair competition and violation of the Private Attorneys’ General Act of 2004, and seeking unspecified damages and penalties. On August 30, 2013, the Company removed the action to the United States District Court for the Central District of California. The Company has reached an agreement to settle the matter. The court preliminarily approved the proposed settlement on December 9, 2014. The Company does not expect the matter or its settlement as proposed to have a material effect on its financial condition or results of operations.

In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements.

97

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 14

Business Segment Information

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids, Hat World and Hat Shack retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's, the Lids Team Sports business and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss &

Company; SureGrip^® Footwear, occupational footwear primarily sold directly to consumers; and other brands.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed

brands.

Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order

to make decisions and assess performance. These costs include corporate overhead, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations.

98

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 14

Business Segment Information, Continued

Fiscal 2015
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,179,476	$	406,947	$	903,451		$	259,675	$	110,896		$	970		$	2,861,415
Intercompany sales	—		—		(790		)	—		(781		)	—			(1,571		)
Net sales to external customers	$	1,179,476	$	406,947	$	902,661		$	259,675	$	110,115		$	970		$	2,859,844
Segment operating income (loss)	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(29,632	)	$	169,547
Asset Impairments and other*	—		—		—			—		—			(2,281		)	(2,281		)
Earnings (loss) from operations	114,784		10,110		48,970			14,856		10,459			(31,913		)	167,266
Indemnification asset write-off	—		—		—			—		—			(7,050		)	(7,050		)
Interest expense	—		—		—			—		—			(3,337		)	(3,337		)
Interest income	—		—		—			—		—			110			110
Earnings (loss) from continuing operations before income taxes	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(42,190	)	$	156,989
Total assets**	$	292,536	$	246,570	$	660,833		$	109,791	$	47,066		$	226,291		$	1,583,087
Depreciation and amortization	20,785		14,114		29,711			4,935		725			4,056			74,326
Capital expenditures	26,180		21,382		43,013			8,196		979			3,361			103,111

 *Asset Impairments and other includes a $1.9 million charge for asset impairments, of which $1.7 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $3.1 million charge for network intrusion costs and a $0.7 million charge for other legal matters, partially offset by a gain of $(3.4) million gain on a lease termination of a Lids store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $200.1 million, $96.0 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $17.7 million of additions in Fiscal 2015 resulting from several small acquisitions and the Schuh Group goodwill decreased by $8.9 million due to foreign currency translation adjustment. Of the Company's $305.8 million of long-lived assets, $63.9 million and $14.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

99

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 14

Business Segment Information, Continued

Fiscal 2014
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,082,241	364,732		$	821,779		$	245,941	$	109,989		$	1,282		$	2,625,964
Intercompany sales	—		—		(783		)	—		(209		)	—			(992		)
Net sales to external customers	$	1,082,241	$	364,732	$	820,996		$	245,941	$	109,780		$	1,282		$	2,624,972
Segment operating income (loss)	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(27,664	)	$	164,776
Asset Impairments and other*	—		—		—			—		—			(1,341		)	(1,341		)
Earnings (loss) from operations	97,377		3,063		63,748			17,638		10,614			(29,005		)	163,435
Interest expense	—		—		—			—		—			(4,641		)	(4,641		)
Interest income	—		—		—			—		—			66			66
Earnings (loss) from continuing operations before income taxes	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(33,580	)	$	158,860
Total assets**	$	298,105	268,514		$	574,664		$	97,532	$	50,955		$	149,514		$	1,439,284
Depreciation and amortization	19,400		11,339		28,345			4,002		468			3,581			67,135
Capital expenditures	20,223		29,673		35,193			9,178		1,452			2,737			98,456

*Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. Of the Company's $280.0 million of long-lived assets, $66.9 million and $15.1 million relate to long-lived assets in the United Kingdom and Canada, respectively.

100

Genesco Inc.

and Subsidiaries

Notes to Consolidated Financial Statements

Note 14

Business Segment Information, Continued

Fiscal 2013
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group			Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,111,490	$	370,480	$	793,016		$	221,870		$	108,808		$	1,234		$	2,606,898
Intercompany sales	—		—		(1,761		)	(10		)	(310		)	—			(2,081		)
Net sales to external customers	$	1,111,490	$	370,480	$	791,255		$	221,860		$	108,498		$	1,234		$	2,604,817
Segment operating income (loss)	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(42,903	)	$	186,900
Asset Impairments and other*	—		—		—			—			—			(17,037		)	(17,037		)
Earnings (loss) from operations	109,953		11,209		82,867			15,696			10,078			(59,940		)	169,863
Interest expense	—		—		—			—			—			(5,126		)	(5,126		)
Interest income	—		—		—			—			—			95			95
Earnings (loss) from continuing operations before income taxes	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(64,971	)	$	164,832
Total assets**	$	280,396	$	231,323	$	519,006		$	89,505		$	43,212		$	162,630		$	1,326,072
Depreciation and amortization	20,190		10,040		26,892			3,738			366			2,471			63,697
Capital expenditures	21,852		16,873		21,448			6,680			1,255			3,629			71,737

*Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. Of the Company's $241.7 million of long-lived assets, $41.1 million and $15.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

101

Note 15

Quarterly Financial Information (Unaudited)

(In thousands,	1st Quarter						2nd Quarter						3rd Quarter						4th Quarter						Fiscal Year
except per share amounts)	2015			2014			2015			2014			2015			2014			2015			2014			2015		2014
Net sales	$	628,825		$	591,388		$	615,474		$	574,746		$	722,915		$	666,332		$	892,630		$	792,506		$	2,859,844	$	2,624,972
Gross margin	315,944			298,437			301,745			282,808			358,489			332,161			424,233			385,644			1,400,411		1,299,050
Earnings from continuing operations before income taxes	23,017		(1)	24,685		(3)	9,302		(5)	14,388		(7)	38,619		(9)	45,789		(11)	86,051		(12)	73,998		(14)	156,989		158,860
Earnings from continuing operations	14,098			14,509			4,768			8,465			28,750			27,796			51,757			42,212			99,373		92,982
Net earnings	13,973		(2)	14,410		(4)	4,694		(6)	8,340		(8)	28,662		(10)	27,750			50,396		(13)	42,153		(15)	97,725		92,653
Diluted earnings per common share:
Continuing operations	0.60			0.61			0.20			0.36			1.21			1.18			2.18			1.79			4.19		3.94
Net earnings	0.59			0.61			0.20			0.35			1.21			1.18			2.12			1.79			4.12		3.92

(1) Includes a net asset impairment and other credit of $(1.1) million (see Note 3).

(2) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(3) Includes a net asset impairment and other charge of $1.3 million (see Note 3).

(4) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(5) Includes a net asset impairment and other credit of $1.4 million (see Note 3).

(6) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(7) Includes a net asset impairment and other credit of $(7.1) million (see Note 3).

(8) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(9) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(10) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(11) Includes a net asset impairment and other charge of $1.5 million (see Note 3).

(12) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(13) Includes a loss of $1.4 million, net of tax, from discontinued operations (see Note 3).

(14) Includes a net asset impairment and other charge of $5.6 million (see Note 3).

(15) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

102

ITEM 9, CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A, CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures.

We have established disclosure controls and procedures to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the officers who certify the Company's financial reports and to other members of senior management and Board of Directors.

Based on their evaluation as of January 31, 2015, the principal executive officer and principal financial officer of the Company have concluded that the Company's disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to the Company's management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Management’s annual report on internal control over financial reporting.

Management of the Company is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of January 31, 2015. In making this assessment, management used the criteria set forth in Internal Control – Integrated Framework (2013) drafted by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management believes that, as of January 31, 2015, the Company’s internal control over financial reporting was effective based on those criteria.

Ernst & Young LLP, the independent registered public accounting firm who also audited the Company’s Consolidated Financial Statements, has issued an attestation report on the Company’s effectiveness of internal control over financial reporting which is included herein.

Changes in internal control over financial reporting.

There were no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that have materially affected or are reasonable likely to materially affect the Company's internal control over financial reporting.

ITEM 9B, OTHER INFORMATION

Not applicable.

103

PART III

ITEM 10, DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Certain information required by this item is incorporated herein by reference to the sections entitled “Election of Directors,” “Corporate Governance” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the Company’s definitive proxy statement for its annual meeting of shareholders to be held June 25, 2015, to be filed with the Securities and Exchange Commission. Pursuant to General Instruction G(3), certain information concerning the executive officers of the Company appears under the caption “Executive Officers of the Registrant” in this report following Item 4 of Part I.

The Company has a code of ethics (the “Code of Ethics”) that applies to all of its directors, officers (including its chief executive officer, chief financial officer and chief accounting officer) and employees. The Company has made the Code of Ethics available and intends to post any legally required amendments to, or waivers of, such Code of Ethics on its website at http://www.genesco.com. Our website address is provided as an inactive textual reference only. The information provided on our website is not a part of this report, and therefore is not incorporated herein by reference.

ITEM 11, EXECUTIVE COMPENSATION

The information required by this item is incorporated herein by reference to the sections entitled “Director Compensation,” “Compensation Committee Report” and “Executive Compensation” in the Company’s definitive proxy statement for its annual meeting of shareholders to be held June 25, 2015, to be filed with the Securities and Exchange Commission.

ITEM 12, SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Certain information required by this item is incorporated herein by reference to the section entitled “Security Ownership of Officers, Directors and Principal Shareholders” in the Company’s definitive proxy statement for its annual meeting of shareholders to be held June 25, 2015, to be filed with the Securities and Exchange Commission.

The following table provides certain information as of January 31, 2015 with respect to our equity compensation plans:

EQUITY COMPENSATION PLAN INFORMATION*

Plan Category	(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights	(b) Weighted-average exercise price of outstanding options, warrants and rights		(c) Number of securities remaining available for future issuance under  equity compensation plans (excluding securities reflected in column (a)) (1)
Equity compensation plans approved by security holders	62,238	$	37.38	1,168,568
Equity compensation plans not approved by security holders	—	—		—
Total	62,238	$	37.38	1,168,568

(1) Such shares may be issued as restricted shares or other forms of stock-based compensation pursuant to our stock incentive plans.

* For additional information concerning our equity compensation plans, see the discussion in Note 1 in the Notes to Consolidated Financial Statements—Summary of Significant Accounting Policies – Share-Based Compensation and Note 12 Share-Based Compensation Plans.

ITEM 13, CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this item is incorporated herein by reference to the section entitled “Election of Directors” in the Company’s definitive proxy statement for its annual meeting of shareholders to be held June 25, 2015, to be filed with the Securities and Exchange Commission.

ITEM 14, PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this item is incorporated herein by reference to the section entitled “Audit Matters” in the Company’s definitive proxy statement for its annual meeting of shareholders to be held June 25, 2015, to be filed with the Securities and Exchange Commission.

104

PART IV

ITEM 15, EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements

The following consolidated financial statements of Genesco Inc. and Subsidiaries (the "Company") are filed as part of this report under Item 8, Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting

Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements

Consolidated Balance Sheets, January 31, 2015 and February 1, 2014

Consolidated Statements of Operations, each of the three fiscal years ended 2015, 2014 and 2013

Consolidated Statements of Comprehensive Income, each of the three fiscal years ended 2015, 2014 and 2013

Consolidated Statements of Cash Flows, each of the three fiscal years ended 2015, 2014 and 2013

Consolidated Statements of Equity, each of the three fiscal years ended 2015, 2014 and 2013

Notes to Consolidated Financial Statements

Financial Statement Schedules

Schedule 2 — Valuation and Qualifying Accounts, each of the three fiscal years ended 2015, 2014 and 2013

All other schedules are omitted because the required information is either not applicable or is presented in the financial statements or related notes. These schedules begin on page 111.

Exhibits

(2)	a.	Agreement and Plan of Merger, dated as of February 5, 2004, by and among Genesco Inc., HWC Merger Sub, Inc. and Hat World Corporation. Incorporated by reference to Exhibit (2)a to the current report on Form 8-K filed April 9, 2004 (File No. 1-3083).
	b.	Stock Purchase Agreement, dated December 9, 2006, by and among Hat World, Inc., Hat Shack, Inc. and all the shareholders of Hat Shack, Inc. Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed December 12, 2006 (File No. 1-3083).
	c.	Sale and Purchase Agreement, dated as of June 23, 2011, by and among Genesco Inc., Schuh Group Limited, Genesco (UK) Limited and the persons listed on Schedule 1 thereto. (Pursuant to Item 601(b)(2) of Regulation S-K, the schedules and exhibits from this agreement are omitted, but will be provided supplementally to the Commission upon request.) Incorporated by reference to Exhibit 2.1 to the current report on Form 8-K filed June 28, 2011 (File No. 1-3083).
	d.	£25 million Loan Note Instrument of Genesco (UK) Limited dated June 23, 2011. Incorporated by reference to Exhibit 2.2 to the current report on Form 8-K filed June 28, 2011 (File No. 1-3083).
(3)	a.	Amended and Restated Bylaws of Genesco Inc. Incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed December 19, 2007 (File No. 1-3083).
	b.	Restated Charter of Genesco Inc., as amended. Incorporated by reference to Exhibit 1 to the Genesco Inc. Registration Statement on Form 8-A/A filed with the SEC on May 1, 2003 (File No.1-3083).
(4)	a.	Second Amended and Restated Rights Agreement dated as of April 18, 2010. Incorporated by reference to Exhibit 4.1 to the current report on Form 8-K filed April 9, 2010 (File No. 1-3083).
	b.	Form of Certificate for the Common Stock. Incorporated by reference to Exhibit 3 to the Genesco Inc. Registration Statement on Form 8-A/A filed with the SEC on May 1, 2003 (File No.1-3083).

105

(10)	a.	Third Amended and Restated Credit Agreement, dated as of January 31, 2014, by and among Genesco Inc., certain subsidiaries of the Genesco Inc. party thereto, as other domestic borrowers, GCO Canada Inc., Genesco (UK) Limited, the lenders party thereto and Bank of America, N.A., as Agent. Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed February 5, 2014 (File No. 1-3083).
	b.	Amendment and Restatement Agreement dated November 1, 2013 between Schuh Group Limited as Parent and others as Borrowers and Guarantors, Lloyds Bank PLC as Arranger, Agent and Security Trustee. Incorporated by reference to Exhibit (10) b. to the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014 (File No. 1-3083).
	c.	Form of Split-Dollar Insurance Agreement with Executive Officers. Incorporated by reference to Exhibit (10)a to the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 1997 (File No.1-3083).
	d.	1996 Stock Incentive Plan Amended and Restated as of October 24, 2007 and Form of Option Agreement. Incorporated by reference to Exhibit (10)c to the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2007 (File No.1-3083).
	e.	Genesco Inc. 2005 Equity Incentive Plan Amended and Restated as of October 24, 2007. Incorporated by reference to Exhibit (10)d to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008 (File No.1-3083).
	f.	Genesco Inc. 2009 Equity Incentive Plan. Incorporated by reference to Exhibit A to the Company’s definitive proxy statement dated May 15, 2009. Amended and Restated Genesco Inc. 2009 Equity Incentive Plan. Incorporated by reference to Exhibit A to the Company’s definitive proxy statement dated May 13, 2011.
	g.	Amended and Restated EVA Incentive Compensation Plan. Incorporated by reference to Exhibit (10)a to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 3, 2014 (File No. 1-3083).
	h.	Form of Incentive Stock Option Agreement. Incorporated by reference to Exhibit (10)c to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2005 (File No.1-3083).
	i.	Form of Non-Qualified Stock Option Agreement. Incorporated by reference to Exhibit (10)d to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2005 (File No.1-3083).
	j.	Form of Restricted Share Award Agreement for Executive Officers. Incorporated by reference to Exhibit (10)e to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2005 (File No.1-3083).
	k.	Form of Restricted Share Award Agreement for Officers and Employees. Incorporated by reference to Exhibit (10)f to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 29, 2005 (File No.1-3083).
	l.	Form of Restricted Share Award Agreement. Incorporated by reference to Exhibit (10)a to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2009 (File No. 1-3083).
	m.	Form of Indemnification Agreement For Directors. Incorporated by reference to Exhibit (10)m to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 1993 (File No.1-3083).
	n.	Form of Non-Executive Director Indemnification Agreement. Incorporated by reference to Exhibit (10.1) to the current report on Form 8-K filed November 3, 2008 (File No. 1-3083).
	o.	Form of Officer Indemnification Agreement. Incorporated by reference to Exhibit (10.2) to the Company’s Quarterly Report on Form 10-Q for the quarter ended November 1, 2008 (File No.1-3083).
	p.	Form of Employment Protection Agreement between the Company and certain executive officers dated as of February 26, 1997. Incorporated by reference to Exhibit (10)p to the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 1997 (File No.1-3083).
	q.	First Amendment to Form of Employment Protection Agreement. Incorporated by reference to Exhibit (10)s to the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2010 (File No.1-3083).
	r.	Trademark License Agreement, dated August 9, 2000, between Levi Strauss & Co. and Genesco Inc. Incorporated by reference to Exhibit (10.1) to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 30, 2004 (File No.1-3083).*
	s.	Amendment No. 1 (Renewal) to Trademark License Agreement, dated October 18, 2004, between Levi Strauss & Co. and Genesco Inc. Incorporated by reference to Exhibit (10.2) to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 30, 2004 (File No.1-3083).*

106

	t.	Amendment No. 2 (Renewal) to Trademark License Agreement, dated November 1, 2006, between Levi Strauss & Co. and Genesco. Inc. Incorporated by reference to Exhibit (10.1) to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 28, 2006 (File No.1-3083).*
	u.	Amendment No. 4 (Renewal) to Trademark License Agreement, dated May 15, 2009, between Levi Strauss & Co. and Genesco Inc. Incorporated by reference to Exhibit (10)b to the Company’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2009 (File No.1-3083).*
	v.	Amendment No. 5 (Renewal) to Trademark License Agreement, dated July 23, 2012, between Levi Strauss & Co. and Genesco Inc. Incorporated by reference to Exhibit (10.1) to the Company’s Current Report on Form 8-K filed July 25, 2012 (File No. 1-3083).*
	w.	Genesco Inc. Deferred Income Plan dated as of July 1, 2000. Incorporated by reference to Exhibit (10)p to the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2005. Amended and Restated Deferred Income Plan dated August 22, 2007. Incorporated by reference to Exhibit (10)r to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008 (File No.1-3083).
	x.	The Schuh Group Limited 2015 Management Bonus Scheme. Incorporated by reference to Exhibit (10)a to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 30, 2011 (File No.1-3083).
	y.	Amended and Restated Genesco Employee Stock Purchase Plan dated August 22, 2007. Incorporated by reference to Exhibit (10)u to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008 (File No.1-3083).
	z.	Basic Form of Exchange Agreement (Restricted Stock). Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed April 29, 2009 (File No. 1-3083).
	aa.	Basic Form of Exchange Agreement (Unrestricted Stock). Incorporated by reference to Exhibit 10.2 to the current report on Form 8-K filed April 29, 2009 (File No. 1-3083).
	bb.	Form of Conversion Agreement. Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed November 2, 2009 (File No. 1-3083).
	cc.	Form of Conversion Agreement. Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed November 6, 2009 (File No. 1-3083).
	dd.	Settlement Agreement, dated as of March 3, 2008, by and among UBS Securities LLC and UBS Loan Finance LLC, The Finish Line, Inc. and Headwind, Inc. and Genesco Inc. Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed March 4, 2008 (File No. 1-3083).
(21)		Subsidiaries of the Company
(23)		Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm included on page 109.
(24)		Power of Attorney
(31.1)		Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(31.2)		Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32.1)		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(99)		Financial Statements and Report of Independent Registered Public Accounting Firm with respect to the Genesco Employee Stock Purchase Plan being filed herein in lieu of filing Form 11-K pursuant to Rule 15d-21(filed with the Original Filing).
101.INS		XBRL Instance Document
101.SCH		XBRL Schema Document
101.CAL		XBRL Calculation Linkbase Document
101.DEF		XBRL Definition Linkbase Document
101.LAB		XBRL Label Linkbase Document
101.PRE		XBRL Presentation Linkbase Document

107

Exhibits (10)c through (10)l, (10)p through (10)q and (10)w through (10)y are Management Contracts or Compensatory Plans or Arrangements required to be filed as Exhibits to this Form 10-K.

* Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been granted with respect to the omitted portion.

A copy of any of the above described exhibits will be furnished to the shareholders upon written request, addressed to Director, Corporate Relations, Genesco Inc., Genesco Park, Room 498, P.O. Box 731, Nashville, Tennessee 37202-0731, accompanied by a check in the amount of $15.00 payable to Genesco Inc.

108

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration statement (Form S-8 No. 033-62653) of Genesco Inc.,

(2) Registration statement (Form S-8 No. 333-08463) of Genesco Inc.,

(3) Registration statement (Form S-8 No. 333-104908) of Genesco Inc.,

(4) Registration statement (Form S-8 No. 333-40249) of Genesco Inc.,

(5) Registration statement (Form S-8 No. 333-128201) of Genesco Inc.,

(6) Registration statement (Form S-8 No. 333-160339) of Genesco Inc., and

(7) Registration statement (Form S-8 No. 333-180463) of Genesco Inc.

of our reports dated April 1, 2015, with respect to the consolidated financial statements and schedule of Genesco Inc. and Subsidiaries and the effectiveness of internal control over financial reporting of Genesco Inc. and Subsidiaries included in this Annual Report (Form 10-K) of Genesco Inc. for the year ended January 31, 2015.

We also consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-62653) pertaining to the 1996 Employee Stock Purchase Plan of Genesco Inc. of our report dated April 1, 2015, with respect to the financial statements of the Genesco Employee Stock Purchase Plan included as an exhibit to this Annual Report (Form 10-K) of Genesco Inc. for the year ended January 31, 2015.

	/s/ Ernst & Young LLP
Nashville, Tennessee
April 1, 2015

109

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GENESCO INC.
By:	/s/Mimi Eckel Vaughn
	Mimi Eckel Vaughn
	Senior Vice President – Finance and
	Chief Financial Officer

Date: April 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the 1st day of April, 2015.

/s/Robert J. Dennis	Chairman, President, Chief Executive Officer
Robert J. Dennis	and a Director
/s/Mimi Eckel Vaughn	Senior Vice President – Finance and
Mimi Eckel Vaughn	Chief Financial Officer
	(Principal Financial Officer)
/s/Paul D. Williams	Vice President and Chief Accounting Officer
Paul D. Williams
Directors:
Joanna Barsh*	Matthew C. Diamond *
James S. Beard*	Marty G. Dickens *
Leonard L. Berry *	Thurgood Marshall, Jr. *
William F. Blaufuss, Jr.*	Kathleen Mason *
James W. Bradford*

*By	/s/Roger G. Sisson
	Roger G. Sisson
	Attorney-In-Fact

110

Genesco Inc.

and Subsidiaries

Financial Statement Schedule

January 31, 2015

111

Schedule 2

Genesco Inc.

and Subsidiaries

Valuation and Qualifying Accounts

Year Ended January 31, 2015

In Thousands	Beginning Balance		Charged to Profit and Loss		Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	4,420	$	390	$	(619	)	$	4,191

Year Ended February 1, 2014

In Thousands	Beginning Balance		Charged to Profit and Loss			Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	6,082	$	(525	)	$	(1,137	)	$	4,420

Year Ended February 2, 2013

In Thousands	Beginning Balance		Charged to Profit and Loss		Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	6,900	$	1,325	$	(2,143	)	$	6,082

112

EX-21

Exhibit (21)

SUBSIDIARIES OF THE REGISTRANT

Subsidiaries of the Company:    

Place of

Names of Subsidiary⁽¹⁾    Incorporation

Flagg Bros. of Puerto Rico, Inc.    Delaware

Genesco Brands, LLC    Delaware

GVI, Inc.    Delaware

Hat World Corporation    Delaware

GCO Canada Inc.    Canada

Hat World, Inc.    Minnesota

Hat World Services Co., Inc.    Delaware

Keuka Footwear, Inc.    Delaware

Lids Properties, LLC    Delaware

Nashville Sporting Goods, LLC    Tennessee

SIOPA Sports of America, LLC (50% owned)    Delaware

Genesco (UK) Limited    United Kingdom

Lids Retail Limited    United Kingdom

Schuh Group Limited    United Kingdom

Schuh (Holdings) Limited    United Kingdom

Schuh Limited    United Kingdom

Schuh (ROI) Limited    Republic of Ireland

Genesco GP, LLC    United Kingdom

Genesco Scot LP    United Kingdom

Genesco (Jersey) Limited     Jersey

(1)    Except as otherwise indicated, 100% of the equity of each listed subsidiary is owned either by the registrant or by a wholly-owned subsidiary of the registrant.

EX-24

Exhibit (24)

POWER OF ATTORNEY

The undersigned, certain of the officers and directors of Genesco Inc., a Tennessee corporation (“Genesco”), do hereby constitute and appoint Roger G. Sisson and Mimi E. Vaughn, and any one of them, to act severally as attorneys-in-fact for and in their respective names, places and steads, with full power of substitution, to execute, sign and file with the Securities and Exchange Commission the Annual Report on Form 10-K of Genesco for the fiscal year ended January 31, 2015, and any and all amendments thereto; granting to said attorneys-in-fact, and each of them, full power and authority to do and perform every act and thing whatsoever requisite or necessary to be done in and about the premises as fully to all intents and purposes as the undersigned or any of them might or could do if personally present, and the undersigned do hereby ratify and confirm all that said attorney-in-fact or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Executed this 3rd day of March, 2015

/s/ Robert J. Dennis    /s/ Mimi E. Vaughn    

Robert J. Dennis, Chairman, President and        Mimi E. Vaughn, Senior Vice President-Finance

Chief Executive Officer and a Director        (Principal Financial Officer)

/s/ Joanna Barsh    /s/ James S. Beard    

Joanna Barsh, Director        James S. Beard, Director

/s/ Matthew C. Diamond    /s/ Leonard L. Berry    

Matthew C. Diamond, Director        Leonard L. Berry, Director

/s/ Marty G. Dickens    /s/ William F. Blaufuss    

Marty G. Dickens, Director        William F. Blaufuss, Jr., Director

/s/ Thurgood Marshall, Jr.    /s/ James W. Bradford    

Thurgood Marshall, Jr., Director        James W. Bradford, Director

/s/ Kathleen Mason    

Kathleen Mason, Director

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Robert J. Dennis, certify that:

1. I have reviewed this annual report on Form 10-K of Genesco Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2015

/s/ Robert J. Dennis

Robert J. Dennis

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Mimi E. Vaughn, certify that:

1. I have reviewed this annual report on Form 10-K of Genesco Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2015

/s/ Mimi E. Vaughn

Mimi E. Vaughn

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Genesco Inc. (the “Company”) on Form 10-K for the period ending January 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Dennis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert J. Dennis

Robert J. Dennis

Chief Executive Officer

April 1, 2015

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Genesco Inc. (the “Company”) on Form 10-K for the period ending January 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mimi E. Vaughn, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mimi E. Vaughn

Mime E. Vaughn

Chief Financial Officer

April 1, 2015

EX-99

Exhibit (99)

AUDITED FINANCIAL STATEMENTS

Genesco Employee Stock Purchase Plan

As of January 31, 2015 and February 1, 2014 and for Each of the Three Fiscal

Years in the Period Ended January 31, 2015 with

Report of Independent Registered Public Accounting Firm

Genesco Employee Stock Purchase Plan

Audited Financial Statements

As of January 31, 2015 and February 1, 2014 and for Each of the Three Fiscal

Years in the Period Ended January 31, 2015

Contents

Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements:
Statements of Financial Condition	2
Statements of Changes in Plan Equity	3
Notes to Financial Statements	4

Report of Independent Registered Public Accounting Firm

To the Participants and Administrator

of the Genesco Employee Stock Purchase Plan

We have audited the accompanying statements of financial condition of the Genesco Employee Stock Purchase Plan as of January 31, 2015 and February 1, 2014 and the related statements of changes in plan equity for each of the three fiscal years in the period ended January 31, 2015. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Genesco Employee Stock Purchase Plan at January 31, 2015 and February 1, 2014, and the changes in plan equity foreach of the three fiscal years in the period ended January 31, 2015, in conformity with U. S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Nashville, Tennessee

April 1, 2015

Genesco Employee Stock Purchase Plan

Statements of Financial Condition

Assets	January 31, 2015		February 1, 2014
Due from Genesco Inc.	$	78,056	$	78,470
Total Assets	$	78,056	$	78,470
Liabilities and Plan Equity
Plan equity	$	78,056	$	78,470
Total Liabilities and Plan Equity	$	78,056	$	78,470

See accompanying notes.

Genesco Employee Stock Purchase Plan

Statements of Changes in Plan Equity

	For the Fiscal Year Ended
	January 31, 2015			February 1, 2014			February 2, 2013
Employee contributions	$	213,644		$	216,174		$	210,090
Options exercised	(190,875		)	(195,996		)	(157,242		)
Distributions to withdrawn participants	(23,183		)	(29,135		)	(36,806		)
Net (decrease) increase in plan equity	(414		)	(8,957		)	16,042
Plan equity at beginning of year	78,470			87,427			71,385
Plan Equity at End of Year	$	78,056		$	78,470		$	87,427

See accompanying notes.

Genesco Employee Stock Purchase Plan

Notes to Financial Statements

Note 1

Summary of Significant Accounting Policies

Basis of Accounting

The records of the Genesco Employee Stock Purchase Plan (the "Plan") are prepared on the accrual basis of accounting.

Administrative Expenses

All expenses incurred in administration of the Plan are paid by Genesco Inc. (the "Company") and are excluded from these financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires Plan management to make estimates that affect the reported amounts of Plan assets and liabilities and disclosure of any contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in Plan equity during the period. Actual results could differ from those estimates and the differences could be material.

Note 2

The Plan    

Background and Summary

The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

The Plan became effective October 1, 1995 to advance the interests of the Company and its shareholders by attracting and retaining qualified employees and by encouraging them to identify with shareholder interests through the acquisition of shares of the Company’s common stock.

Eligibility

Each employee who is not a highly compensated employee as described in Section 414(a) of the Internal Revenue Code of 1986 (“the Code”), and whose customary employment is greater than 20 hours per week and greater than five months per year is eligible to participate in the Plan if the employee has been employed by the Company for at least six months prior to the grant date. The Plan excludes statutory insiders and five percent shareholders.

Genesco Employee Stock Purchase Plan

Notes to Financial Statements (Continued)

Note 2

The Plan, Continued    

Contributions

Contributions to the Plan are solely from participating employees of the Company who, through after-tax payroll deductions, may use their contributions to purchase common stock of the Company at the end of a one-year option period. The maximum number of shares available to any participant is the lesser of 2,000 a year or that number of shares equal to $10,000 divided by the closing market price of the common stock on the grant date or the exercise date. The maximum contribution is the lesser of $9,500 a year or 15% of the participant’s base pay as of October 1. The minimum contribution is $250 per participant per year. Shares will be purchased September 30 of the year following the October 1 grant date.

The participant will purchase shares of the Company’s common stock at 95% of the market price on the exercise date. Options are to be granted each year, unless the Board of Directors of the Company, at its discretion, determines in advance that no options are to be granted. The cumulative number of shares which may be purchased under the Plan is 1,000,000. The options granted and rights thereto may not be sold, assigned, pledged or otherwise transferred.

Participant Accounts

Periodically throughout the year, each participant is provided with statements reflecting the value of his or her account. Participant contributions are held by the Company, which has an unsecured obligation to the Plan.

At the exercise date, the Company issues stock that is transferred to a brokerage firm and distributed according to the number of options exercised by each participant.

Vesting

Participants are 100% vested in the value of their account and may withdraw from the Plan at any time except during the period September 15 through September 30, which is the time that preparations are made for the issuance of the stock each year.

If a participant is terminated for any reason other than retirement, disability or death, the participant's involvement in the Plan and any unexercised options automatically terminate, and the participant will receive the account balance in cash.

Termination of the Plan

The Company reserves the right to terminate the Plan at any time. In the event of Plan termination, the balance of each participant's account shall be paid in cash as soon as is reasonably practical.

Plan Administrator

The Plan is to be administered by the compensation committee of the Company’s Board of Directors or another designee of the Board of Directors.

Genesco Employee Stock Purchase Plan

Notes to Financial Statements (Continued)

Note 2

The Plan, Continued    

Income Tax Status

The Plan is intended to qualify as an employee stock purchase plan within the meaning of Section 423 of the Code, as amended. Issuance of shares under this Plan are not intended to result in taxable income to participants in the Plan based on provisions of the Code. Accordingly, no income will result for federal income tax purposes when an option is granted or exercised; however, income may result upon disposition of the stock. Management believes that the Plan is operating in compliance with the Code and, therefore, no provision for income taxes has been reflected in the accompanying financial statements

Accounting principles generally accepted in the United States require Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of January 31, 2015, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2012.

Note 3

Options to Purchase Company Stock    

At the beginning of each option period, the Company estimates the number of options to be granted based on participant contributions and the current stock price. At the end of the option period, the Company grants options to each Plan participant. In the event Plan contributions, withdrawals or the stock price are different than originally estimated, additional or fewer options may be granted at the end of the option period (exercise date).    

			Option Period
Options to Purchase Common Stock	Total		10/01/14 to 09/30/15		10/01/13 to 09/30/14		10/01/12 to 09/30/13
Estimated options to be granted, February 2, 2013	3,895		0		0		3,895
Estimated options to be granted - October 1, 2013	3,635		0		3,635		0
Adjustment to estimated options to be granted	(22	)	0		0		(22	)
Options exercised	(3,146	)	0		0		(3,146	)
Options withdrawn	(860	)	0		(133	)	(727	)
Estimated options to be granted, February 1, 2014	3,502		0		3,502		0
Estimated options to be granted - October 1, 2014	3,156		3,156		0		0
Adjustment to estimated options to be granted	(350	)	0		(350	)	0
Options exercised	(2,688	)	0		(2,688	)	0
Options withdrawn	(483	)	(19	)	(464	)	0
Estimated options to be granted, January 31, 2015	3,137		3,137		0		0

The cumulative options exercised as of January 31, 2015, are 692,396.

Genesco Employee Stock Purchase Plan

Notes to Financial Statements (Continued)

Note 3

Options to Purchase Company Stock, Continued    

	Option Period
	10/01/14 to 09/30/15	10/01/13 to 09/30/14	10/01/12 to 09/30/13
Enrollment date	10/01/14	10/01/13	10/01/12
Exercise date	09/30/15	09/30/14	09/30/13
95% of fair market value of stock at date of exercise	NA	$71.01	$62.30

The table below includes a rollforward of participants based on actual exercises and withdrawals for the option period.

			Option Period
Number of Participants	Total		10/01/14 to 09/30/15		10/01/13 to 09/30/14		10/01/12 to 09/30/13
Active, February 2, 2013	275		0		0		275
Enrollment - October 1, 2013	258		0		258		0
Exercised options	(198	)	0		0		(198	)
Withdrawn	(92	)	0		(15	)	(77	)
Active, February 1, 2014	243		0		243		0
Enrollment - October 1, 2014	243		243		0		0
Exercised options	(199	)	0		(199	)	0
Withdrawn	(48	)	(4	)	(44	)	0
Active, January 31, 2015	239		239		0		0

XML

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Jan. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Details of quarterly financial information

(In thousands,	1st Quarter						2nd Quarter						3rd Quarter						4th Quarter						Fiscal Year
except per share amounts)	2015			2014			2015			2014			2015			2014			2015			2014			2015		2014
Net sales	$	628,825		$	591,388		$	615,474		$	574,746		$	722,915		$	666,332		$	892,630		$	792,506		$	2,859,844	$	2,624,972
Gross margin	315,944			298,437			301,745			282,808			358,489			332,161			424,233			385,644			1,400,411		1,299,050
Earnings from continuing operations before income taxes	23,017		(1)	24,685		(3)	9,302		(5)	14,388		(7)	38,619		(9)	45,789		(11)	86,051		(12)	73,998		(14)	156,989		158,860
Earnings from continuing operations	14,098			14,509			4,768			8,465			28,750			27,796			51,757			42,212			99,373		92,982
Net earnings	13,973		(2)	14,410		(4)	4,694		(6)	8,340		(8)	28,662		(10)	27,750			50,396		(13)	42,153		(15)	97,725		92,653
Diluted earnings per common share:
Continuing operations	0.60			0.61			0.20			0.36			1.21			1.18			2.18			1.79			4.19		3.94
Net earnings	0.59			0.61			0.20			0.35			1.21			1.18			2.12			1.79			4.12		3.92

(1) Includes a net asset impairment and other credit of $(1.1) million (see Note 3).

(2) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(3) Includes a net asset impairment and other charge of $1.3 million (see Note 3).

(4) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(5) Includes a net asset impairment and other credit of $1.4 million (see Note 3).

(6) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(7) Includes a net asset impairment and other credit of $(7.1) million (see Note 3).

(8) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(9) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(10) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(11) Includes a net asset impairment and other charge of $1.5 million (see Note 3).

(12) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(13) Includes a loss of $1.4 million, net of tax, from discontinued operations (see Note 3).

(14) Includes a net asset impairment and other charge of $5.6 million (see Note 3).

(15) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

XML

Commitments Under Long-Term Leases - Textuals (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014
Commitments Under Long-Term Leases (Textual) [Abstract]
Percentage of renewal options	3.00%
Tenant allowances	$ 23.5	$ 24.2
Deferred rent	$ 45.0	$ 41.6
United States, Puerto Rico and Canada
Commitments Under Long-Term Leases (Textual) [Abstract]
Store leases terms maximum	10 years
United Kingdom and the Republic of Ireland
Commitments Under Long-Term Leases (Textual) [Abstract]
Store leases terms minimum	10 years
Store leases terms maximum	20 years

XML

Asset Impairments and Other Charges and Discontinued Operations - Textuals (Details) (USD $)	3 Months Ended							12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Restructuring Cost and Reserve [Line Items]
Asset impairments and other								$ 2,281,000	$ 1,341,000	$ 17,037,000
Gain on lease termination								(3,400,000)	(8,300,000)
Provision for discontinued operations								2,711,000	543,000	796,000
Loss from discontinued operations	1,400,000	100,000	100,000	100,000	100,000	100,000	100,000	1,648,000	329,000	462,000
Computer Network Intrusion
Restructuring Cost and Reserve [Line Items]
Asset impairments and other								3,100,000	3,300,000	15,600,000
Other Legal Matters
Restructuring Cost and Reserve [Line Items]
Asset impairments and other								700,000	2,400,000	100,000
Retail Store Asset Impairments
Restructuring Cost and Reserve [Line Items]
Asset impairments and other								1,900,000	2,300,000	1,400,000
Lease Termination
Restructuring Cost and Reserve [Line Items]
Asset impairments and other									$ 1,600,000

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Net Periodic Benefit Cost (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 450	$ 350	$ 350
Interest cost	4,664	4,584	4,961
Expected return on plan assets	(6,069)	(6,654)	(7,003)
Prior service cost	0	0	4
Losses	3,546	6,160	6,032
Net amortization	3,546	6,160	6,036
Net Periodic Benefit Cost	2,591	4,440	4,344
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	526	428	356
Interest cost	226	159	157
Expected return on plan assets	0	0	0
Prior service cost	0	0	0
Losses	102	97	84
Net amortization	102	97	84
Net Periodic Benefit Cost	$ 854	$ 684	$ 597

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Equity - Non-Redeemable Preferred Stock (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	May 04, 2013	Jan. 31, 2015 Vote	Feb. 01, 2014	Feb. 02, 2013	Jan. 28, 2012
Non-Redeemable Preferred Stock
Non-redeemable preferred stock, number of shares			0
Non-redeemable preferred stock		$ 1,274	$ 1,305	$ 3,924	$ 4,957
Common convertible ratio (shares)		1
Subordinated Serial Preferred Stock Aggregate
Non-Redeemable Preferred Stock
Non-redeemable preferred stock, shares authorized		3,000,000
Non-redeemable preferred stock, number of shares		0	0	0
Non-redeemable preferred stock		0	0	0
Subordinated Serial Preferred Stock $2.30 Series 1
Non-Redeemable Preferred Stock
Preferred stock, dividend rate (usd per share)	$ 2.30	$ 2.30
Non-redeemable preferred stock, shares authorized		64,368
Non-redeemable preferred stock, number of shares		0	0	16,203
Non-redeemable preferred stock		0	0	648
Common Convertible Ratio		0.83
Number of votes		1
Par value of preferred stock (usd per share)			$ 40
Subordinated Serial Preferred Stock $4.75 Series 3
Non-Redeemable Preferred Stock
Preferred stock, dividend rate (usd per share)	$ 4.75	$ 4.75
Non-redeemable preferred stock, shares authorized		40,449
Non-redeemable preferred stock, number of shares		0	0	7,398
Non-redeemable preferred stock		0	0	740
Common Convertible Ratio		2.11
Number of votes		2
Par value of preferred stock (usd per share)			$ 100
Subordinated Serial Preferred Stock $4.75 Series 4
Non-Redeemable Preferred Stock
Preferred stock, dividend rate (usd per share)	$ 4.75	$ 4.75
Non-redeemable preferred stock, shares authorized		53,764
Non-redeemable preferred stock, number of shares		0	0	3,247
Non-redeemable preferred stock		0	0	325
Common Convertible Ratio		1.52
Number of votes		1
Subordinated Serial Preferred Stock Series 6
Non-Redeemable Preferred Stock
Non-redeemable preferred stock, shares authorized		800,000
Non-redeemable preferred stock, number of shares		0	0	0
Non-redeemable preferred stock		0	0	0
Number of votes		100
$1.50 Subordinated Cumulative Preferred Stock
Non-Redeemable Preferred Stock
Preferred stock, dividend rate (usd per share)		$ 1.50
Non-redeemable preferred stock, shares authorized		5,000,000
Non-redeemable preferred stock, number of shares		0	0	30,067
Non-redeemable preferred stock		0	0	902
Number of votes		1
Common convertible ratio (shares)			1
Par value of preferred stock (usd per share)			$ 1.50
Non-Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Non-redeemable preferred stock, number of shares		0	0	56,915
Non-redeemable preferred stock		0	0	2,615	3,621
Employees Subordinated Convertible Preferred Stock
Non-Redeemable Preferred Stock
Non-redeemable preferred stock, shares authorized		5,000,000
Non-redeemable preferred stock, number of shares		44,836	46,069	46,852
Non-redeemable preferred stock		1,345	1,382	1,405
Common Convertible Ratio		1.00
Number of votes		1
Stated Value of Issued Shares
Non-Redeemable Preferred Stock
Non-redeemable preferred stock		1,345	1,382	4,020
Employees’ Preferred Stock Purchase Accounts
Non-Redeemable Preferred Stock
Non-redeemable preferred stock		$ (71)	$ (77)	$ (96)	$ (101)

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Estimated Future Payments (Details) (USD $) In Millions, unless otherwise specified	Jan. 31, 2015
Pension Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2015	$ 8.5
2016	8.5
2017	8.3
2018	8.1
2019	8.0
2020-2024	37.2
Other Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2015	0.2
2016	0.3
2017	0.3
2018	0.3
2019	0.3
2020-2024	$ 1.9

XML

Acquisitions and Intangible Assets - Textual (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Purchase price of acquisitions	$ 34.9	$ 13.6	$ 23.8
Amortization of intangible assets	3.3	3.2	3.4
Amortization Expense 2016	2.9
Amortization Expense 2017	2.4
Amortization Expense 2018	1.8
Amortization Expense 2019	1.5
Amortization Expense 2020	$ 0.7

XML

Equity (Tables)

12 Months Ended

Jan. 31, 2015

Equity [Abstract]

Non redeemable preferred stock

Non-Redeemable Preferred Stock

	Shares Authorized		Number of Shares			Amounts in Thousands									Common Convertible Ratio		No. of Votes per share
Class (In order of preference)*			2015	2014	2013	2015			2014			2013
Subordinated Serial Preferred (Cumulative)
Aggregate	3,000,000	**	—	—	—	—			—			—			N/A		N/A
$2.30 Series 1	64,368		—	—	16,203	$	—		$	—		$	648		.83		1
$4.75 Series 3	40,449		—	—	7,398	—			—			740			2.11		2
$4.75 Series 4	53,764		—	—	3,247	—			—			325			1.52		1
Series 6	800,000		—	—	—	—			—			—					100
$1.50 Subordinated Cumulative Preferred	5,000,000		—	—	30,067	—			—			902					1
			—	—	56,915	—			—			2,615
Employees’ Subordinated Convertible Preferred	5,000,000		44,836	46,069	46,852	1,345			1,382			1,405			1.00	***	1
Stated Value of Issued Shares						1,345			1,382			4,020
Employees’ Preferred Stock Purchase Accounts						(71		)	(77		)	(96		)
Total Non-Redeemable Preferred Stock						$	1,274		$	1,305		$	3,924

*    In order of preference for liquidation and dividends.

** The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate.

***    Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock.

Preferred stock transactions

Preferred Stock Transactions

In thousands	Non-Redeemable Preferred Stock			Non-Redeemable Employees’ Preferred Stock			Employees’ Preferred Stock Purchase Accounts			Total Non-Redeemable Preferred Stock
Balance January 28, 2012	$	3,621		$	1,437		$	(101	)	$	4,957
Other stock conversions	(1,006		)	(32		)	5			(1,033		)
Balance February 2, 2013	2,615			1,405			(96		)	3,924
Preferred stock redemptions	(1,462		)	—			—			(1,462		)
Other stock conversions	(1,153		)	(23		)	19			(1,157		)
Balance February 1, 2014	—			1,382			(77		)	1,305
Other stock conversions	—			(37		)	6			(31		)
Balance January 31, 2015	$	—		$	1,345		(71		)	$	1,274

Changes in shares of company's capital stock

Changes in the Shares of the Company’s Capital Stock

	Common Stock		Non- Redeemable Preferred Stock		Employees’ Preferred Stock
Issued at January 28, 2012	24,757,826		75,475		47,922
Exercise of options	223,618		—		—
Issue restricted stock	204,456		—		—
Issue shares—Employee Stock Purchase Plan	2,463		—		—
Shares repurchased	(645,904	)	—		—
Other	(57,544	)	(18,560	)	(1,070	)
Issued at February 2, 2013	24,484,915		56,915		46,852
Exercise of options	130,051		—		—
Issue restricted stock	213,827		—		—
Issue shares—Employee Stock Purchase Plan	3,146		—		—
Shares repurchased	(337,665	)	—		—
Other	(86,550	)	(56,915	)	(783	)
Issued at February 1, 2014	24,407,724		—		46,069
Exercise of options	68,616		—		—
Issue restricted stock	185,416		—		—
Issue shares—Employee Stock Purchase Plan	2,688		—		—
Shares repurchased	(64,709	)	—		—
Other	(84,373	)	—		(1,233	)
Issued at January 31, 2015	24,515,362		—		44,836
Less shares repurchased and held in treasury	488,464		—		—
Outstanding at January 31, 2015	24,026,898		—		44,836

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Textuals (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Defined Benefit Plan Disclosure [Line Items]
Maintained range of actual to target asset allocation	5.00%
Minimum expected funded percentage	80.00%
Minimum year of service of employee related to savings plan	1 year
Minimum year of age of employee related to savings plan	21 years
Maximum percentage of salary up to which additional contribution made by employer	2.50%
Contribution expense to company for matching program	$ 5.5	$ 5.0	$ 5.3
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Participant's compensation	4.00%
Participant compensation in excess of social security taxable wage base	4.00%
Interest calculated on account balance of each active particpant	7.00%
Amount other than interest calculated on account balance of each active participant	50.00%
Amount with interest calculated on account balance of each inactive participant	lesser of 7% or the 30 year
Treasury rate with interest calculated on account balance of each inactive participant	7.00%
Year with interest calculated on account balance of each inactive participant	30
Year only with interest calculated under frozen plan for each participant's cash balance plan account	30
Treasury rate only with interest calculated under frozen plan for each participant's cash balance plan account	7.00%
Estimated net loss that will be amortized from accumulated other comprehensive income	5.4
Estimated prior service cost that will be amortized from accumulated other comprehensive income	0
Discount rate	3.55%	4.40%	4.00%
Decrease in rate increased accumulated benefit obligation	11.4	3.9
Decrease in rate increased projected benefit obligation	11.4	3.9
Expected long-term rate of return on plan assets	6.75%	7.75%	7.75%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Age under health care plan for early retirees eligible for benefits		65 years
Estimated net loss that will be amortized from accumulated other comprehensive income	$ 0.2
Discount rate	3.31%	4.40%
Expected long-term rate of return on plan assets	0.00%	0.00%	0.00%
Domestic Equity
Defined Benefit Plan Disclosure [Line Items]
Target allocations	50.00%
International Equity
Defined Benefit Plan Disclosure [Line Items]
Target allocations	13.00%
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations	35.00%
Cash Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations	2.00%
Defined Benefit Pension Plan Amendment Two
Defined Benefit Plan Disclosure [Line Items]
Percent of matching contribution by employer	100.00%
Maximum employer contribution up to a specified percentage of salary	3.00%
Percent of matching contribution by employer up to a specified percentage of salary	50.00%
Another maximum employer contribution up to specified percentage of salary	2.00%

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Net Periodic Benefit Cost Assumptions (Details)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.40%	4.00%	4.35%
Expected long-term rate of return on plan assets	6.75%	7.75%	7.75%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.40%	4.01%	4.17%
Expected long-term rate of return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%

XML

Business Segment Information - Textual (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014 Segment	Feb. 02, 2013
Segment Reporting Information [Line Items]
Number of reportable business segments		5
Asset impairments and other	$ 2,281,000	$ 1,341,000	$ 17,037,000
Gain on lease termination	(3,400,000)	(8,300,000)
Goodwill	296,865,000	288,100,000
Long-Lived Assets	305,800,000	280,000,000	241,700,000
Retail Store Asset Impairments
Segment Reporting Information [Line Items]
Asset impairments and other	1,900,000	2,300,000	1,400,000
Other Legal Matters
Segment Reporting Information [Line Items]
Asset impairments and other	700,000	2,400,000	100,000
Lease Termination
Segment Reporting Information [Line Items]
Asset impairments and other		1,600,000
Computer Network Intrusion
Segment Reporting Information [Line Items]
Asset impairments and other	3,100,000	3,300,000	15,600,000
Journeys Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0	0
Journeys Group | Retail Store Asset Impairments
Segment Reporting Information [Line Items]
Asset impairments and other		600,000	400,000
Journeys Group | Lease Termination
Segment Reporting Information [Line Items]
Asset impairments and other		1,600,000
Gain on lease termination		(8,300,000)
Schuh Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0	0
Goodwill	96,000,000	104,900,000	100,700,000
Goodwill, translation adjustments	8,900,000	4,200,000	800,000
Lids Sports Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0	0
Goodwill	200,100,000	182,400,000	172,300,000
Increase in goodwill	17,700,000	10,100,000	13,200,000
Lids Sports Group | Retail Store Asset Impairments
Segment Reporting Information [Line Items]
Asset impairments and other	1,700,000	1,400,000	900,000
Johnston & Murphy Group
Segment Reporting Information [Line Items]
Asset impairments and other	0	0	0
Johnston & Murphy Group | Retail Store Asset Impairments
Segment Reporting Information [Line Items]
Asset impairments and other	200,000	300,000	100,000
Licensed Brands
Segment Reporting Information [Line Items]
Asset impairments and other	0	0	0
Goodwill	800,000	800,000	800,000
Corporate and Other | Other Legal Matters
Segment Reporting Information [Line Items]
Asset impairments and other	700,000	2,400,000	100,000
Corporate and Other | Computer Network Intrusion
Segment Reporting Information [Line Items]
Asset impairments and other	3,100,000	3,300,000	15,600,000
United Kingdom
Segment Reporting Information [Line Items]
Long-Lived Assets	63,900,000	66,900,000	41,100,000
Canada
Segment Reporting Information [Line Items]
Long-Lived Assets	$ 14,600,000	$ 15,100,000	$ 15,600,000

XML

Equity - Changes in Shares of Company's Capital Stock (Details)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013	Jan. 28, 2012
Changes in shares of company's capital stock
Issued, beginning balance	24,407,724
Exercise of options	68,616	130,051	223,618
Issue shares - Employee Stock Purchase Plan	2,688	3,146	2,463
Shares repurchased	(64,709)	(337,665)	(645,904)	0
Issued, ending balance	24,515,362	24,407,724
Less shares repurchased and held in treasury	488,464	488,464
Outstanding	24,026,898	23,919,260
Preferred stock, outstanding		0
Common Stock
Changes in shares of company's capital stock
Issued, beginning balance	24,407,724	24,484,915	24,757,826
Exercise of options	68,616	130,051	223,618
Issue restricted stock	185,416	213,827	204,456
Issue shares - Employee Stock Purchase Plan	2,688	3,146	2,463
Shares repurchased	(64,709)	(337,665)	(645,904)
Other	(84,373)	(86,550)	(57,544)
Issued, ending balance	24,515,362	24,407,724	24,484,915
Less shares repurchased and held in treasury	488,464
Outstanding	24,026,898
Non-Redeemable Preferred Stock
Changes in shares of company's capital stock
Preferred stock, beginning balance	0	56,915	75,475
Exercise of options	0	0	0
Issue restricted stock	0	0	0
Issue shares - Employee Stock Purchase Plan	0	0	0
Shares repurchased	0	0	0
Other	0	(56,915)	(18,560)
Preferred stock, ending balance	0	0	56,915
Less shares repurchased and held in treasury	0
Preferred stock, outstanding	0	0	56,915
Employees’ Preferred Stock
Changes in shares of company's capital stock
Preferred stock, beginning balance	46,069	46,852	47,922
Exercise of options	0	0	0
Issue restricted stock	0	0	0
Issue shares - Employee Stock Purchase Plan	0	0	0
Shares repurchased	0	0	0
Other	(1,233)	(783)	(1,070)
Preferred stock, ending balance	44,836	46,069	46,852
Less shares repurchased and held in treasury	0
Preferred stock, outstanding	44,836

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Plan Assets (Details)	12 Months Ended
	Feb. 01, 2014	Feb. 02, 2013
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation	63.00%	65.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation	37.00%	35.00%

XML

Legal Proceedings (Details) (USD $)	0 Months Ended	12 Months Ended
	Dec. 14, 2007	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013	Dec. 14, 2007
Commitments and Contingencies Disclosure [Abstract]
Minimum estimated undiscounted costs of preparing RIFS for remedial alternatives		$ 0
Maximum estimated undiscounted costs of preparing RIFS for remedial alternatives		24,000,000.0
Present worth for remedy of a combination of groundwater extraction and treatment and in-site chemical oxidation		10,700,000
Minimum historical cost associated with enhanced treatment required by the impact of groundwater plume		1,800,000
Maximum historical cost associated with enhanced treatment required by the impact of groundwater plume		2,500,000
Future operation and maintenance costs		126,400
Minimum amount of complaint under number of state law theories					41,000,000
Period of complaint under number of state law theories	70 years
Amount related to outstanding environmental contingencies		14,100,000	11,900,000	11,900,000
Pretax accruals for environmental contingencies included in provision for discontinued operations		$ 2,800,000	$ 500,000	$ 800,000

XML

Earnings Per Share - Textual (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013	Jan. 28, 2012
Earnings Per Share [Abstract]
Shares repurchased	64,709	337,665	645,904	0
Value of shares repurchased	$ 4,635,000	$ 20,676,000	$ 37,650,000
Remaining authorized repurchase amount for stock repurchase program	60,900,000
Total authorized repurchase amount for stock repurchase program	$ 75,000,000.0

XML

Legal Proceedings - Loss Contingencies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Feb. 02, 2013	Dec. 10, 2010 Claimant	Mar. 07, 2013
Loss Contingencies [Line Items]
Approximate claims asserted against the company's acquiring bank		$ 15.6
Number of claimants		2
Positive Outcome of Litigation
Loss Contingencies [Line Items]
Gain contingency			13.3
Computer Network Intrusion | Threatened Litigation
Loss Contingencies [Line Items]
Loss in period	$ 15.4

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	$ 103,580	$ 101,910
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	103,580	101,910
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
International securities | Equity Securities: | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	12,266	13,026
International securities | Equity Securities: | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
International securities | Equity Securities: | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
U.S. securities | Equity Securities: | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	53,074	53,187
U.S. securities | Equity Securities: | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
U.S. securities | Equity Securities: | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Fixed Income Securities | Equity Securities: | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	38,034	35,481
Fixed Income Securities | Equity Securities: | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Fixed Income Securities | Equity Securities: | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Cash Equivalents | Other: | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	232	235
Cash Equivalents | Other: | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Cash Equivalents | Other: | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Other (includes receivables and payables) | Other: | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	(26)	(19)
Other (includes receivables and payables) | Other: | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Other (includes receivables and payables) | Other: | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	0	0
Total
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	103,580	101,910
Total | International securities | Equity Securities:
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	12,266	13,026
Total | U.S. securities | Equity Securities:
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	53,074	53,187
Total | Fixed Income Securities | Equity Securities:
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	38,034	35,481
Total | Cash Equivalents | Other:
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	232	235
Total | Other (includes receivables and payables) | Other:
Defined Benefit Plan Disclosure [Line Items]
Total Pension Plan Assets	$ (26)	$ (19)

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans -Reconciliation of AOCI (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Amortization of net actuarial loss	$ (3,648)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss	13,916
Amortization of prior service cost	0
Amortization of net actuarial loss	(3,546)
Total Recognized in Other Comprehensive Income	10,370
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	12,961
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss	1,158
Amortization of prior service cost	0
Amortization of net actuarial loss	(102)
Total Recognized in Other Comprehensive Income	1,056
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$ 1,910

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

Genesco Inc. and its subsidiaries (collectively the "Company") business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom and the Republic of Ireland; through e-commerce websites including journeys.com, journeyskidz.com, shibyjourneys.com, schuh.co.uk, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear, and the Company's SureGrip^® line of slip-resistant, occupational footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids, Hat World and Hat Shack banners; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com; and an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports Group business, at January 31, 2015, the Company operated 2,824 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland.

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip^®Footwear, occupational footwear primarily sold directly to consumers; and other brands.

Principles of Consolidation

Principles of Consolidation

All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated.

Fiscal Year

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas requiring management estimates or judgments include the following key financial areas:

Inventory Valuation

The Company values its inventories at the lower of cost or market.

In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company.

The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate.

In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories.

Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the

fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return

products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates.

Note 1

Summary of Significant Accounting Policies, Continued

Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value.

Impairment of Long-Lived Assets

The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5.

The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures.

Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting

unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination.

Note 1

Summary of Significant Accounting Policies, Continued

Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million in Fiscal 2015, $0.5 million in Fiscal 2014 and $0.8 million in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13.

Revenue Recognition

Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience.

Income Taxes

As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not

Note 1

Summary of Significant Accounting Policies, Continued

generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 31, 2015, the Company had a deferred tax valuation allowance of $4.4 million.

Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results.

The Company recorded an effective income tax rate of 36.7% for Fiscal 2015 compared to 41.5% for Fiscal 2014 and 31.5% for Fiscal 2013. The tax rate for Fiscal 2015 was lower than Fiscal 2014 primarily due to a $7.0 million reversal of charges previously recorded related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during Fiscal 2015. Related to the same uncertain tax position, the Company wrote off a $7.1 million indemnification asset during Fiscal 2015. The tax rate for Fiscal 2013 was lower compared to Fiscal 2015 and Fiscal 2014 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions.

Postretirement Benefits Plan Accounting

Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act.

Note 1

Summary of Significant Accounting Policies, Continued

As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur.

The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions.

Inventory Valuation

Inventory Valuation

The Company values its inventories at the lower of cost or market.

In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company.

The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate.

In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories.

Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the

fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return

products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates.

Note 1

Summary of Significant Accounting Policies, Continued

Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5.

The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures.

Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting

unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination.

Note 1

Summary of Significant Accounting Policies, Continued

Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference.

Environmental and Other Contingencies

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million in Fiscal 2015, $0.5 million in Fiscal 2014 and $0.8 million in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations.

Revenue Recognition

Revenue Recognition

Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience.

Income Taxes

Income Taxes

As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not

Note 1

Summary of Significant Accounting Policies, Continued

generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 31, 2015, the Company had a deferred tax valuation allowance of $4.4 million.

Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results.

Postretirement Benefits Plan Accounting

Postretirement Benefits Plan Accounting

Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act.

Note 1

Summary of Significant Accounting Policies, Continued

As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur.

The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions.

The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately six years.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company had total available cash and cash equivalents of $112.9 million and $59.4 million as of January 31, 2015 and February 1, 2014, respectively, of which approximately $25.2 million and $39.4 million was held by the Company's foreign subsidiaries as of January 31, 2015 and February 1, 2014, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to permanently reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at January 31, 2015 and February 1, 2014. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At January 31, 2015, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets.

At January 31, 2015 and February 1, 2014, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $45.6 million and $42.1 million, respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets.

Concentration of Credit Risk and Allowances on Accounts Receivable

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. The Company’s Lids Team Sports wholesale business sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, one customer accounted for 8% of the Company’s total trade receivables balance and two other customers each accounted for 6% of the Company's total trade

receivables balance, while no other customer accounted for more than 5% of the Company’s total trade receivables balance as of January 31, 2015.

The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes.

Property and Equipment

Property and Equipment

Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives:

Buildings and building equipment	20-45 years
Computer hardware, software and equipment	3-10 years
Furniture and fixtures	10 years

Leases

Leases

Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations.

Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent.

The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term.

Acquisition

Acquisition

Acquisitions are accounted for using the Business Combinations Topic of the Codification. The total purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition.

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. The Company will update the tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification.

Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks, net of amortization, acquired in connection with the acquisition of Schuh Group Ltd. in

June 2011, Hat World Corporation in April 2004 and various other small acquisitions. The Consolidated Balance Sheets include goodwill of $200.1 million for the Lids Sports Group, $96.0 million for the Schuh Group and $0.8 million for Licensed Brands at January 31, 2015, and $182.4 million for the

Lids Sports Group, $104.9 million for the Schuh Group and $0.8 million for Licensed Brands at February 1, 2014. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying amount. The Company has not recorded an impairment charge for intangible assets.

In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired.

As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $18.0 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $2.2 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair

Note 1

Summary of Significant Accounting Policies, Continued

value of the Lids Team Sports business by $7.5 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.5 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount.

Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon

their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount

by which the carrying value exceeds the fair value of the asset.

Fair Value of Financial Instruments

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 as defined in Note 5.

Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Cost of Sales

Cost of Sales

For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales.

For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers.

Selling and Administrative Expenses

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs

Note 1

Summary of Significant Accounting Policies, Continued

of distribution are included in selling and administrative expenses in the amounts of $9.1 million, $8.7 million and $8.2 million for Fiscal 2015, 2014 and 2013, respectively.

EVA Incentive Plan

Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year are retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. The Company recorded a $5.7 million charge to earnings in the first quarter of Fiscal 2015 in connection with the amendment related to bonus amounts previously deferred to future years.

Gift Cards

Gift Cards

The Company has a gift card program that began in calendar 1999 for its Lids Sports operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based

upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns.

Buying, Merchandising and Occupancy Costs

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin.

Shipping and Handling Costs

Shipping and Handling Costs

Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations.

Preopening Costs

Preopening Costs

Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations.

Store Closings and Exit Costs

Store Closings and Exit Costs

From time to time, the Company makes strategic decisions to close stores or exit locations or activities. Under the provisions of the new Property, Plant, and Equipment Topic of the Codification, which the Company adopted in the first quarter of Fiscal 2015, the definition of a discontinued operation was amended. A discontinued operation may include a component of an entity or a group of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operation or financial results. If stores or operating activities to be closed or exited constitute a component or group of components that represent a strategic shift in the Company's operations, these closures will be considered discontinued operations. The results of operations of discontinued operations are

presented retroactively, net of tax, as a separate component on the Condensed Consolidated Statements of Operations. In each of the years presented, no store closings have met the discontinued operations criteria.

Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as

defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met.

Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary.

Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification.

Advertising Costs

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $67.0 million, $56.9 million and $48.3 million for Fiscal 2015, 2014 and 2013, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months.

Consideration to Resellers

Consideration to Resellers

In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for

Note 1

Summary of Significant Accounting Policies, Continued

them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates.

Cooperative Advertising

Cooperative Advertising

Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such

advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative

expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification.

Vendor Allowances

Vendor Allowances

From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor.

The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is

incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales.

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted

earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11).

Foreign Currency Translation

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are reported as an item of income and resulted in a net loss of $2.4 million, $2.7 million and $0.4 million for Fiscal 2015, 2014 and 2013, respectively.

Share-Based Compensation

Share-Based Compensation

The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008.

The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess of recognized compensation expense are reported as a financing cash flow (see Note 12).

Other Comprehensive Income

Other Comprehensive Income

The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax.

Business Segments

Business Segments

The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14).

New Accounting Principles

New Accounting Principles

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU No. 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate

Note 1

Summary of Significant Accounting Policies, Continued

components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures, including which transition method will be adopted.

XML

Fair Value - Fair Value (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014
Company's assets and liabilities measured at fair value on a nonrecurring basis
Total Asset Impairment Fiscal 2015	$ 1,890	$ 2,347	$ 1,396
Fair Value Measurements Nonrecurring
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	161			22	258	890
Impairment Charges	251			397	418	824
Total Asset Impairment Fiscal 2015	1,890
Fair Value Measurements Nonrecurring | Level 1
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	0			0	0	0
Fair Value Measurements Nonrecurring | Level 2
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	0			0	0	0
Fair Value Measurements Nonrecurring | Level 3
Company's assets and liabilities measured at fair value on a nonrecurring basis
Long-Lived Assets Held and Used	$ 161			$ 22	$ 258	$ 890

XML

Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details Textual) (USD $)	Jan. 31, 2015	Feb. 01, 2014
Segment Reporting Information [Line Items]
Goodwill	$ 296,865,000	$ 288,100,000
Lids Sports Group
Segment Reporting Information [Line Items]
Goodwill	200,100,000	182,400,000
Schuh Group
Segment Reporting Information [Line Items]
Goodwill	96,000,000	104,900,000
Licensed Brands
Segment Reporting Information [Line Items]
Goodwill	800,000	800,000
Lids Teams Sports
Segment Reporting Information [Line Items]
Goodwill	18,000,000
Goodwill impairment analysis, fair value in excess of carrying value	2,200,000
Amount of reduction in fair value pending increases of 100 basis points in weighted average cost of capital	7,500,000
Amount of reduction in fair value pending decrease of 100 basis points in projected annual revenues	$ 500,000

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Future Year Health Care Cost (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
Aggregated service and interest cost, 1% increase in rates	$ 105
Aggregated service and interest cost, 1% decrease in rates	170
Accumulated postretirement benefit obligation, 1% increase in rates	1,139
Accumulated postretirement benefit obligation, 1% decrease in rates	$ 927

XML

Share-Based Compensation Plans (Tables)

12 Months Ended

Jan. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of stock option activity

A summary of stock option activity and changes for Fiscal 2015, 2014 and 2013 is presented below:

	Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)(1)
Outstanding, January 28, 2012	486,773		$	24.70
Granted	—		—
Exercised	(223,618	)	21.50
Forfeited	—		—
Outstanding, February 2, 2013	263,155		$	27.43
Granted	—		—
Exercised	(130,051	)	23.33
Forfeited	(2,250	)	17.50
Outstanding, February 1, 2014	130,854		$	31.67
Granted	—		—
Exercised	(68,616	)	26.49
Forfeited	0		—
Outstanding, January 31, 2015	62,238		$	37.38	1.31	$	2,121
Exercisable, January 31, 2015	62,238		$	37.38	1.31	$	2,121

(1) Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options.

Summary of the status of the Company's nonvested shares of its employee restricted stock

A summary of the status of the Company’s nonvested shares of its employee restricted stock as of January 31, 2015 is presented below:

Nonvested Restricted Shares	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at January 28, 2012	772,665		$	32.41
Granted	194,232		57.58
Vested	(195,203	)	29.95
Withheld for federal taxes	(75,552	)	29.97
Forfeited	(3,360	)	38.96
Nonvested at February 2, 2013	692,782		40.59
Granted	199,392		65.11
Vested	(199,428	)	34.31
Withheld for federal taxes	(105,193	)	34.42
Forfeited	(6,279	)	46.48
Nonvested at February 1, 2014	581,274		52.21
Granted	185,416		80.85
Vested	(177,694	)	44.77
Withheld for federal taxes	(88,003	)	45.27
Forfeited	(13,999	)	65.71
Nonvested at January 31, 2015	486,994		$	66.70

XML

Long-Term Debt - Textuals (Details)			0 Months Ended	1 Months Ended	12 Months Ended				12 Months Ended																									12 Months Ended
	Jan. 31, 2015 USD ($)	Feb. 01, 2014 USD ($)	Nov. 30, 2013 Amended and Restated Facilities Agreement Term Loan C London Interbank Offered Rate (LIBOR) Schuh Group	Jun. 30, 2014 Amended and Restated Facilities Agreement Term Loan D London Interbank Offered Rate (LIBOR) Schuh Group	Jan. 31, 2015 Revolving Credit Facility [Member]	Jan. 31, 2015 Revolving Credit Facility [Member] Revolver borrowings USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Amended Credit Facility [Member] USD ($)	Jan. 30, 2014 Revolving Credit Facility [Member] Amended Credit Facility [Member] USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Domestic Facility	Jan. 31, 2015 Revolving Credit Facility [Member] Domestic Facility Federal Funds Rate	Jan. 31, 2015 Revolving Credit Facility [Member] Domestic Facility London Interbank Offered Rate (LIBOR), 30-Day LIBOR	Jan. 31, 2015 Revolving Credit Facility [Member] Canadian Sub Facility	Jan. 31, 2015 Revolving Credit Facility [Member] Canadian Sub Facility Canadian Overnight Rate, Bank of America	Jan. 31, 2015 Revolving Credit Facility [Member] Canadian Sub Facility Bankers Acceptances Rate, 30-Day BA Rate	Jan. 31, 2015 Revolving Credit Facility [Member] Uk Credit Facility Schuh Group	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Genesco Uk Limited USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement GCO Canada Inc. USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Swingline Loan Genesco Uk Limited USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Swingline Loan GCO Canada Inc. USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Standby Letters of Credit USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Canadian Sub Facility USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement UK Sub Facility USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Letter of Credit Genesco Uk Limited USD ($)	Jan. 31, 2015 Revolving Credit Facility [Member] Third Amended and Restated Credit Agreement Letter of Credit GCO Canada Inc. USD ($)	Jan. 31, 2015 Line of Credit UK Term Loans USD ($)	Feb. 01, 2014 Line of Credit UK Term Loans USD ($)	Jan. 31, 2015 Line of Credit UK Term Loans Schuh Group GBP (£)	Jan. 31, 2015 Line of Credit Term Loan A Schuh Group GBP (£)	Jan. 31, 2015 Line of Credit Term Loan B Schuh Group GBP (£)	Jan. 31, 2015 Line of Credit Letter of Credit USD ($)	Nov. 30, 2013 Line of Credit Term Loan C Schuh Group GBP (£)	Jun. 30, 2014 Line of Credit Term Loan D Schuh Group GBP (£)	Jan. 31, 2015 Loans Payable Uk Credit Facility Term Loan A London Interbank Offered Rate (LIBOR) Schuh Group	Jan. 31, 2015 Loans Payable Uk Credit Facility Term Loan B Schuh Group GBP (£)	Feb. 01, 2014 Loans Payable Uk Credit Facility Term Loan B Schuh Group GBP (£)	Jan. 31, 2015 Loans Payable Uk Credit Facility Term Loan B London Interbank Offered Rate (LIBOR) Schuh Group	Jan. 31, 2015 Secured Debt Uk Credit Facility Working Capital Facility Schuh Group GBP (£)
Long-Term Debt (Textual) [Abstract]
Long-term debt maturing in year one	$ 13,200,000
Long-term debt maturing in year two	1,900,000
Long-term debt maturing in year three	1,900,000
Long-term debt maturing in year four	1,900,000
Long-term debt maturing in year five	10,300,000
Long-term debt	29,155,000	33,730,000																								29,155,000	33,730,000
Outstanding letters of credit																															14,800,000
Aggregate principal amount of credit facility								375,000,000.0								400,000,000.0			10,000,000	40,000,000	70,000,000	25,000,000.0	50,000,000	10,000,000	5,000,000.0			29,500,000.0	15,500,000.0	14,000,000.0		12,500,000.0	12,500,000.0					5,000,000.0
Capitalized deferred financing costs of credit facility and amendment						1,600,000	1,500,000
Amortization period of deferred financing costs for credit facility and amendment						5 years	5 years
Term of debt instrument																5 years
Increase in availability under credit facility																150,000,000	50,000,000	40,000,000
Aggregate amount of loans and letters of credit subject to receipt of commitment																	600,000,000	550,000,000
Components of borrowing base																90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves
Borrowing base based upon percentage of eligible inventory																90.00%
Borrowing base based upon percentage of eligible wholesale receivables																85.00%
Eligible wholesale receivables percentage of Lids team sports business																50.00%
Borrowing base percentage of eligible credit card and debit card receivables less applicable reserves																90.00%
Borrowing base percentage as maximum from loan cap																	30.00%
Percentage of shares pledged by company																	65.00%
Prime rate description												Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) 0.50% plus the Bank of America (Canadian) overnight rate, and (iii) 1.0% plus the BA rate for a 30 day interest period) plus the applicable margin for loans made in U.S. dollars, LIBOR plus the applicable margin or the U.S. Index Rate (defined as the highest of the (i) Bank of America (Canada branch) U.S. dollar base rate, (ii) the Federal Funds rate plus 0.50%, and (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin
Basis spread on variable rate			2.50%	0.95%						0.50%	1.00%		0.50%	1.00%																				2.50%			3.75%
Applicable margin plus higher of condition one																Federal Funds rate plus 0.50%
Applicable margin plus higher of condition two																LIBOR for an interest period of thirty days plus 1.0%
Initial applicable margin for base rate loans and U.S. Index rate loans									0.50%
Initial applicable margin for LIBOR loans and BA equivalent loans									1.50%
Commitment fee on the actual daily unused portions of the credit facility one					0.25%
Commitment fee on the actual daily unused portions of the credit facility condition one																0.50% per annum if less than 50% of the Credit Facility has been utilized
Commitment fee on the actual daily unused portions of the credit facility condition two																0.375% per annum if 50% or more of the Credit Facility has been utilized
Financial covenants, Excess Availability threshold																25,000,000
Financial covenants, Excess Availability threshold percentage																10.00%
Covenants for fixed charge coverage ratio (not less than)																1.0
Covenants for fixed charge coverage ratio (description)																not less than 1.0:1.0
Minimum fixed charge coverage ratio																1
Excess availability under credit facility							367,000,000
Amended amount on senior debt covenant																500,000,000
Financial covenants, Excess Availability threshold for cash dominion																30,000,000
Financial covenants, Excess Availability threshold percentage for cash dominion																12.50%
Payment on the term loan (in GBP)																																			£ 100,000	£ 4,800,000
Interest coverage covenant minimum level															4.25
Interest coverage covenant maximum level															4.50
Leverage covenant maximum level															2.75
Leverage covenant minimum level															2.25
Cash flow coverage covenant minimum level															1.10

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	$ 0	$ 0
Noncurrent liabilities	(22,184)	(9,223)
Net Amount Recognized	(22,184)	(9,223)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(247)	(208)
Noncurrent liabilities	(6,639)	(5,506)
Net Amount Recognized	$ (6,886)	$ (5,714)

XML

Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Deferred tax assets and liabilities
Identified intangibles	$ (30,923)	$ (28,468)
Prepaids	(3,135)	(3,063)
Convertible bonds	(2,402)	(3,001)
Total deferred tax liabilities	(2,028)	0
Total deferred tax liabilities	(38,488)	(34,532)
Options	229	448
Deferred rent	4,494	4,986
Pensions	9,721	4,253
Expense accruals	14,185	15,673
Uniform capitalization costs	14,369	13,750
Book over tax depreciation	0	2,839
Provisions for discontinued operations and restructurings	5,983	4,731
Inventory valuation	3,816	2,115
Tax net operating loss and credit carryforwards	2,030	2,396
Allowances for bad debts and notes	711	761
Deferred compensation and restricted stock	6,933	6,606
Other	4,853	4,320
Gross deferred tax assets	67,324	62,878
Deferred tax asset valuation allowance	(4,411)	(3,771)
Deferred tax asset net of valuation allowance	62,913	59,107
Net Deferred Tax Assets	$ 24,425	$ 24,575

XML

Asset Impairments and Other Charges and Discontinued Operations - Accrued Provision For Discontinued Operations (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Accrued Provision for Discontinued Operations
Additional provision	$ (2,711,000)	$ (543,000)	$ (796,000)
Current provision for discontinued operations	10,505,000	7,263,000
Total Noncurrent Provision for Discontinued Operations	4,254,000	4,112,000
Facility Shutdown Costs
Accrued Provision for Discontinued Operations
Balance at beginning of period	11,375,000	11,351,000	12,517,000
Additional provision	2,711,000	543,000	796,000
Charges and adjustments, net	673,000	(519,000)	(1,962,000)
Balance at end of period	14,759,000	11,375,000	11,351,000
Current provision for discontinued operations	10,505,000
Total Noncurrent Provision for Discontinued Operations	4,254,000
Environmental provision for discontinued operations	14,100,000
Current environmental provision for discontinued operations	$ 10,500,000

XML

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Nature of Operations

Genesco Inc. and its subsidiaries (collectively the "Company") business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom and the Republic of Ireland; through e-commerce websites including journeys.com, journeyskidz.com, shibyjourneys.com, schuh.co.uk, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear, and the Company's SureGrip^® line of slip-resistant, occupational footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids, Hat World and Hat Shack banners; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lidsand onmacys.com, under a license agreement with Macy's;certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com; and an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports Group business, at January 31, 2015, the Company operated 2,824 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland.

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and catalog and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip^®Footwear, occupational footwear primarily sold directly to consumers; and other brands.

Principles of Consolidation

All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated.

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2015 was a 52-week year with 364 days, Fiscal 2014 was a 52-week year with 364 days and Fiscal 2013 was a 53-week year with 371 days. Fiscal 2015 ended on January 31, 2015, Fiscal 2014 ended on February 1, 2014 and Fiscal 2013 ended on February 2, 2013.

Note 1

Summary of Significant Accounting Policies, Continued

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas requiring management estimates or judgments include the following key financial areas:

Inventory Valuation

The Company values its inventories at the lower of cost or market.

In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company.

The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate.

In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories.

Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the

fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return

products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates.

Note 1

Summary of Significant Accounting Policies, Continued

Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value.

Impairment of Long-Lived Assets

The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5.

The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures.

Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting

unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination.

Note 1

Summary of Significant Accounting Policies, Continued

Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference.

Environmental and Other Contingencies

The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million in Fiscal 2015, $0.5 million in Fiscal 2014 and $0.8 million in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13.

Revenue Recognition

Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience.

Income Taxes

As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not

Note 1

Summary of Significant Accounting Policies, Continued

generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 31, 2015, the Company had a deferred tax valuation allowance of $4.4 million.

Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results.

The Company recorded an effective income tax rate of 36.7% for Fiscal 2015 compared to 41.5% for Fiscal 2014 and 31.5% for Fiscal 2013. The tax rate for Fiscal 2015 was lower than Fiscal 2014 primarily due to a $7.0 million reversal of charges previously recorded related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company, which were favorably resolved during Fiscal 2015. Related to the same uncertain tax position, the Company wrote off a $7.1 million indemnification asset during Fiscal 2015. The tax rate for Fiscal 2013 was lower compared to Fiscal 2015 and Fiscal 2014 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions.

Postretirement Benefits Plan Accounting

Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act.

Note 1

Summary of Significant Accounting Policies, Continued

As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur.

The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions.

The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately six years.

Cash and Cash Equivalents

The Company had total available cash and cash equivalents of $112.9 million and $59.4 million as of January 31, 2015 and February 1, 2014, respectively, of which approximately $25.2 million and $39.4 million was held by the Company's foreign subsidiaries as of January 31, 2015 and February 1, 2014, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to permanently reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at January 31, 2015 and February 1, 2014. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less.

At January 31, 2015, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets.

At January 31, 2015 and February 1, 2014, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $45.6 million and $42.1 million, respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets.

Note 1

Summary of Significant Accounting Policies, Continued

Concentration of Credit Risk and Allowances on Accounts Receivable

The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. The Company’s Lids Team Sports wholesale business sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, one customer accounted for 8% of the Company’s total trade receivables balance and two other customers each accounted for 6% of the Company's total trade

receivables balance, while no other customer accounted for more than 5% of the Company’s total trade receivables balance as of January 31, 2015.

The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes.

Property and Equipment

Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives:

Buildings and building equipment	20-45 years
Computer hardware, software and equipment	3-10 years
Furniture and fixtures	10 years

Depreciation expense related to property and equipment was approximately $71.0 million, $63.9 million and $60.3 million for Fiscal 2015, 2014 and 2013, respectively.

Leases

Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations.

Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent.

The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term.

Note 1

Summary of Significant Accounting Policies, Continued

Acquisition

Acquisitions are accounted for using the Business Combinations Topic of the Codification. The total purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition.

Goodwill and Other Intangibles

Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. The Company will update the tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification.

Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks, net of amortization, acquired in connection with the acquisition of Schuh Group Ltd. in

June 2011, Hat World Corporation in April 2004 and various other small acquisitions. The Consolidated Balance Sheets include goodwill of $200.1 million for the Lids Sports Group, $96.0 million for the Schuh Group and $0.8 million for Licensed Brands at January 31, 2015, and $182.4 million for the

Lids Sports Group, $104.9 million for the Schuh Group and $0.8 million for Licensed Brands at February 1, 2014. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying amount. The Company has not recorded an impairment charge for intangible assets.

In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired.

As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $18.0 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $2.2 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair

Note 1

Summary of Significant Accounting Policies, Continued

value of the Lids Team Sports business by $7.5 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.5 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount.

Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon

their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount

by which the carrying value exceeds the fair value of the asset.

Fair Value of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments at January 31, 2015 and February 1, 2014 are:

In thousands	January 31, 2015				February 1, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	—	$	—	$	—	$	—
UK Term Loans	29,155		29,126		33,730		33,840

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 as defined in Note 5.

Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments.

Cost of Sales

For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales.

For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers.

Selling and Administrative Expenses

Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs

Note 1

Summary of Significant Accounting Policies, Continued

of distribution are included in selling and administrative expenses in the amounts of $9.1 million, $8.7 million and $8.2 million for Fiscal 2015, 2014 and 2013, respectively.

EVA Incentive Plan

Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year are retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. The Company recorded a $5.7 million charge to earnings in the first quarter of Fiscal 2015 in connection with the amendment related to bonus amounts previously deferred to future years.

Gift Cards

The Company has a gift card program that began in calendar 1999 for its Lids Sports operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based

upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns.

Gift card breakage is recognized in revenues each period. Gift card breakage recognized as revenue was $1.0 million, $0.8 million and $0.7 million for Fiscal 2015, 2014 and 2013, respectively. The Consolidated Balance Sheets include an accrued liability for gift cards of $15.8 million and $14.4 million at January 31, 2015 and February 1, 2014, respectively.

Buying, Merchandising and Occupancy Costs

The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $413.6 million, $381.6 million and $359.3 million for Fiscal 2015, 2014 and 2013, respectively.

Shipping and Handling Costs

Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations.

Note 1

Summary of Significant Accounting Policies, Continued

Preopening Costs

Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations.

Store Closings and Exit Costs

From time to time, the Company makes strategic decisions to close stores or exit locations or activities. Under the provisions of the new Property, Plant, and Equipment Topic of the Codification, which the Company adopted in the first quarter of Fiscal 2015, the definition of a discontinued operation was amended. A discontinued operation may include a component of an entity or a group of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operation or financial results. If stores or operating activities to be closed or exited constitute a component or group of components that represent a strategic shift in the Company's operations, these closures will be considered discontinued operations. The results of operations of discontinued operations are

presented retroactively, net of tax, as a separate component on the Condensed Consolidated Statements of Operations. In each of the years presented, no store closings have met the discontinued operations criteria.

Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as

defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met.

Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary.

Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification.

Advertising Costs

Advertising costs are predominantly expensed as incurred. Advertising costs were $67.0 million, $56.9 million and $48.3 million for Fiscal 2015, 2014 and 2013, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. The Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million at January 31, 2015 and February 1, 2014.

Consideration to Resellers

In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for

Note 1

Summary of Significant Accounting Policies, Continued

them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates.

Cooperative Advertising

Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such

advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative

expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification.

Cooperative advertising costs recognized in selling and administrative expenses were $3.3 million, $3.2 million and $3.5 million for Fiscal 2015, 2014 and 2013, respectively. During Fiscal 2015, 2014 and 2013, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements.

Vendor Allowances

From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor.

The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is

incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales.

Note 1

Summary of Significant Accounting Policies, Continued

Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $4.1 million, $2.8 million and $3.8 million for Fiscal 2015, 2014 and 2013, respectively. During Fiscal 2015, 2014 and 2013, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred.

Earnings Per Common Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted

earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11).

Foreign Currency Translation

The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are reported as an item of income and resulted in a net loss of $2.4 million, $2.7 million and $0.4 million for Fiscal 2015, 2014 and 2013, respectively.

Share-Based Compensation

The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008.

The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess of recognized compensation expense are reported as a financing cash flow (see Note 12).

Other Comprehensive Income

The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at January 31, 2015 consisted of $22.8 million of cumulative pension liability adjustment, net of tax, a cumulative post retirement liability adjustment of $1.5 million, net of tax, and a cumulative foreign currency translation adjustment of $16.3 million.

Note 1

Summary of Significant Accounting Policies, Continued

The following table summarizes the components of accumulated other comprehensive loss for the year ended January 31, 2015:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 1, 2014	$	575		$	(17,342	)	$	(16,767	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(13,407		)	—			(13,407		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(3,415		)	—			(3,415		)
Net actuarial gain	—			(15,075		)	(15,075		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			3,648			3,648
Amortization reclassified from AOCI, before tax	—			3,648			3,648
Income tax expense	—			4,440			4,440
Current period other comprehensive loss, net of tax	(16,822		)	(6,987		)	(23,809		)
Balance January 31, 2015	$	(16,247	)	$	(24,329	)	$	(40,576	)

(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations.

Business Segments

The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14).

New Accounting Principles

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU No. 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate

Note 1

Summary of Significant Accounting Policies, Continued

components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures, including which transition method will be adopted.

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Income Taxes - Deferred Tax Balances (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Deferred tax assets net classification
Net current asset	$ 28,293	$ 23,089
Net non-current asset	31	3,342
Net non-current liability	(3,899)	(1,856)
Net Deferred Tax Assets	$ 24,425	$ 24,575

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Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
U.S. Revolver Borrowings
Debt Instrument [Line Items]
Carrying Amount	$ 0	$ 0
Fair Value	0	0
UK Term Loans
Debt Instrument [Line Items]
Carrying Amount	29,155	33,730
Fair Value	$ 29,126	$ 33,840

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Inventories (Tables)

12 Months Ended

Jan. 31, 2015

Inventory Disclosure [Abstract]

Inventories

In thousands	January 31, 2015		February 1, 2014
Raw materials	$	32,941	$	26,115
Wholesale finished goods	65,785		64,357
Retail merchandise	499,419		476,789
Total Inventories	$	598,145	$	567,261

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Asset Impairments and Other Charges and Discontinued Operations (Tables)

12 Months Ended

Jan. 31, 2015

Asset Impairments and Other Charges and Discontinued Operations [Abstract]

Accrued Provision for Discontinued Operations

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2012	$	12,517
Additional provision Fiscal 2013	796
Charges and adjustments, net	(1,962		)
Balance February 2, 2013	11,351
Additional provision Fiscal 2014	543
Charges and adjustments, net	(519		)
Balance February 1, 2014	11,375
Additional provision Fiscal 2015	2,711
Charges and adjustments, net	673
Balance January 31, 2015*	14,759
Current provision for discontinued operations	10,505
Total Noncurrent Provision forDiscontinued Operations	$	4,254

*Includes a $14.1 million environmental provision, including $10.5 million in current provision for discontinued operations.

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Equity - Preferred Stock Transactions (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Class of Stock [Line Items]
Redemption of preferred shares		$ 1,462
Preferred stock transactions
Preferred Stock, Value, Issued, Beginning Balance	1,305	3,924	4,957
Other preferred stock value	(31)	(1,157)	(1,033)
Preferred Stock, Value, Issued, Ending Balance	1,274	1,305	3,924
Non-Redeemable Preferred Stock
Class of Stock [Line Items]
Redemption of preferred shares		1,462
Preferred stock transactions
Preferred Stock, Value, Issued, Beginning Balance	0	2,615	3,621
Other preferred stock value	0	(1,153)	(1,006)
Preferred Stock, Value, Issued, Ending Balance	0	0	2,615
Non-Redeemable Employees’ Preferred Stock
Class of Stock [Line Items]
Redemption of preferred shares		0
Preferred stock transactions
Preferred Stock, Value, Issued, Beginning Balance	1,382	1,405	1,437
Other preferred stock value	(37)	(23)	(32)
Preferred Stock, Value, Issued, Ending Balance	1,345	1,382	1,405
Employees’ Preferred Stock Purchase Accounts
Class of Stock [Line Items]
Redemption of preferred shares		0
Preferred stock transactions
Preferred Stock, Value, Issued, Beginning Balance	(77)	(96)	(101)
Other preferred stock value	6	19	5
Preferred Stock, Value, Issued, Ending Balance	$ (71)	$ (77)	$ (96)

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Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance February 1, 2014	$ (16,767)
Foreign currency translation adjustment	(13,407)
Loss on intra-entity foreign currency transactions	(3,415)
Net actuarial gain	(15,075)
Amortization of net actuarial loss	3,648
Amortization reclassified from AOCI, before tax	3,648
Income tax expense	4,440
Total other comprehensive (loss) income	(23,809)	11,474	4,725
Ending balance	(40,576)	(16,767)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance February 1, 2014	575
Foreign currency translation adjustment	(13,407)
Loss on intra-entity foreign currency transactions	(3,415)
Net actuarial gain	0
Amortization of net actuarial loss	0
Amortization reclassified from AOCI, before tax	0
Income tax expense	0
Total other comprehensive (loss) income	(16,822)
Ending balance	(16,247)
Unrecognized Pension/Postretirement Benefit Costs
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance February 1, 2014	(17,342)
Foreign currency translation adjustment	0
Loss on intra-entity foreign currency transactions	0
Net actuarial gain	(15,075)
Amortization of net actuarial loss	3,648
Amortization reclassified from AOCI, before tax	3,648
Income tax expense	4,440
Total other comprehensive (loss) income	(6,987)
Ending balance	$ (24,329)

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Fair Value (Tables)

12 Months Ended

Jan. 31, 2015

Fair Value Disclosures [Abstract]

Company's assets and liabilities measured at fair value on a nonrecurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of January 31, 2015 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Impairment Charges
Measured as of May 3, 2014	$	890	$	—	$	—	$	890	$	824
Measured as of August 2, 2014	258		—		—		258		418
Measured as of November 1, 2014	22		—		—		22		397
Measured as of January 31, 2015	161		—		—		161		251
Total Asset Impairment Fiscal 2015									$	1,890

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Long-Term Debt (Tables)

12 Months Ended

Jan. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

In thousands	January 31, 2015		February 1, 2014
Revolver borrowings	$	—	$	—
UK term loans	29,155		33,730
Total long-term debt	29,155		33,730
Current portion	13,152		6,793
Total Noncurrent Portion of Long-Term Debt	$	16,003	$	26,937

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Consolidated Statements of Equity (USD $) In Thousands, unless otherwise specified	Total	Total Non-Redeemable Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Shares	Non Controlling Interest Non-Redeemable
Beginning balance at Jan. 28, 2012	$ 728,980	$ 4,957	$ 24,758	$ 149,479	$ 598,360	$ (32,966)	$ (17,857)	$ 2,249
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	112,435	0	0	0	112,435	0	0	0
Other comprehensive income	4,725	0	0	0	0	4,725	0	0
Dividends paid on non-redeemable preferred stock	(147)	0	0	0	(147)	0	0	0
Exercise of stock options	4,808	0	224	4,584	0	0	0	0
Issue shares – Employee Stock Purchase Plan	157	0	2	155	0	0	0	0
Employee and non-employee restricted stock	10,508	0	0	10,508	0	0	0	0
Restricted stock issuance	0	0	194	(194)	0	0	0	0
Restricted shares withheld for taxes	(4,531)	0	(76)	0	(4,455)	0	0	0
Tax benefit of stock options and restricted stock exercised	4,820	0	0	4,820	0	0	0	0
Shares repurchased	(37,650)	0	(646)	0	(37,004)	0		0
Other	4	(1,033)	29	1,008	0	0	0	0
Noncontrolling interest – loss	(322)	0	0	0	0	0	0	(322)
Ending balance at Feb. 02, 2013	823,787	3,924	24,485	170,360	669,189	(28,241)	(17,857)	1,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	92,653	0	0	0	92,653	0	0	0
Other comprehensive income	11,474	0	0	0	0	11,474	0	0
Dividends paid on non-redeemable preferred stock	(33)	0	0	0	(33)	0	0	0
Exercise of stock options	3,034	0	130	2,904	0	0	0	0
Issue shares – Employee Stock Purchase Plan	196	0	3	193	0	0	0	0
Employee and non-employee restricted stock	12,295	0	0	12,295	0	0	0	0
Restricted stock issuance	0	0	214	(214)	0	0	0	0
Restricted shares withheld for taxes	(6,938)	0	(105)	105	(6,938)	0	0	0
Tax benefit of stock options and restricted stock exercised	3,784	0	0	3,784	0	0	0	0
Shares repurchased	(20,676)	0	(338)	0	(20,338)	0		0
Redemption of preferred shares	1,462	1,462	0	0	0	0	0	0
Other	3	(1,157)	19	1,141	0	0	0	0
Noncontrolling interest – loss	6	0	0	0	0	0	0	6
Ending balance at Feb. 01, 2014	918,123	1,305	24,408	190,568	734,533	(16,767)	(17,857)	1,933
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	97,725	0	0	0	97,725	0	0	0
Other comprehensive income	(23,809)	0	0	0	0	(23,809)	0	0
Exercise of stock options	1,818	0	69	1,749	0	0	0	0
Issue shares – Employee Stock Purchase Plan	191	0	3	188	0	0	0	0
Employee and non-employee restricted stock	13,392	0	0	13,392	0	0	0	0
Restricted stock issuance	0	0	202	(202)	0	0	0	0
Restricted shares withheld for taxes	(7,125)	0	(88)	88	(7,125)	0	0	0
Tax benefit of stock options and restricted stock exercised	3,061	0	0	3,061	0	0	0	0
Shares repurchased	(4,635)	0	(65)	0	(4,570)	0		0
Other	(1)	(31)	(14)	44	0	0	0	0
Noncontrolling interest – loss	37	0	0	0	0	0	0	37
Ending balance at Jan. 31, 2015	$ 998,777	$ 1,274	$ 24,515	$ 208,888	$ 820,563	$ (40,576)	$ (17,857)	$ 1,970

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Commitments Under Long-Term Leases (Tables)

12 Months Ended

Jan. 31, 2015

Leases [Abstract]

Rental expense under operating leases

Rental expense under operating leases of continuing operations was:

In thousands	2015			2014			2013
Minimum rentals	$	250,077		$	227,880		$	215,516
Contingent rentals	9,217			9,667			14,786
Sublease rentals	(852		)	(663		)	(667		)
Total Rental Expense	$	258,442		$	236,884		$	229,635

Minimum rental commitments payable in future years

Minimum rental commitments payable in future years are:

Fiscal Years	In thousands
2016	$	234,392
2017	206,276
2018	174,019
2019	141,859
2020	121,716
Later years	351,077
Total Minimum Rental Commitments	$	1,229,339

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Share-Based Compensation Plans - Restricted Stock (Details) (Nonvested Restricted Shares [Member], USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Nonvested Restricted Shares [Member]
Summary of the status of the Company's nonvested shares of its employee restricted stock
Nonvested Shares, Beginning balance, shares	581,274	692,782	772,665
Granted, Shares	185,416	199,392	194,232
Vested, Shares	(177,694)	(199,428)	(195,203)
Withheld for federal taxes, Shares	(88,003)	(105,193)	(75,552)
Forfeited, Shares	(13,999)	(6,279)	(3,360)
Nonvested Shares, Ending balance, shares	486,994	581,274	692,782
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Weighted-Average Grant-Date Fair Value, Beginning balance (usd per share)	$ 52.21	$ 40.59	$ 32.41
Granted, Weighted-Average Grant-Date Fair Value (usd per share)	$ 80.85	$ 65.11	$ 57.58
Vested, Weighted-Average Grant-Date Fair Value (usd per share)	$ 44.77	$ 34.31	$ 29.95
Withheld for federal taxes, Weighted-Average Grant-Date Fair Value (usd per share)	$ 45.27	$ 34.42	$ 29.97
Forfeited, Weighted-Average Grant-Date Fair Value (usd per share)	$ 65.71	$ 46.48	$ 38.96
Nonvested, Weighted-Average Grant-Date Fair Value, Ending balance (usd per share)	$ 66.70	$ 52.21	$ 40.59

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Summary of Significant Accounting Policies - Textual (Details) (USD $)	3 Months Ended	12 Months Ended
	May 03, 2014	Jan. 31, 2015 customer Store	Feb. 01, 2014 Segment	Feb. 02, 2013	Jan. 28, 2012
Summary of Accounting Policies [Line Items]
Total number of retail stores operated by company		2,824
Number of reportable business segments			5
Days in fiscal year		364 days	364 days	371 days
Pretax accruals for environmental contingencies included in provision for discontinued operations		$ 2,800,000	$ 500,000	$ 800,000
Deferred tax valuation allowance		4,411,000	3,771,000
Effective tax rate		36.70%	41.47%	31.51%
Reversal of previously recorded tax positions		7,000,000
Indemnification asset write-off		7,050,000	0	0
Minimum number of hours of service of full time employees		1000 hours
Calculated value of pension assets, measurement period		5 years
Average future service of employees		6 years
Cash		112,867,000	59,447,000	59,795,000	53,790,000
Payment processing duration, minimum		24 hours
Payment processing duration, maximum		48 hours
Excess of outstanding checks drawn on zero balance accounts at domestic banks exceeded book cash balance		45,600,000	42,100,000
Number of Significant Customers		0
Wholesale and unallocated retail costs of distribution		9,100,000	8,700,000	8,200,000
Bonus awards in excess of specified cap measurement period		1 year
Bonus awards in excess of specified cap payment period		3 years
Expense in connection with amendment plan	5,700,000
Gift card breakage recognized as revenue		1,000,000	800,000	700,000
Accrued liability for gift cards		15,800,000	14,400,000
Retail occupancy costs		413,600,000	381,600,000	359,300,000
Advertising costs		67,000,000	56,900,000	48,300,000
Prepaid advertising		2,300,000	2,300,000
Cooperative advertising costs		3,300,000	3,200,000	3,500,000
Vendor reimbursements of cooperative advertising costs		4,100,000	2,800,000	3,800,000
Foreign currency transaction Loss		2,400,000	2,700,000	400,000
Accumulated other comprehensive income pension liability adjustments		22,800,000
Accumulated other comprehensive income, foreign currency translation adjustment		16,300,000
Maximum | Customer Concentration Risk | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Benchmark Percentage		5.00%
Major Customer One
Summary of Accounting Policies [Line Items]
Number of Significant Customers		1
Major Customer One | Customer Concentration Risk | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration Risk		8.00%
Major Customer Two
Summary of Accounting Policies [Line Items]
Number of Significant Customers		2
Major Customer Two | Customer Concentration Risk | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration Risk		6.00%
Major Customer Three
Summary of Accounting Policies [Line Items]
Number of Significant Customers		2
Major Customer Three | Customer Concentration Risk | Trade Accounts Receivable
Summary of Accounting Policies [Line Items]
Concentration Risk		6.00%
Foreign Subsidiaries
Summary of Accounting Policies [Line Items]
Cash		25,200,000	39,400,000
Pension Liability Adjustment
Summary of Accounting Policies [Line Items]
Accumulated other comprehensive income post retirement liability adjustment		$ 1,500,000

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Commitments Under Long-Term Leases (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Rental expense under operating leases
Minimum rentals	$ 250,077	$ 227,880	$ 215,516
Contingent rentals	9,217	9,667	14,786
Sublease rentals	(852)	(663)	(667)
Total Rental Expense	258,442	236,884	229,635
Minimum rental commitments payable in future years
2016	234,392
2017	206,276
2018	174,019
2019	141,859
2020	121,716
Later years	351,077
Total Minimum Rental Commitments	$ 1,229,339

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Benefit Obligation Assumptions (Details)	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.55%	4.40%	4.00%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.31%	4.40%
Rate of compensation increase	0.00%	0.00%

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Current Assets
Cash and cash equivalents	$ 112,867	$ 59,447	$ 59,795
Accounts receivable, net of allowances of $4,191 at January 31, 2015 and $4,420 at February 1, 2014	55,263	52,646
Inventories	598,145	567,261
Deferred income taxes	28,293	23,089
Prepaids and other current assets	53,090	54,432
Total current assets	847,658	756,875
Property and equipment:
Land	7,653	6,169
Buildings and building equipment	32,872	20,474
Computer hardware, software and equipment	164,512	131,110
Furniture and fixtures	192,078	173,992
Construction in progress	25,587	35,623
Improvements to leased property	349,087	335,287
Property and equipment, at cost	771,789	702,655
Accumulated depreciation	(466,037)	(422,618)
Property and equipment, net	305,752	280,037
Deferred income taxes	31	3,342
Goodwill	296,865	288,100
Trademarks, net of accumulated amortization of $5,054 at January 31, 2015 and $4,312 at February 1, 2014	82,263	77,571
Other intangibles, net of accumulated amortization of $23,389 at January 31, 2015 and $20,645 at February 1, 2014	11,585	9,082
Other noncurrent assets	38,933	24,277
Total Assets	1,583,087	1,439,284	1,326,072
Current Liabilities
Accounts payable	176,307	145,483
Accrued employee compensation	88,030	49,078
Accrued other taxes	33,965	26,247
Accrued income taxes	12,921	2,188
Current portion – long-term debt	13,152	6,793
Other accrued liabilities	71,036	68,526
Provision for discontinued operations	10,505	7,263
Total current liabilities	405,916	305,578
Long-term debt	16,003	26,937
Pension liability	22,184	9,223
Deferred rent and other long-term liabilities	135,953	175,311
Provision for discontinued operations	4,254	4,112
Total liabilities	584,310	521,161
Commitments and contingent liabilities
Equity
Non-redeemable preferred stock	1,274	1,305	3,924
Common equity:
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: January 31, 2015 – 24,515,362/24,062,898, February 1, 2014 - 24,407,724/23,919,260	24,515	24,408
Additional paid-in capital	208,888	190,568
Retained earnings	820,563	734,533
Accumulated other comprehensive loss	(40,576)	(16,767)
Treasury shares, at cost (488,464 shares)	(17,857)	(17,857)
Total Genesco equity	996,807	916,190
Noncontrolling interest – non-redeemable	1,970	1,933
Total equity	998,777	918,123	823,787
Total Liabilities and Equity	$ 1,583,087	$ 1,439,284

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Acquisitions and Intangible Assets - Net Intangibles (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Other intangibles by major classes
Gross other intangibles	$ 34,974	$ 29,727
Accumulated amortization	(23,389)	(20,645)
Net Other Intangibles	11,585	9,082
Leases
Other intangibles by major classes
Gross other intangibles	13,616	13,104
Accumulated amortization	(12,301)	(11,997)
Net Other Intangibles	1,315	1,107
Customer Lists
Other intangibles by major classes
Gross other intangibles	18,244	14,381
Accumulated amortization	(9,424)	(7,354)
Net Other Intangibles	8,820	7,027
Other
Other intangibles by major classes
Gross other intangibles	3,114	2,242
Accumulated amortization	(1,664)	(1,294)
Net Other Intangibles	$ 1,450	$ 948

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Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Statement of Comprehensive Income [Abstract]
Gain (loss) on foreign currency forward contract net of tax	$ 0	$ 0	$ 0
Pension liability adjustment net of tax	4.0	6.2	2.4
Postretirement liability adjustment net of tax	$ 0.4	$ 0.3	$ 0.1

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Income Taxes - Earnings from Continuting Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Nov. 02, 2013	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Income Tax Disclosure [Abstract]
United States									$ 150,682	$ 152,832	$ 152,457
Foreign									6,307	6,028	12,375
Earnings from continuing operations before income taxes	$ 86,051	$ 38,619	$ 9,302	$ 23,017	$ 73,998	$ 45,789	$ 14,388	$ 24,685	$ 156,989	$ 158,860	$ 164,832

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Jan. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Obligations and funded status

Obligations and Funded Status

Change in Benefit Obligation

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Benefit obligation at beginning of year	$	111,133		$	119,126		$	5,714		$	4,487
Service cost	450			350			526			428
Interest cost	4,664			4,584			226			159
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Actuarial (gain) loss	18,544			(3,927		)	1,158			990
Benefit Obligation at End of Year	$	125,764		$	111,133		$	6,886		$	5,714

Change in Plan Assets

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Fair value of plan assets at beginning of year	$	101,910		$	98,612		—			—
Actual gain on plan assets	10,697			12,298			—			—
Employer contributions	—			—			738			350
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Fair Value of Plan Assets at End of Year	$	103,580		$	101,910		—			—
Funded Status at End of Year	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

Amounts recognized in the consolidated balance sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Current liabilities	$	—		$	—		$	(247	)	$	(208	)
Noncurrent liabilities	(22,184		)	(9,223		)	(6,639		)	(5,506		)
Net Amount Recognized	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				Other Benefits
In thousands	2015		2014		2015		2014
Net loss	$	37,518	$	27,147	$	2,515	$	1,459
Total Recognized in Accumulated Other Comprehensive Loss	$	37,518	$	27,147	$	2,515	$	1,459

Pension benefits

Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows:

In thousands	January 31, 2015		February 1, 2014
Projected benefit obligation	$	125,764	$	111,133
Accumulated benefit obligation	125,764		111,133
Fair value of plan assets	103,580		101,910

Components of net periodic benefit cost

Net Periodic Benefit Cost

	Pension Benefits									Other Benefits
In thousands	2015			2014			2013			2015		2014		2013
Service cost	$	450		$	350		$	350		$	526	$	428	$	356
Interest cost	4,664			4,584			4,961			226		159		157
Expected return on plan assets	(6,069		)	(6,654		)	(7,003		)	—		—		—
Amortization:
Prior service cost	—			—			4			—		—		—
Losses	3,546			6,160			6,032			102		97		84
Net amortization	$	3,546		$	6,160		$	6,036		$	102	$	97	$	84
Net Periodic Benefit Cost	$	2,591		$	4,440		$	4,344		$	854	$	684	$	597

Reconciliation of accumulated other comprehensive income

Reconciliation of Accumulated Other Comprehensive Income

	Pension Benefits			Other Benefits
In thousands	2015			2015
Net loss	$	13,916		$	1,158
Amortization of prior service cost	—			—
Amortization of net actuarial loss	(3,546		)	(102		)
Total Recognized in Other Comprehensive Income	$	10,370		$	1,056
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	12,961		$	1,910

Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations

	Pension Benefits				Other Benefits
	2015		2014		2015		2014
Discount rate	3.55	%	4.40	%	3.31	%	4.40	%
Rate of compensation increase	NA		NA		—		—

Weighted-average assumptions used to determine net periodic benefit costs

Weighted-average assumptions used to determine net periodic benefit costs

	Pension Benefits						Other Benefits
	2015		2014		2013		2015		2014		2013
Discount rate	4.40	%	4.00	%	4.35	%	4.40	%	4.01	%	4.17	%
Expected long-term rate of return on plan assets	6.75	%	7.75	%	7.75	%	—		—		—
Rate of compensation increase	NA		NA		NA		—		—		—

Assumed health care cost trend rates

Assumed health care cost trend rates

	2015		2014
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5	%	5	%
Year that the rate reaches the ultimate trend rate	2020		2019

Effect of one percentage point change in the assumed health care cost trend rate

The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below.

In thousands	1% Increase in Rates		1% Decrease in Rates
Aggregated service and interest cost	$	105	$	170
Accumulated postretirement benefit obligation	$	1,139	$	927

Company's pension plan weighted average asset allocations by asset category

The Company’s pension plan weighted average asset allocations as of January 31, 2015 and February 1, 2014, by asset category are as follows:

	Plan Assets
	January 31, 2015		February 1, 2014
Asset Category
Equity securities	63	%	65	%
Debt securities	37	%	35	%
Total	100	%	100	%

Hierarchy of plan assets by level within fair values

The following tables present the pension plan assets by level within the fair value hierarchy as of January 31, 2015 and February 1, 2014. 

January 31, 2015	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	12,266		$	—	$	—	$	12,266
U.S. securities	53,074			—		—		53,074
Fixed Income Securities	38,034			—		—		38,034
Other:
Cash Equivalents	232			—		—		232
Other (includes receivables and payables)	(26		)	—		—		(26		)
Total Pension Plan Assets	$	103,580		$	—	$	—	$	103,580

February 1, 2014	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	13,026		$	—	$	—	$	13,026
U.S. securities	53,187			—		—		53,187
Fixed Income Securities	35,481			—		—		35,481
Other:
Cash Equivalents	235			—		—		235
Other (includes receivables and payables)	(19		)	—		—		(19		)
Total Pension Plan Assets	$	101,910		$	—	$	—	$	101,910

Expected benefit payments from the trust, including future service and pay

Expected benefit payments from the trust, including future service and pay, are as follows:

Estimated future payments	Pension Benefits ($ in millions)		Other Benefits ($ in millions)
2015	$	8.5	$	0.2
2016	8.5		0.3
2017	8.3		0.3
2018	8.1		0.3
2019	8.0		0.3
2020 – 2024	37.2		1.9

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Income Taxes - Textual (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Operating Loss Carryforwards [Line Items]
Discontinued operations income tax benefit	$ (1,100,000)	$ (200,000)	$ (300,000)
Effective tax rate for continuing operation	36.70%	41.47%	31.51%
Deferred tax valuation allowance	4,411,000	3,771,000
Decrease in valuation allowance	600,000
Accumulated undistributed earnings of foreign subsidiary	34,200,000
Unrecognized tax benefits that would impact effective tax rate	1,300,000	1,300,000	2,400,000
Possibility of decrease in gross tax liability in next 12 months	100,000
Interest on income taxes expense	(100,000)	(100,000)	(1,200,000)
Income tax penalties expense	0	(100,000)	100,000
Interest on income taxes accrued	800,000	900,000	1,100,000
Income tax penalties accrued	100,000	100,000	200,000
Excess Tax Benefit from Share-based Compensation, Operating Activities	3,061,000	3,784,000	4,820,000
Minimum
Operating Loss Carryforwards [Line Items]
Period of statutes of limitation of subsidiaries in foreign jurisdictions	2 years
Maximum
Operating Loss Carryforwards [Line Items]
Period of statutes of limitation of subsidiaries in foreign jurisdictions	6 years
Domestic Country [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,200,000	1,300,000	1,500,000
Domestic Country [Member] | Minimum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration dates	Feb. 01, 2025
Domestic Country [Member] | Maximum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration dates	Feb. 02, 2030
State And Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0	0	100,000
Tax credit carryforward	400,000	700,000	900,000
State And Local Jurisdiction [Member] | Minimum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration dates	Jan. 30, 2016
Tax credit carryforward, expiration date	Feb. 01, 2014
State And Local Jurisdiction [Member] | Maximum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration dates	Feb. 01, 2031
Tax credit carryforward, expiration date	Feb. 02, 2019
Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 6,800,000	$ 7,500,000	$ 10,400,000
Operating loss carryforwards, expiration dates	Jan. 29, 2022

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Business Segment Information

12 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

During Fiscal 2015, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids, Hat World and Hat Shack retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's, the Lids Team Sports business and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers^® Footwear, sourced and marketed under a license from Levi Strauss &

Company; SureGrip^® Footwear, occupational footwear primarily sold directly to consumers; and other brands.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed

brands.

Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order

to make decisions and assess performance. These costs include corporate overhead, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations.

Note 14

Business Segment Information, Continued

Fiscal 2015
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,179,476	$	406,947	$	903,451		$	259,675	$	110,896		$	970		$	2,861,415
Intercompany sales	—		—		(790		)	—		(781		)	—			(1,571		)
Net sales to external customers	$	1,179,476	$	406,947	$	902,661		$	259,675	$	110,115		$	970		$	2,859,844
Segment operating income (loss)	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(29,632	)	$	169,547
Asset Impairments and other*	—		—		—			—		—			(2,281		)	(2,281		)
Earnings (loss) from operations	114,784		10,110		48,970			14,856		10,459			(31,913		)	167,266
Indemnification asset write-off	—		—		—			—		—			(7,050		)	(7,050		)
Interest expense	—		—		—			—		—			(3,337		)	(3,337		)
Interest income	—		—		—			—		—			110			110
Earnings (loss) from continuing operations before income taxes	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(42,190	)	$	156,989
Total assets**	$	292,536	$	246,570	$	660,833		$	109,791	$	47,066		$	226,291		$	1,583,087
Depreciation and amortization	20,785		14,114		29,711			4,935		725			4,056			74,326
Capital expenditures	26,180		21,382		43,013			8,196		979			3,361			103,111

 *Asset Impairments and other includes a $1.9 million charge for asset impairments, of which $1.7 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $3.1 million charge for network intrusion costs and a $0.7 million charge for other legal matters, partially offset by a gain of $(3.4) million gain on a lease termination of a Lids store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $200.1 million, $96.0 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $17.7 million of additions in Fiscal 2015 resulting from several small acquisitions and the Schuh Group goodwill decreased by $8.9 million due to foreign currency translation adjustment. Of the Company's $305.8 million of long-lived assets, $63.9 million and $14.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

Note 14

Business Segment Information, Continued

Fiscal 2014
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,082,241	364,732		$	821,779		$	245,941	$	109,989		$	1,282		$	2,625,964
Intercompany sales	—		—		(783		)	—		(209		)	—			(992		)
Net sales to external customers	$	1,082,241	$	364,732	$	820,996		$	245,941	$	109,780		$	1,282		$	2,624,972
Segment operating income (loss)	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(27,664	)	$	164,776
Asset Impairments and other*	—		—		—			—		—			(1,341		)	(1,341		)
Earnings (loss) from operations	97,377		3,063		63,748			17,638		10,614			(29,005		)	163,435
Interest expense	—		—		—			—		—			(4,641		)	(4,641		)
Interest income	—		—		—			—		—			66			66
Earnings (loss) from continuing operations before income taxes	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(33,580	)	$	158,860
Total assets**	$	298,105	268,514		$	574,664		$	97,532	$	50,955		$	149,514		$	1,439,284
Depreciation and amortization	19,400		11,339		28,345			4,002		468			3,581			67,135
Capital expenditures	20,223		29,673		35,193			9,178		1,452			2,737			98,456

*Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. Of the Company's $280.0 million of long-lived assets, $66.9 million and $15.1 million relate to long-lived assets in the United Kingdom and Canada, respectively.

Note 14

Business Segment Information, Continued

Fiscal 2013
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group			Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,111,490	$	370,480	$	793,016		$	221,870		$	108,808		$	1,234		$	2,606,898
Intercompany sales	—		—		(1,761		)	(10		)	(310		)	—			(2,081		)
Net sales to external customers	$	1,111,490	$	370,480	$	791,255		$	221,860		$	108,498		$	1,234		$	2,604,817
Segment operating income (loss)	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(42,903	)	$	186,900
Asset Impairments and other*	—		—		—			—			—			(17,037		)	(17,037		)
Earnings (loss) from operations	109,953		11,209		82,867			15,696			10,078			(59,940		)	169,863
Interest expense	—		—		—			—			—			(5,126		)	(5,126		)
Interest income	—		—		—			—			—			95			95
Earnings (loss) from continuing operations before income taxes	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(64,971	)	$	164,832
Total assets**	$	280,396	$	231,323	$	519,006		$	89,505		$	43,212		$	162,630		$	1,326,072
Depreciation and amortization	20,190		10,040		26,892			3,738			366			2,471			63,697
Capital expenditures	21,852		16,873		21,448			6,680			1,255			3,629			71,737

*Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. Of the Company's $241.7 million of long-lived assets, $41.1 million and $15.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

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Earnings Per Share (Tables)

12 Months Ended

Jan. 31, 2015

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings per share

	For the Year Ended January 31, 2015					For the Year Ended February 1, 2014						For the Year Ended February 2, 2013
(In thousands, except per share amounts)	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount
Earnings from continuing operations	$	99,373				$	92,982					$	112,897
Less: Preferred stock dividends and income from participating securities	—					(33		)				(147		)
Basic EPS from continuing operations
Income from continuing operations available to common shareholders	99,373		23,507	$	4.23	92,949			23,297	$	3.99	112,750			23,584	$	4.78
Effect of Dilutive Securities from continuing operations
Options and restricted stock			155						272						372
Convertible preferred stock(1)	—		—			—			—			88			34
Employees’ preferred stock(2)			46						46						47
Diluted EPS from continuing operations
Income from continuing operations available to common shareholders plus assumed conversions	$	99,373	23,708	$	4.19	$	92,949		23,615	$	3.94	$	112,838		24,037	$	4.69

(1) As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of January 31, 2015 and February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2015 and 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013.

(2) The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted.

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Valuation and Qualifying Accounts

12 Months Ended

Jan. 31, 2015

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

Year Ended January 31, 2015

In Thousands	Beginning Balance		Charged to Profit and Loss		Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	4,420	$	390	$	(619	)	$	4,191

Year Ended February 1, 2014

In Thousands	Beginning Balance		Charged to Profit and Loss			Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	6,082	$	(525	)	$	(1,137	)	$	4,420

Year Ended February 2, 2013

In Thousands	Beginning Balance		Charged to Profit and Loss		Increases (Decreases)			Ending Balance
Reserves deducted from assets in the balance sheet:
Accounts Receivable Allowances	$	6,900	$	1,325	$	(2,143	)	$	6,082

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss	$ 37,518	$ 27,147
Total Recognized in Accumulated Other Comprehensive Loss	37,518	27,147
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss	2,515	1,459
Total Recognized in Accumulated Other Comprehensive Loss	$ 2,515	$ 1,459

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 97,725	$ 92,653	$ 112,435
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	74,326	67,135	63,697
Amortization of deferred note expense and debt discount	692	801	792
Deferred income taxes	5,212	14,983	(17,618)
Provision for recoveries on accounts receivable	390	(525)	1,325
Indemnification asset write-off	7,050	0	0
Impairment of long-lived assets	1,890	2,347	1,396
Restricted stock expense	13,392	12,295	10,508
Provision for discontinued operations	2,711	543	796
Excess Tax Benefit from Share-based Compensation, Operating Activities	(3,061)	(3,784)	(4,820)
Other	894	1,301	1,327
Effect on cash from changes in working capital and other assets and liabilities, before acquisitions:
Accounts receivable	(1,325)	(3,684)	(5,821)
Inventories	(30,955)	(58,386)	(61,049)
Prepaids and other current assets	179	(8,885)	(4,524)
Accounts payable	27,646	19,850	(17,953)
Other accrued liabilities	52,694	(10,093)	(6,624)
Other assets and liabilities	(59,696)	13,448	49,343
Net cash provided by operating activities	189,764	139,999	123,210
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(103,111)	(98,456)	(71,737)
Acquisitions, net of cash acquired	(34,918)	(13,567)	(23,818)
Proceeds from asset sales	336	75	81
Net cash used in investing activities	(137,693)	(111,948)	(95,474)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of capital leases	(2)	(2)	(2)
Payments of long-term debt	(31,583)	(6,428)	(13,581)
Proceeds from issuance of long-term debt	26,253	15,124	0
Borrowings under revolving credit facility	280,950	402,200	439,600
Payments on revolving credit facility	(280,950)	(429,900)	(416,900)
Tax benefit of stock options and restricted stock	3,061	3,784	4,820
Shares repurchased	(4,635)	(20,676)	(37,650)
Change in overdraft balances	3,489	6,025	(2,925)
Redemption of preferred shares	0	(1,462)	0
Dividends paid on non-redeemable preferred stock	0	(33)	(147)
Exercise of stock options	2,009	3,230	4,965
Other	(41)	(1,788)	4
Net cash used in financing activities	(1,449)	(29,926)	(21,816)
Effect of foreign exchange rate fluctuations on cash	2,798	1,527	85
Net Increase (Decrease) in Cash and Cash Equivalents	53,420	(348)	6,005
Cash and cash equivalents at beginning of period	59,447	59,795	53,790
Cash and cash equivalents at end of period	112,867	59,447	59,795
Net cash paid for:
Interest	2,632	3,769	4,391
Income taxes	$ 42,816	$ 52,618	$ 81,607

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Statement of Financial Position [Abstract]
Allowances on accounts receivable	$ 4,191	$ 4,420
Accumulated amortization on trademarks	5,054	4,312
Accumulated amortization on other intangibles	$ 23,389	$ 20,645
Common stock, par value (USD per share)	$ 1	$ 1
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	24,515,362	24,407,724
Common stock, shares outstanding	24,026,898	23,919,260
Shares held in treasury	488,464	488,464

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Income Taxes

12 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of earnings from continuing operations before income taxes is comprised of the following:

In thousands	2015		2014		2013
United States	$	150,682	$	152,832	$	152,457
Foreign	6,307		6,028		12,375
Total Earnings from Continuing Operations before Income Taxes	$	156,989	$	158,860	$	164,832

Income tax expense from continuing operations is comprised of the following:

In thousands	2015		2014			2013
Current
U.S. federal	$	43,146	$	35,463		$	50,859
International	292		7,293			9,853
State	8,966		8,139			8,841
Total Current Income Tax Expense	52,404		50,895			69,553
Deferred
U.S. federal	4,422		14,078			(7,924		)
International	636		(1,813		)	(6,379		)
State	154		2,718			(3,315		)
Total Deferred Income Tax Expense (Benefit)	5,212		14,983			(17,618		)
Total Income Tax Expense – Continuing Operations	$	57,616	$	65,878		$	51,935

Discontinued operations were recorded net of income tax expense (benefit) of approximately $(1.1) million, $(0.2) million and $(0.3) million in Fiscal 2015, 2014 and 2013, respectively.

As a result of the exercise of stock options and vesting of restricted stock during Fiscal 2015, 2014 and 2013, the Company realized an additional income tax benefit of approximately $3.1 million, $3.8 million and $4.8 million, respectively. These tax benefits are reflected as an adjustment to additional paid-in capital.

Note 9

Income Taxes, Continued

 Deferred tax assets and liabilities are comprised of the following:

	January 31,			February 1,
In thousands	2015			2014
Identified intangibles	$	(30,923	)	$	(28,468	)
Prepaids	(3,135		)	(3,063		)
Convertible bonds	(2,402		)	(3,001		)
Tax over book depreciation	(2,028		)	—
Total deferred tax liabilities	(38,488		)	(34,532		)
Options	229			448
Deferred rent	4,494			4,986
Pensions	9,721			4,253
Expense accruals	14,185			15,673
Uniform capitalization costs	14,369			13,750
Book over tax depreciation	—			2,839
Provisions for discontinued operations and restructurings	5,983			4,731
Inventory valuation	3,816			2,115
Tax net operating loss and credit carryforwards	2,030			2,396
Allowances for bad debts and notes	711			761
Deferred compensation and restricted stock	6,933			6,606
Other	4,853			4,320
Gross deferred tax assets	67,324			62,878
Deferred tax asset valuation allowance	(4,411		)	(3,771		)
Deferred tax asset net of valuation allowance	62,913			59,107
Net Deferred Tax Assets	$	24,425		$	24,575

The deferred tax balances have been classified in the Consolidated Balance Sheets as follows:

	2015			2014
Net current asset	$	28,293		$	23,089
Net non-current asset	31			3,342
Net non-current liability	(3,899		)	(1,856		)
Net Deferred Tax Assets	$	24,425		$	24,575

Note 9

Income Taxes, Continued

Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows:

	2015		2014		2013
U. S. federal statutory rate of tax	35.00	%	35.00	%	35.00	%
State taxes (net of federal tax benefit)	3.80		4.62		3.11
Foreign rate differential	(1.56	)	(1.24	)	(1.98	)
Change in valuation allowance	0.57		0.05		(0.17	)
Permanent items	2.13		2.18		1.85
Uncertain federal, state and foreign tax positions	(3.06	)	0.21		(5.73	)
Other	(0.18	)	0.65		(0.57	)
Effective Tax Rate	36.70	%	41.47	%	31.51	%

The provision for income taxes resulted in an effective tax rate for continuing operations of 36.70% for Fiscal 2015, compared with an effective tax rate of 41.47% for Fiscal 2014. The tax rate for Fiscal 2015 was lower primarily due to the reversal of previously recorded charges related to formerly uncertain tax positions that were taken by Schuh at the time of the purchase by the Company which the Company resolved favorably during the third quarter of Fiscal 2015.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had a federal net operating loss carryforward, which was assumed in one of the prior year acquisitions, of $1.2 million, $1.3 million and $1.5 million, respectively, which expire in fiscal years 2025 through 2030.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had state net operating loss carryforwards of $0.0 million, $0.0 million and $0.1 million, respectively, which expire in fiscal years 2016 through 2031.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had state tax credits of $0.4 million, $0.7 million and $0.9 million, respectively. These credits expire in fiscal years 2015 through 2019.

As of January 31, 2015, February 1, 2014 and February 2, 2013, the Company had foreign net operating losses of $6.8 million, $7.5 million and $10.4 million, respectively, which have no expiration.

As of January 31, 2015, the Company has provided a valuation allowance of approximately $4.4 million on deferred tax assets associated primarily with foreign net operating losses and foreign fixed assets for which management has determined it is more likely than not that the deferred tax assets will not be realized. The $0.6 million net increase in the valuation allowance during Fiscal 2015 from the $3.8 million provided for as of February 1, 2014 determined in accordance with the Income Tax Topic of the Codification relates to increases in fixed asset-related deferred tax assets that will more likely than not never be realized. Management believes that it is more likely than not that the remaining deferred tax assets will be fully realized.

Note 9

Income Taxes, Continued

As of January 31, 2015, the Company has not provided for withholding or United States federal income taxes on approximately $34.2 million of accumulated undistributed earnings of its foreign subsidiaries as they are considered by management to be permanently reinvested. If these undistributed earnings were not considered to be permanently reinvested, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. The determination of the amount of unrecognized deferred tax liability related to these temporary differences is not practicable at this time as this could be significantly impacted by the source location and amount of the distribution, the underlying tax rate already paid on the earnings, foreign withholding taxes and the opportunity to use foreign tax credits.

The methodology in the Income Tax Topic of the Codification prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold should be measured in order to determine the tax benefit to be recognized in the financial statements.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2015, 2014 and 2013.

In thousands	2015			2014			2013
Unrecognized Tax Benefit – Beginning of Period	$	10,960		$	10,437		$	20,467
Gross Increases (Decreases) – Tax Positions in a Prior Period	231			139			(2,464		)
Gross Increases (Decreases) – Tax Positions in a Current Period	(287		)	1,452			133
Settlements	—			(340		)	(449		)
Lapse of Statutes of Limitations	(6,907		)	(728		)	(7,250		)
Unrecognized Tax Benefit – End of Period	$	3,997		$	10,960		$	10,437

The amount of unrecognized tax benefits as of January 31, 2015, February 1, 2014 and February 2, 2013 which would impact the annual effective rate if recognized were $1.3 million, $1.3 million and $2.4 million, respectively. The Company believes it is reasonably possible that there will be a $0.1 million decrease in the gross tax liability for uncertain tax positions within the next 12 months based upon the expiration of statutes of limitation.

The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense on the Consolidated Statements of Operations. Related to the uncertain tax benefits noted above, the Company recorded interest and penalties of approximately $(0.1) million

benefit and $0.0 million, respectively, during Fiscal 2015, $(0.1) million and $(0.1) million benefit, respectively, during Fiscal 2014 and $(1.2) million benefit and $0.1 million expense, respectively, during Fiscal 2013. The Company recognized a liability for accrued interest and penalties of $0.8 million and $0.1 million, respectively, as of January 31, 2015, $0.9 million and $0.1 million, respectively, as of February 1, 2014 and $1.1 million and $0.2 million, respectively, as of February 2, 2013. The long-term portion of the unrecognized tax benefits and related accrued interest and penalties are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets.

Note 9

Income Taxes, Continued

Income tax reserves are determined using the methodology required by the Income Tax Topic of the Codification.

The Company and its subsidiaries file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. With few exceptions, the Company's U.S. federal and state and local income tax returns for fiscal years ended January 28, 2012 and beyond remain subject to examination. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitation generally ranging from two to six years.

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Quarterly Financial Information (Unaudited) - Textual (Details) (USD $)	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Nov. 02, 2013	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Quarterly Financial Information (Textual) [Abstract]
Net restructuring and other charge	$ 1,000,000	$ 1,000,000	$ 1,400,000	$ (1,100,000)	$ 5,600,000	$ 1,500,000	$ (7,100,000)	$ 1,300,000
Loss from discontinued operations	$ 1,400,000	$ 100,000	$ 100,000	$ 100,000	$ 100,000		$ 100,000	$ 100,000	$ 1,648,000	$ 329,000	$ 462,000
Weeks in fiscal year									364 days	364 days	371 days
Weeks in fiscal quarter									98 days	91 days

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Document and Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Mar. 13, 2015	Aug. 01, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	GENESCO INC
Entity Central Index Key	0000018498
Document Type	10-K
Document Period End Date	Jan. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	Yes
Enity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,838
Entity Common Stock, Shares Outstanding		24,033,954

XML

Defined Benefit Pension Plans and Other Postretirement Benefit Plans

12 Months Ended

Jan. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Defined Benefit Pension Plans and Other Benefit Plans

Defined Benefit Pension Plans and Other Postretirement Benefit Plans

Defined Benefit Pension Plans

The Company sponsored a non-contributory, defined benefit pension plan. As of January 1, 1996, the Company amended the plan to change the pension benefit formula to a cash balance formula from the then existing benefit calculation based upon years of service and final average pay. The benefits accrued under the old formula were frozen as of December 31, 1995. Upon retirement, the participant will receive this accrued benefit payable as an annuity. In addition, the participant will receive as a lump sum (or annuity if desired) the amount credited to the participant’s cash balance account under the new formula. Effective January 1, 2005, the Company froze the defined benefit cash balance plan which prevents any new entrants into the plan as of that date as well as affects the amounts credited to the participants’ accounts as discussed below.

Under the cash balance formula, beginning January 1, 1996, the Company credits each participants’ account annually with an amount equal to 4% of the participant’s compensation plus 4% of the participant’s compensation in excess of the Social Security taxable wage base. Beginning December 31, 1996 and annually thereafter, the account balance of each active participant was credited with 7% interest calculated on the sum of the balance as of the beginning of the plan year and 50% of the amounts credited to the account, other than interest, for the plan year. The account balance of each participant who was inactive would be credited with interest at the lesser of 7% or the 30 year Treasury rate. Under the frozen plan, each participants’ cash balance plan account will be credited annually only with interest at the 30 year Treasury rate, not to exceed 7%, until the participant retires. The amount credited each year will be based on the rate at the end of the prior year.

Other Postretirement Benefit Plans

The Company provides health care benefits for early retirees and life insurance benefits for certain retirees not covered by collective bargaining agreements. Under the health care plan, early retirees are eligible for benefits until age 65. Employees who meet certain requirements are eligible for life insurance benefits upon retirement. The Company accrues such benefits during the period in which the employee renders service.

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Obligations and Funded Status

Change in Benefit Obligation

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Benefit obligation at beginning of year	$	111,133		$	119,126		$	5,714		$	4,487
Service cost	450			350			526			428
Interest cost	4,664			4,584			226			159
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Actuarial (gain) loss	18,544			(3,927		)	1,158			990
Benefit Obligation at End of Year	$	125,764		$	111,133		$	6,886		$	5,714

Change in Plan Assets

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Fair value of plan assets at beginning of year	$	101,910		$	98,612		—			—
Actual gain on plan assets	10,697			12,298			—			—
Employer contributions	—			—			738			350
Plan participants’ contributions	—			—			101			86
Benefits paid	(9,027		)	(9,000		)	(839		)	(436		)
Fair Value of Plan Assets at End of Year	$	103,580		$	101,910		—			—
Funded Status at End of Year	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

Amounts recognized in the Consolidated Balance Sheets consist of:

	Pension Benefits						Other Benefits
In thousands	2015			2014			2015			2014
Current liabilities	$	—		$	—		$	(247	)	$	(208	)
Noncurrent liabilities	(22,184		)	(9,223		)	(6,639		)	(5,506		)
Net Amount Recognized	$	(22,184	)	$	(9,223	)	$	(6,886	)	$	(5,714	)

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				Other Benefits
In thousands	2015		2014		2015		2014
Net loss	$	37,518	$	27,147	$	2,515	$	1,459
Total Recognized in Accumulated Other Comprehensive Loss	$	37,518	$	27,147	$	2,515	$	1,459

Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows:

In thousands	January 31, 2015		February 1, 2014
Projected benefit obligation	$	125,764	$	111,133
Accumulated benefit obligation	125,764		111,133
Fair value of plan assets	103,580		101,910

Components of Net Periodic Benefit Cost

Net Periodic Benefit Cost

	Pension Benefits									Other Benefits
In thousands	2015			2014			2013			2015		2014		2013
Service cost	$	450		$	350		$	350		$	526	$	428	$	356
Interest cost	4,664			4,584			4,961			226		159		157
Expected return on plan assets	(6,069		)	(6,654		)	(7,003		)	—		—		—
Amortization:
Prior service cost	—			—			4			—		—		—
Losses	3,546			6,160			6,032			102		97		84
Net amortization	$	3,546		$	6,160		$	6,036		$	102	$	97	$	84
Net Periodic Benefit Cost	$	2,591		$	4,440		$	4,344		$	854	$	684	$	597

Reconciliation of Accumulated Other Comprehensive Income

	Pension Benefits			Other Benefits
In thousands	2015			2015
Net loss	$	13,916		$	1,158
Amortization of prior service cost	—			—
Amortization of net actuarial loss	(3,546		)	(102		)
Total Recognized in Other Comprehensive Income	$	10,370		$	1,056
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	12,961		$	1,910

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year

are $5.4 million and $0.0 million, respectively. The estimated net loss for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.2 million.

Weighted-average assumptions used to determine benefit obligations

	Pension Benefits				Other Benefits
	2015		2014		2015		2014
Discount rate	3.55	%	4.40	%	3.31	%	4.40	%
Rate of compensation increase	NA		NA		—		—

For Fiscal 2015 and 2014, the discount rate was based on a yield curve of high quality corporate bonds with cash flows matching the Company’s planned expected benefit payments.

Weighted-average assumptions used to determine net periodic benefit costs

	Pension Benefits						Other Benefits
	2015		2014		2013		2015		2014		2013
Discount rate	4.40	%	4.00	%	4.35	%	4.40	%	4.01	%	4.17	%
Expected long-term rate of return on plan assets	6.75	%	7.75	%	7.75	%	—		—		—
Rate of compensation increase	NA		NA		NA		—		—		—

The weighted average discount rate used to measure the benefit obligation for the pension plan decreased from 4.40% to 3.55% from Fiscal 2014 to Fiscal 2015. The decrease in the rate increased the accumulated benefit obligation by $11.4 million and increased the projected benefit obligation by $11.4 million. The weighted average discount rate used to measure the benefit obligation for the pension plan increased from 4.00% to 4.40% from Fiscal 2013 to Fiscal 2014. The increase in the rate decreased the accumulated benefit obligation by $3.9 million and decreased the projected benefit obligation by $3.9 million.

To develop the expected long-term rate of return on assets assumption, the Company considered historical asset returns, the current asset allocation and future expectations. Considering this information, the Company selected a 6.75% long-term rate of return on assets assumption.

Assumed health care cost trend rates

	2015		2014
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5	%	5	%
Year that the rate reaches the ultimate trend rate	2020		2019

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below.

In thousands	1% Increase in Rates		1% Decrease in Rates
Aggregated service and interest cost	$	105	$	170
Accumulated postretirement benefit obligation	$	1,139	$	927

Plan Assets

The Company’s pension plan weighted average asset allocations as of January 31, 2015 and February 1, 2014, by asset category are as follows:

	Plan Assets
	January 31, 2015		February 1, 2014
Asset Category
Equity securities	63	%	65	%
Debt securities	37	%	35	%
Total	100	%	100	%

The investment strategy of the Trust is to ensure over the long-term an asset pool, that when combined with Company contributions, will support benefit obligations to participants, retirees and beneficiaries. Investment management responsibilities of plan assets are delegated to outside investment advisers and overseen by an Investment Committee comprised of members of the Company’s senior management that are appointed by the Board of Directors. The Company has an investment policy that provides direction on the implementation of this strategy.

The investment policy establishes a target allocation for each asset class and investment manager. The actual asset allocation versus the established target is reviewed at least quarterly and is maintained within a +/- 5% range of the target asset allocation. Target allocations are 50% domestic equity, 13% international equity, 35% fixed income and 2% cash investments.

All investments are made solely in the interest of the participants and beneficiaries for the exclusive purposes of providing benefits to such participants and their beneficiaries and defraying the expenses related to administering the Trust as determined by the Investment Committee. All assets shall be properly diversified to reduce the potential of a single security or single sector of securities having a disproportionate impact on the portfolio.

The Committee utilizes an outside investment consultant and investment managers to implement its various investment strategies. Performance of the managers is reviewed quarterly and the investment objectives are consistently evaluated.

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

At January 31, 2015 and February 1, 2014, there were no Company related assets in the plan.

Generally, quoted market prices are used to value pension plan assets. Equities, some fixed income securities, publicly traded investment funds and U.S. government obligations are valued at the closing price reported on the active market on which the individual security is traded.

The following tables present the pension plan assets by level within the fair value hierarchy as of January 31, 2015 and February 1, 2014. 

January 31, 2015	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	12,266		$	—	$	—	$	12,266
U.S. securities	53,074			—		—		53,074
Fixed Income Securities	38,034			—		—		38,034
Other:
Cash Equivalents	232			—		—		232
Other (includes receivables and payables)	(26		)	—		—		(26		)
Total Pension Plan Assets	$	103,580		$	—	$	—	$	103,580

February 1, 2014	Level 1			Level 2		Level 3		Total
Equity Securities:
International securities	$	13,026		$	—	$	—	$	13,026
U.S. securities	53,187			—		—		53,187
Fixed Income Securities	35,481			—		—		35,481
Other:
Cash Equivalents	235			—		—		235
Other (includes receivables and payables)	(19		)	—		—		(19		)
Total Pension Plan Assets	$	101,910		$	—	$	—	$	101,910

Cash Flows

Return of Assets

There was no return of assets from the plan to the Company in Fiscal 2015 and no plan assets are projected to be returned to the Company in Fiscal 2016.

Contributions

There was no Employee Retirement Income Security Act ("ERISA") cash requirement for the plan in 2014 and none is projected to be required in 2015. It is the Company’s policy to contribute enough cash to maintain at least an 80% funding level.

Note 10

Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued

Estimated Future Benefit Payments

Expected benefit payments from the trust, including future service and pay, are as follows:

Estimated future payments	Pension Benefits ($ in millions)		Other Benefits ($ in millions)
2015	$	8.5	$	0.2
2016	8.5		0.3
2017	8.3		0.3
2018	8.1		0.3
2019	8.0		0.3
2020 – 2024	37.2		1.9

Section 401(k) Savings Plan

The Company has a Section 401(k) Savings Plan available to employees who have completed one full year of service and are age 21 or older.

Since January 1, 2005, the Company has matched 100% of each employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for the Company’s cash balance retirement plan before it was frozen, the Company annually makes an additional contribution of 2 1/2 % of salary to each employee’s account. In calendar 2005 and future years, participants are immediately vested in their contributions and the Company’s matching contribution plus actual earnings thereon. The contribution expense to the Company for the matching program was approximately $5.5 million for Fiscal 2015, $5.0 million for Fiscal 2014 and $5.3 million for Fiscal 2013.

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Earnings Per Share - Per Share Amount (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Nov. 02, 2013	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Summary of basic and diluted earnings per share
Earnings from continuing operations									$ 99,373	$ 92,982	$ 112,897
Less: Preferred stock dividends and income from participating securities									0	(33)	(147)
Basic EPS from continuing operations
Income from continuing operations available to common shareholders, Income (Numerator)									99,373	92,949	112,750
Income from continuing operations available to common shareholders, Shares (Denominator)									23,507,000	23,297,000	23,584,000
Income from continuing operations available to common shareholders (USD per share)									$ 4.23	$ 3.99	$ 4.78
Effect of Dilutive Securities from continuing operations
Options and restricted stock, Shares (Denominator)									155,000	272,000	372,000
Convertible preferred stock, Income (Numerator)									0	0	88
Convertible preferred stock, Shares (Denominator)									0	0	34,000
Employees' preferred stock, Shares (Denominator)									46,000	46,000	47,000
Diluted EPS from continuing operations
Income from continuing operations available to common shareholders plus assumed conversions, Income (Numerator)									$ 99,373	$ 92,949	$ 112,838
Income from continuing operations available to common shareholders plus assumed conversions, Shares (Denominator)									23,708,000	23,615,000	24,037,000
Continuing operations (USD per share)	$ 2.18	$ 1.21	$ 0.20	$ 0.60	$ 1.79	$ 1.18	$ 0.36	$ 0.61	$ 4.19	$ 3.94	$ 4.69
Common convertible ratio (shares)	1								1

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Quarterly Financial Information (Unaudited) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Nov. 02, 2013	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Details of Quarterly financial information
Net sales	$ 892,630	$ 722,915	$ 615,474	$ 628,825	$ 792,506	$ 666,332	$ 574,746	$ 591,388	$ 2,859,844	$ 2,624,972	$ 2,604,817
Gross margin	424,233	358,489	301,745	315,944	385,644	332,161	282,808	298,437	1,400,411	1,299,050
Earnings from continuing operations before income taxes	86,051	38,619	9,302	23,017	73,998	45,789	14,388	24,685	156,989	158,860	164,832
Earnings from continuing operations	51,757	28,750	4,768	14,098	42,212	27,796	8,465	14,509	99,373	92,982	112,897
Net earnings	$ 50,396	$ 28,662	$ 4,694	$ 13,973	$ 42,153	$ 27,750	$ 8,340	$ 14,410	$ 97,725	$ 92,653	$ 112,435
Diluted earnings per common share:
Continuing operations (USD per share)	$ 2.18	$ 1.21	$ 0.20	$ 0.60	$ 1.79	$ 1.18	$ 0.36	$ 0.61	$ 4.19	$ 3.94	$ 4.69
Net earnings (USD per share)	$ 2.12	$ 1.21	$ 0.20	$ 0.59	$ 1.79	$ 1.18	$ 0.35	$ 0.61	$ 4.12	$ 3.92	$ 4.68

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Income Statement [Abstract]
Net sales	$ 2,859,844	$ 2,624,972	$ 2,604,817
Cost of sales	1,459,433	1,325,922	1,306,200
Selling and administrative expenses	1,230,864	1,134,274	1,111,717
Asset impairments and other, net	2,281	1,341	17,037
Earnings from operations	167,266	163,435	169,863
Indemnification asset write-off	7,050	0	0
Interest expense, net:
Interest expense	3,337	4,641	5,126
Interest income	(110)	(66)	(95)
Total interest expense, net	3,227	4,575	5,031
Earnings from continuing operations before income taxes	156,989	158,860	164,832
Income tax expense	57,616	65,878	51,935
Earnings from continuing operations	99,373	92,982	112,897
Provision for discontinued operations, net	(1,648)	(329)	(462)
Net Earnings	$ 97,725	$ 92,653	$ 112,435
Basic earnings per common share:
Continuing operations (USD per share)	$ 4.23	$ 3.99	$ 4.78
Discontinued operations (USD per share)	$ (0.07)	$ (0.01)	$ (0.02)
Net earnings (USD per share)	$ 4.16	$ 3.98	$ 4.76
Diluted earnings per common share:
Continuing operations (USD per share)	$ 4.19	$ 3.94	$ 4.69
Discontinued operations (USD per share)	$ (0.07)	$ (0.02)	$ (0.01)
Net earnings (USD per share)	$ 4.12	$ 3.92	$ 4.68

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Inventories

12 Months Ended

Jan. 31, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories

In thousands	January 31, 2015		February 1, 2014
Raw materials	$	32,941	$	26,115
Wholesale finished goods	65,785		64,357
Retail merchandise	499,419		476,789
Total Inventories	$	598,145	$	567,261

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Asset Impairments and Other Charges and Discontinued Operations

12 Months Ended

Jan. 31, 2015

Asset Impairments and Other Charges and Discontinued Operations [Abstract]

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges and Discontinued Operations

Asset Impairments and Other Charges

In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets.

Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment, and in asset impairment and other, net in the accompanying Consolidated Statements of Operations.

The Company recorded a pretax charge to earnings of $2.3 million in Fiscal 2015, including $3.1 million for network intrusion expenses, $1.9 million for retail store asset impairments and $0.7 million for other legal matters, partially offset by a $(3.4) million gain on a lease termination of a Lids store.

The Company recorded a pretax charge to earnings of $1.3 million in Fiscal 2014, including $3.3 million for network intrusion expenses, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination, partially offset by an $(8.3) million gain on the lease termination of a New York City Journeys store.

The Company recorded a pretax charge to earnings of $17.0 million in Fiscal 2013, including $15.6 million for network intrusion expenses, $1.4 million for retail store asset impairments and $0.1 million for other legal matters.

Discontinued Operations

In Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company recorded an additional charge to earnings of $2.7 million ($1.6 million net of tax), $0.5 million ($0.3 million net of tax) and $0.8 million ($0.5 million net of tax) reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company (see Note 13).

Note 3

Asset Impairments and Other Charges and Discontinued Operations, Continued

Accrued Provision for Discontinued Operations
In thousands	Facility Shutdown Costs
Balance January 28, 2012	$	12,517
Additional provision Fiscal 2013	796
Charges and adjustments, net	(1,962		)
Balance February 2, 2013	11,351
Additional provision Fiscal 2014	543
Charges and adjustments, net	(519		)
Balance February 1, 2014	11,375
Additional provision Fiscal 2015	2,711
Charges and adjustments, net	673
Balance January 31, 2015*	14,759
Current provision for discontinued operations	10,505
Total Noncurrent Provision forDiscontinued Operations	$	4,254

*Includes a $14.1 million environmental provision, including $10.5 million in current provision for discontinued operations.

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Quarterly Financial Information (Unaudited)

12 Months Ended

Jan. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

(In thousands,	1st Quarter						2nd Quarter						3rd Quarter						4th Quarter						Fiscal Year
except per share amounts)	2015			2014			2015			2014			2015			2014			2015			2014			2015		2014
Net sales	$	628,825		$	591,388		$	615,474		$	574,746		$	722,915		$	666,332		$	892,630		$	792,506		$	2,859,844	$	2,624,972
Gross margin	315,944			298,437			301,745			282,808			358,489			332,161			424,233			385,644			1,400,411		1,299,050
Earnings from continuing operations before income taxes	23,017		(1)	24,685		(3)	9,302		(5)	14,388		(7)	38,619		(9)	45,789		(11)	86,051		(12)	73,998		(14)	156,989		158,860
Earnings from continuing operations	14,098			14,509			4,768			8,465			28,750			27,796			51,757			42,212			99,373		92,982
Net earnings	13,973		(2)	14,410		(4)	4,694		(6)	8,340		(8)	28,662		(10)	27,750			50,396		(13)	42,153		(15)	97,725		92,653
Diluted earnings per common share:
Continuing operations	0.60			0.61			0.20			0.36			1.21			1.18			2.18			1.79			4.19		3.94
Net earnings	0.59			0.61			0.20			0.35			1.21			1.18			2.12			1.79			4.12		3.92

(1) Includes a net asset impairment and other credit of $(1.1) million (see Note 3).

(2) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(3) Includes a net asset impairment and other charge of $1.3 million (see Note 3).

(4) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(5) Includes a net asset impairment and other credit of $1.4 million (see Note 3).

(6) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(7) Includes a net asset impairment and other credit of $(7.1) million (see Note 3).

(8) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(9) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(10) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

(11) Includes a net asset impairment and other charge of $1.5 million (see Note 3).

(12) Includes a net asset impairment and other charge of $1.0 million (see Note 3).

(13) Includes a loss of $1.4 million, net of tax, from discontinued operations (see Note 3).

(14) Includes a net asset impairment and other charge of $5.6 million (see Note 3).

(15) Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3).

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Earnings Per Share

12 Months Ended

Jan. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

	For the Year Ended January 31, 2015					For the Year Ended February 1, 2014						For the Year Ended February 2, 2013
(In thousands, except per share amounts)	Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount		Income (Numerator)			Shares (Denominator)	Per-Share Amount
Earnings from continuing operations	$	99,373				$	92,982					$	112,897
Less: Preferred stock dividends and income from participating securities	—					(33		)				(147		)
Basic EPS from continuing operations
Income from continuing operations available to common shareholders	99,373		23,507	$	4.23	92,949			23,297	$	3.99	112,750			23,584	$	4.78
Effect of Dilutive Securities from continuing operations
Options and restricted stock			155						272						372
Convertible preferred stock(1)	—		—			—			—			88			34
Employees’ preferred stock(2)			46						46						47
Diluted EPS from continuing operations
Income from continuing operations available to common shareholders plus assumed conversions	$	99,373	23,708	$	4.19	$	92,949		23,615	$	3.94	$	112,838		24,037	$	4.69

(1) As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of January 31, 2015 and February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2015 and 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013.

(2) The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted.

All outstanding options to purchase shares of common stock at the end of Fiscal 2015, 2014 and 2013 were included in the computation of diluted earnings per share because the impact of doing so was dilutive.

The weighted shares outstanding reflects the effect of stock buy back programs. The Company repurchased 64,709 shares at a cost of $4.6 million during Fiscal 2015. The Company has $60.9 million remaining under its current $75.0 million share repurchase authorization. The Company repurchased 337,665 shares at a cost of $20.7 million during Fiscal 2014. The Company repurchased 645,904 shares at a cost of $37.7 million during Fiscal 2013.

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Share-Based Compensation Plans - Textual (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014 Plan	Feb. 02, 2013	Jun. 22, 2011
Share-Based Compensation Plans (Textual) [Abstract]
Number of fixed stock compensation plans		2
Annual vesting percentage		25.00%
Share based compensation tax benefit realized from exercise of stock option	$ 3,061,000	$ 3,784,000	$ 4,820,000
Total intrinsic value, of options exercised	3,400,000	6,100,000	11,500,000
Exercise of stock options	1,818,000	3,034,000	4,808,000
Director [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Share-based compensation cost	1,100,000	1,000,000	900,000
Share-based compensation, shares issued	11,592	9,280	9,888
Stock Options [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Vesting term		4 years
Stock Options [Member] | Maximum
Share-Based Compensation Plans (Textual) [Abstract]
Stock option's maximum term		10 years
Nonvested Restricted Shares [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Shares granted	185,416	199,392	194,232
Share-based compensation cost	12,300,000	11,300,000	9,600,000
Unrecognized share-based compensation cost	24,900,000
Weighted average expected period nonvested share-based compensation	1 year 9 months 7 days
Nonvested Restricted Shares [Member] | Director [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Shares granted		365	336
2009 Equity Incentive Plan [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Share-based compensation, shares issued				2,500,000.0
2009 Equity Incentive Plan [Member] | Director [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Share-based compensation for restricted stock value grant in period	97,500	80,000
2009 Equity Incentive Plan [Member] | Nonvested Restricted Shares [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Annual vesting percentage	25.00%
Vesting term	4 years	4 years	4 years
Share-based compensation, shares issued	185,416	199,392	194,232
2005 Equity Incentive Plan [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Share-based compensation, shares issued		2,500,000.0
2005 Equity Incentive Plan [Member] | Director [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Share-based compensation for restricted stock value grant in period			$ 80,000
2005 Equity Incentive Plan [Member] | Nonvested Restricted Shares [Member] | Director [Member]
Share-Based Compensation Plans (Textual) [Abstract]
Annual vesting percentage		25.00%	25.00%

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Commitments Under Long-Term Leases

12 Months Ended

Jan. 31, 2015

Leases [Abstract]

Commitments Under Long-Term Leases

Commitments Under Long-Term Leases

Operating Leases

The Company leases its office space and all of its retail store locations, certain distribution centers and transportation equipment under various noncancelable operating leases. The leases have varying terms and expire at various dates through 2030. The store leases in the United States, Puerto Rico and Canada typically have initial terms of approximately 10 years. The stores leases in the United Kingdom and the Republic of Ireland typically have initial terms of between 10 and 20 years. Generally, most of the leases require the Company to pay taxes, insurance, maintenance costs and contingent rentals based on sales. Approximately 3% of the Company’s leases contain renewal options.

Rental expense under operating leases of continuing operations was:

In thousands	2015			2014			2013
Minimum rentals	$	250,077		$	227,880		$	215,516
Contingent rentals	9,217			9,667			14,786
Sublease rentals	(852		)	(663		)	(667		)
Total Rental Expense	$	258,442		$	236,884		$	229,635

Minimum rental commitments payable in future years are:

Fiscal Years	In thousands
2016	$	234,392
2017	206,276
2018	174,019
2019	141,859
2020	121,716
Later years	351,077
Total Minimum Rental Commitments	$	1,229,339

For leases that contain predetermined fixed escalations of the minimum rentals, the related rental expense is recognized on a straight-line basis and the cumulative expense recognized on the straight-line basis in excess of the cumulative payments is included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are recorded as deferred rent and amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $23.5 million and $24.2 million for Fiscal 2015 and 2014, respectively, and deferred rent of $45.0 million and $41.6 million for Fiscal 2015 and 2014, respectively, are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets.

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Income Taxes - Income Tax Expense (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Current
U.S. federal	$ 43,146	$ 35,463	$ 50,859
International	292	7,293	9,853
State	8,966	8,139	8,841
Total Current Income Tax Expense	52,404	50,895	69,553
Deferred
U.S. federal	4,422	14,078	(7,924)
International	636	(1,813)	(6,379)
State	154	2,718	(3,315)
Total Deferred Income Tax Expense (Benefit)	5,212	14,983	(17,618)
Total Income Tax Expense – Continuing Operations	$ 57,616	$ 65,878	$ 51,935

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Fair Value

12 Months Ended

Jan. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. This Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of January 31, 2015 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Long-Lived Assets Held and Used		Level 1		Level 2		Level 3		Impairment Charges
Measured as of May 3, 2014	$	890	$	—	$	—	$	890	$	824
Measured as of August 2, 2014	258		—		—		258		418
Measured as of November 1, 2014	22		—		—		22		397
Measured as of January 31, 2015	161		—		—		161		251
Total Asset Impairment Fiscal 2015									$	1,890

In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $1.9 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used and tested on a nonrecurring basis during the twelve months ended January 31, 2015. These charges are reflected in asset impairments and other, net on the Consolidated Statements of Operations.

The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

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Long-Term Debt

12 Months Ended

Jan. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

In thousands	January 31, 2015		February 1, 2014
Revolver borrowings	$	—	$	—
UK term loans	29,155		33,730
Total long-term debt	29,155		33,730
Current portion	13,152		6,793
Total Noncurrent Portion of Long-Term Debt	$	16,003	$	26,937

Long-term debt maturing during each of the next five years ending in January each year is $13.2 million, $1.9 million, $1.9 million, $1.9 million and $10.3 million, respectively.

The Company did not have any revolver borrowings outstanding under the Credit Facility at January 31, 2015 and had $29.2 million in term loans outstanding under the U.K. Credit Facilities (described below) at January 31, 2015. The Company had outstanding letters of credit of $14.8 million under the Credit Facility at January 31, 2015. These letters of credit support product purchases and lease and insurance indemnifications.

Credit Facility:

On January 31, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Facility”) by and among the Company, certain subsidiaries of the Company party thereto, as other borrowers, the lenders party thereto and Bank of America, N.A., as agent (the "Agent"). The Credit Facility provides revolving credit in the aggregate principal amount of $400.0 million and replaces the previous $375.0 million revolving credit facility. The Credit Facility expires January 31, 2019.

Deferred financing costs incurred of $1.6 million related to the Credit Facility were capitalized and are being amortized over five years. In addition, the remaining deferred financing costs of $1.5 million related to the previous amendment are being amortized over five years. These costs are included in other non-current assets on the Consolidated Balance Sheets.

The material terms of the Credit Facility are as follows:

Availability

The Credit Facility is a revolving credit facility in the aggregate principal amount of $400.0 million, including a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $40.0 million, a revolving credit subfacility for the benefit of GCO Canada, Inc. in an aggregate amount not to exceed $25.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit, and revolving credit subfacility for the benefit of Genesco (UK) Limited in an aggregate amount not to exceed $50.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The facility has a five-year term. Any

Note 6

Long-Term Debt, Continued

swingline loans and any letters of credit and borrowings under the Canadian facilities and UK facilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis.

The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit facility may be increased up to no more than $40.0 million.

Genesco (UK) Limited has a one-time option to increase the availability of its subfacility under the Credit Facility by an additional amount of up to $50.0 million.

The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ($400.0 million or, if increased as described above, up to $550.0 million or $600.0 million, respectively) or the "Borrowing Base", which generally is based on 90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves (the "Loan Cap"). The relevant assets of Genesco (UK) Limited will be included in the Borrowing Base if the additional $50.0 million sublimit increase is exercised, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $50.0 million and the total outstanding to Genesco (UK) Limited will not exceed 30% of the Loan Cap.

The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche.

Collateral

The loans and other obligations under the Credit Facility are secured by a perfected first priority lien and security interest in all tangible and intangible assets and excludes real estate and leaseholds of the Company and certain subsidiaries of the Company, including a pledge of 65% of the Company's interest in Genesco (UK) Limited. The assets of Genesco (UK) Limited will not be pledged as collateral unless the additional $50.0 million sublimit increase is exercised and once pledged, will only serve to secure the obligations of GCO Canada, Inc. and Genesco (UK) Limited and their respective subsidiaries.

Interest and Fees

The Company’s borrowings under the Credit Facility bear interest at varying rates that, at the Company’s option, can be based on:

Domestic Facility:

(a) LIBOR plus the applicable margin (as defined and based on average Excess Availability during the prior quarter), or (b) the domestic Base Rate (defined as the higher of (i) the Bank of America prime rate, (ii) the federal funds rate plus 0.50% or (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin.

Note 6

Long-Term Debt, Continued

Canadian Sub-Facility:

(a) For loans made in Canadian dollars, the bankers’ acceptances (“BA”) rate plus the applicable margin, or (b) the Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) the Bank of America (Canada Branch) overnight rate plus 0.50%, and (iii) the BA rate for a one month interest period plus 1.0%) plus the applicable margin.

(a) For loans made in U.S. dollars, LIBOR plus the applicable margin, or (b) the U.S. Index Rate (defined as the highest of the (i) Bank of America (Canada branch) U.S. dollar base rate, (ii) the Federal Funds rate plus 0.50%, and (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin.

UK Sub-Facility:

LIBOR plus the applicable margin.

Swingline Loans:

Domestic swingline loans - domestic Base Rate plus the applicable margin.

UK swingline loans - UK Base Rate (being the "base rate" of the local Bank of America branch in the jurisdiction of the currency chosen) plus the applicable margin.

The initial applicable margin for Base Rate loans and U.S. Index rate loans and Canadian Prime Rate loans was 0.50% and the initial applicable margin for LIBOR loans, BA equivalent loans and UK swingline loans was 1.50%. Thereafter, the applicable margin is subject to adjustment based on “Excess Availability” for the prior quarter. The term “Excess Availability” means, as of any given date, the excess (if any) of the Loan Cap (being the lesser of the total commitments and the Borrowing Base) over the outstanding credit extensions under the Credit Facility.

Interest on the Company’s borrowings is payable monthly in arrears for domestic Base Rate loans (including domestic swingline loans), U.S. Index rate loans, Canadian Prime Rate loans and UK swingline loans and at the end of each interest rate period (but not less often than quarterly) for LIBOR loans and BA equivalent loans.

The Company is also required to pay a commitment fee on the actual daily unused portions of the Credit Facility at a rate of  0.25% per annum.

Currency

Loans to GCO Canada, Inc. may be made in U.S. dollars or Canadian dollars. Loans to Genesco (UK) Limited may be made in U.S. dollars, Euros, Pounds Sterling or any other freely transferable currencies approved by the Agent and applicable lenders.

Certain Covenants

The Company is not required to comply with any financial covenants unless Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the

Note 6

Long-Term Debt, Continued

Company to meet a minimum fixed charge coverage ratio of (a) an amount equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0:1.0. Excess Availability was $367.0 million at January 31,

2015. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at January 31, 2015.

The Credit Facility also permits the Company to incur up to $500.0 million of senior debt provided that certain terms and conditions are met.

In addition, the Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, transactions with affiliates, asset dispositions, mergers and consolidations, prepayments or material amendments of other indebtedness and other matterscustomarily restricted in such agreements.

Cash Dominion

The Credit Facility also contains cash dominion provisions that apply in the event that the Company’s Excess Availability is less than the greater of $30.0 million or 12.5% of the Loan Cap or there is an event of default under the Credit Facility.

Events of Default

The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control.

Certain of the lenders under the Credit Facility or their affiliates have provided and may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they receive customary fees and commissions.

U.K. Credit Facility

In connection with the Schuh acquisition, Schuh entered into an amended and restated Senior Term Facilities Agreement and Working Capital Facility Letter, (collectively, the “UK Credit Facilities”)

which originally provided for term loans of up to £29.5 million (a £15.5 million A term loan and £14.0 million B term loan) and a working capital facility of £5.0 million. The Working Capital Facility Letter was allowed to lapse in June 2012. The A term loan bears interest at LIBOR plus 2.50% per annum. The B term loan bears interest at LIBOR plus 3.75% per annum. The Company is not required to make any payments on the B term loan until it expires October 31, 2015, unless the Company’s Schuh Group segment has Excess Cash Flow (as defined in the UK Credit Facilities). The Company paid nothing on the B term loan in Fiscal 2015 and less than £0.1 million and £4.8 million on the B term loan in Fiscal 2014 and 2013, respectively.

Note 6

Long-Term Debt, Continued

In November 2013, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of up to £12.5 million ("C term loan"). The C term loan bears interest at LIBOR plus 2.50% per annum and expires September 30, 2019.

In June 2014, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of £12.5 million ("D term loan"). The D term loan bears interest at LIBOR plus 0.95% per annum and expires June 18, 2015. The D term loan was paid in the fourth quarter of Fiscal 2015.

The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant initially set at 4.25x and increasing to 4.50x in January 2012 and thereafter, a maximum leverage covenant initially set at 2.75x declining over time at various rates to 2.25x beginning in July 2012 and a minimum cash flow coverage of 1.10x. The Company was in compliance with all the covenants at January 31, 2015. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries.

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Equity

12 Months Ended

Jan. 31, 2015

Equity [Abstract]

Equity

Equity

Non-Redeemable Preferred Stock

	Shares Authorized		Number of Shares			Amounts in Thousands									Common Convertible Ratio		No. of Votes per share
Class (In order of preference)*			2015	2014	2013	2015			2014			2013
Subordinated Serial Preferred (Cumulative)
Aggregate	3,000,000	**	—	—	—	—			—			—			N/A		N/A
$2.30 Series 1	64,368		—	—	16,203	$	—		$	—		$	648		.83		1
$4.75 Series 3	40,449		—	—	7,398	—			—			740			2.11		2
$4.75 Series 4	53,764		—	—	3,247	—			—			325			1.52		1
Series 6	800,000		—	—	—	—			—			—					100
$1.50 Subordinated Cumulative Preferred	5,000,000		—	—	30,067	—			—			902					1
			—	—	56,915	—			—			2,615
Employees’ Subordinated Convertible Preferred	5,000,000		44,836	46,069	46,852	1,345			1,382			1,405			1.00	***	1
Stated Value of Issued Shares						1,345			1,382			4,020
Employees’ Preferred Stock Purchase Accounts						(71		)	(77		)	(96		)
Total Non-Redeemable Preferred Stock						$	1,274		$	1,305		$	3,924

*    In order of preference for liquidation and dividends.

** The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate.

***    Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock.

Note 8

Equity, Continued

Preferred Stock Transactions

In thousands	Non-Redeemable Preferred Stock			Non-Redeemable Employees’ Preferred Stock			Employees’ Preferred Stock Purchase Accounts			Total Non-Redeemable Preferred Stock
Balance January 28, 2012	$	3,621		$	1,437		$	(101	)	$	4,957
Other stock conversions	(1,006		)	(32		)	5			(1,033		)
Balance February 2, 2013	2,615			1,405			(96		)	3,924
Preferred stock redemptions	(1,462		)	—			—			(1,462		)
Other stock conversions	(1,153		)	(23		)	19			(1,157		)
Balance February 1, 2014	—			1,382			(77		)	1,305
Other stock conversions	—			(37		)	6			(31		)
Balance January 31, 2015	$	—		$	1,345		(71		)	$	1,274

Subordinated Serial Preferred Stock (Cumulative):

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 during the first quarter of Fiscal 2014. The Series 1 preferred stock was redeemed at $40 per share plus accumulated dividends. During Fiscal 2014, 13,713 shares of Series 1 preferred stock were converted to common stock and 2,490 shares of Series 1 preferred stock were redeemed. The Series 3 and 4 preferred stocks were redeemed at $100 per share plus accumulated dividends. During Fiscal 2014, 6,046 shares of Series 3 preferred stock were converted to common stock and 1,352 shares of Series 3 preferred stock were redeemed. During Fiscal 2014, 3,247 shares of Series 4 preferred stock were redeemed. The total cost of the redemption for Series 1, 3 and 4 preferred stock was $0.6 million in Fiscal 2014.

The Company’s shareholders’ rights plan grants to common shareholders the right to purchase, at a specified exercise price, a fraction of a share of subordinated serial preferred stock, Series 6, in the event of an acquisition of, or an announced tender offer for, 15% or more of the Company’s outstanding common stock. Upon any such event, each right also entitles the holder (other than the person making such acquisition or tender offer) to purchase, at the exercise price, shares of common stock having a market value of twice the exercise price. In the event the Company is acquired in a transaction in which the Company is not the surviving corporation, each right would entitle its holder to purchase, at the exercise price, shares of the acquiring company having a market value of twice the exercise price. The rights expire in March 2020, are redeemable under certain circumstances for $.01 per right and are subject to exchange for one share of common stock or an equivalent amount of preferred stock at any time after the event which makes the rights exercisable and before a majority of the Company’s common stock is acquired.

Note 8

Equity, Continued

$1.50 Subordinated Cumulative Preferred Stock:

The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The $1.50 Subordinated Cumulative Preferred Stock was redeemed at $30 per share plus accumulated dividends. During Fiscal 2014, 30,067 shares of $1.50 Subordinated Cumulative Preferred Stock were redeemed. The total cost of the redemption for the $1.50 Subordinated Cumulative Preferred Stock was $0.9 million in Fiscal 2014.

Employees’ Subordinated Convertible Preferred Stock:

Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share.

Common Stock:

Common stock-$1 par value. Authorized: 80,000,000 shares; issued: January 31, 2015 – 24,515,362 shares; February 1, 2014 –24,407,724 shares. There were 488,464 shares held in treasury at January 31, 2015 and February 1, 2014. Each outstanding share is entitled to one vote. At January 31, 2015, common shares were reserved as follows: 44,836 shares for conversion of preferred stock; 62,238 shares for the 2005 Stock Incentive Plan; 860,964 shares for the 2009 Amended and Restated Stock Incentive Plan; and 307,604 shares for the Genesco Employee Stock Purchase Plan.

For the year ended January 31, 2015, 68,616 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $26.49, for a total of $1.8 million; 185,416 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 2,688 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $71.01, for a total of $0.2 million; 16,396 shares were issued to directors for no consideration; 88,003 shares were withheld for taxes on restricted stock vested in Fiscal 2015; 13,999 shares of restricted stock were forfeited in Fiscal 2015; and 1,233 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 64,709 shares of common stock at an average weighted market price of $71.63 for a total of $4.6 million.

For the year ended February 1, 2014, 130,051 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $23.33, for a total of $3.0 million; 199,392 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 3,146 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $62.30, for a total of $0.2 million; 14,435 shares were issued to directors for no consideration; 105,193 shares were withheld for taxes on restricted stock vested in Fiscal 2014; 6,279 shares of restricted stock were forfeited in Fiscal 2014; and 24,922 shares were issued in miscellaneous conversions of Series 1, 3 and Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 337,665 shares of common stock at an average weighted market price of $61.23 for a total of $20.7 million.

Note 8

Equity, Continued

For the year ended February 2, 2013, 223,618 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $21.50, for a total of $4.8 million; 194,232 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 2,463 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $63.84, for a total of $0.2 million; 10,224 shares were issued to directors for no consideration; 75,552 shares were withheld for taxes on restricted stock vested in Fiscal 2013; 4,020 shares of restricted stock were forfeited in Fiscal 2013; and 22,028 shares were issued in miscellaneous conversions of Series 1, 3, 4 and Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 645,904 shares of common stock at an average weighted market price of $58.29 for a total of $37.7 million.

Restrictions on Dividends and Redemptions of Capital Stock:

The Company’s charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted.

The Company’s Credit Facility prohibits the payment of dividends and other restricted payments unless as of the date of the making of any Restricted Payment or consummation of any Acquisition, (a) no Default or Event of Default exists or would arise after giving effect to such Restricted Payment or Acquisition, and (b) either (i) the Borrowers have pro forma projected Excess Availability for the following six month period equal to or greater than 25% of the Loan Cap, after giving pro forma effect to such Restricted Payment or Acquisition, or (ii) (A) the Borrowers have pro forma projected Excess Availability for the following six month period of less than 25% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio, on a pro forma basis for the twelve months preceding such Restricted Payment or Acquisition, will be equal to or greater than 1.0:1.0, and (c) after giving effect to such Restricted Payment or Acquisition, the Borrowers are Solvent. The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2015. The Company’s UK Credit Facility prohibits the payment of any dividends by Schuh or its subsidiaries to the Company.

The Company issued a mandatory notice of redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 and on its $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The total cost of the redemption was $1.5 million. As a result, all of these preferred issues of stock were either converted to common stock or redeemed in Fiscal 2014, and there are no outstanding shares remaining. Therefore, there is no longer an annual dividend requirement. Dividends paid during Fiscal 2014 were less than $0.1 million.

Note 8

Equity, Continued

Changes in the Shares of the Company’s Capital Stock

	Common Stock		Non- Redeemable Preferred Stock		Employees’ Preferred Stock
Issued at January 28, 2012	24,757,826		75,475		47,922
Exercise of options	223,618		—		—
Issue restricted stock	204,456		—		—
Issue shares—Employee Stock Purchase Plan	2,463		—		—
Shares repurchased	(645,904	)	—		—
Other	(57,544	)	(18,560	)	(1,070	)
Issued at February 2, 2013	24,484,915		56,915		46,852
Exercise of options	130,051		—		—
Issue restricted stock	213,827		—		—
Issue shares—Employee Stock Purchase Plan	3,146		—		—
Shares repurchased	(337,665	)	—		—
Other	(86,550	)	(56,915	)	(783	)
Issued at February 1, 2014	24,407,724		—		46,069
Exercise of options	68,616		—		—
Issue restricted stock	185,416		—		—
Issue shares—Employee Stock Purchase Plan	2,688		—		—
Shares repurchased	(64,709	)	—		—
Other	(84,373	)	—		(1,233	)
Issued at January 31, 2015	24,515,362		—		44,836
Less shares repurchased and held in treasury	488,464		—		—
Outstanding at January 31, 2015	24,026,898		—		44,836

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Income Taxes - Unrecognized tax benefits (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Reconciliation of the total amounts of unrecognized tax benefits
Unrecognized Tax Benefit – Beginning of Period	$ 10,960	$ 10,437	$ 20,467
Gross Increases (Decreases) – Tax Positions in a Prior Period	231	139	(2,464)
Gross Increases (Decreases) – Tax Positions in a Current Period	(287)
Gross Increases (Decreases) – Tax Positions in a Current Period		1,452	133
Settlements	0	(340)	(449)
Lapse of Statutes of Limitations	(6,907)	(728)	(7,250)
Unrecognized Tax Benefit – End of Period	$ 3,997	$ 10,960	$ 10,437

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Share-Based Compensation Plans - Employee Stock Purchase Plan Textual (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Stock Purchase Plans [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee annual base salary to qualify under plan (less than $90,000)	$ 90,000
Employee prior annual base salary to qualify under plan (limited to $100,000)	100,000
Maximum Percentage of annual base salary under plan	0.15
Maximum amount of annual base salary under plan (up to $8,500 or $9,500)	8,500
Percentage of last day exercise price available to participant	0.85
Shares sold to employees	2,688	3,146	2,463
Amended Stock Purchase Plans
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Maximum Percentage of annual base salary under plan	0.15
Maximum amount of annual base salary under plan (up to $8,500 or $9,500)	$ 9,500
Percentage of discount on Last day fair market value available to participant	0.05
Common Stock | Stock Purchase Plans [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares authorized for issuance	1,000,000.0

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Change in Benefit Obligation and Plan Assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 111,133	$ 119,126
Service cost	450	350	350
Interest cost	4,664	4,584	4,961
Plan participants’ contributions	0	0
Benefits paid	(9,027)	(9,000)
Actuarial (gain) loss	18,544	(3,927)
Benefit Obligation at End of Year	125,764	111,133	119,126
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	101,910	98,612
Actual gain on plan assets	10,697	12,298
Employer contributions	0	0
Plan participants’ contributions	0	0
Benefits paid	(9,027)	(9,000)
Fair Value of Plan Assets at End of Year	103,580	101,910	98,612
Funded Status at End of Year	(22,184)	(9,223)
Other Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	5,714	4,487
Service cost	526	428	356
Interest cost	226	159	157
Plan participants’ contributions	101	86
Benefits paid	(839)	(436)
Actuarial (gain) loss	1,158	990
Benefit Obligation at End of Year	6,886	5,714	4,487
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual gain on plan assets	0	0
Employer contributions	738	350
Plan participants’ contributions	101	86
Benefits paid	(839)	(436)
Fair Value of Plan Assets at End of Year	0	0	0
Funded Status at End of Year	$ (6,886)	$ (5,714)

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Income Taxes - Reconcilation of Federal Statutory Rate (Details)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations
U. S. federal statutory rate of tax	35.00%	35.00%	35.00%
State taxes (net of federal tax benefit)	3.80%	4.62%	3.11%
Foreign rate differential	(1.56%)	(1.24%)	(1.98%)
Change in valuation allowance	0.57%	0.05%	(0.17%)
Permanent items	2.13%	2.18%	1.85%
Uncertain federal, state and foreign tax positions	(3.06%)	0.21%	(5.73%)
Other	(0.18%)	0.65%	(0.57%)
Effective Tax Rate	36.70%	41.47%	31.51%

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Valuation and Qualifying Accounts (Details) (Accounts Receivable Allowances, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Accounts Receivable Allowances
Reserves deducted from assets in the balance sheet:
Beginning Balance	$ 4,420	$ 6,082	$ 6,900
Charged to Profit and Loss	390	(525)	1,325
Increases (Decreases)	(619)	(1,137)	(2,143)
Ending Balance	$ 4,191	$ 4,420	$ 6,082

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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Components of earnings from continuing operations before income taxes

The components of earnings from continuing operations before income taxes is comprised of the following:

In thousands	2015		2014		2013
United States	$	150,682	$	152,832	$	152,457
Foreign	6,307		6,028		12,375
Total Earnings from Continuing Operations before Income Taxes	$	156,989	$	158,860	$	164,832

Income tax expense from continuing operations

Income tax expense from continuing operations is comprised of the following:

In thousands	2015		2014			2013
Current
U.S. federal	$	43,146	$	35,463		$	50,859
International	292		7,293			9,853
State	8,966		8,139			8,841
Total Current Income Tax Expense	52,404		50,895			69,553
Deferred
U.S. federal	4,422		14,078			(7,924		)
International	636		(1,813		)	(6,379		)
State	154		2,718			(3,315		)
Total Deferred Income Tax Expense (Benefit)	5,212		14,983			(17,618		)
Total Income Tax Expense – Continuing Operations	$	57,616	$	65,878		$	51,935

Deferred tax assets and liabilities

 Deferred tax assets and liabilities are comprised of the following:

	January 31,			February 1,
In thousands	2015			2014
Identified intangibles	$	(30,923	)	$	(28,468	)
Prepaids	(3,135		)	(3,063		)
Convertible bonds	(2,402		)	(3,001		)
Tax over book depreciation	(2,028		)	—
Total deferred tax liabilities	(38,488		)	(34,532		)
Options	229			448
Deferred rent	4,494			4,986
Pensions	9,721			4,253
Expense accruals	14,185			15,673
Uniform capitalization costs	14,369			13,750
Book over tax depreciation	—			2,839
Provisions for discontinued operations and restructurings	5,983			4,731
Inventory valuation	3,816			2,115
Tax net operating loss and credit carryforwards	2,030			2,396
Allowances for bad debts and notes	711			761
Deferred compensation and restricted stock	6,933			6,606
Other	4,853			4,320
Gross deferred tax assets	67,324			62,878
Deferred tax asset valuation allowance	(4,411		)	(3,771		)
Deferred tax asset net of valuation allowance	62,913			59,107
Net Deferred Tax Assets	$	24,425		$	24,575

Deferred tax assets net classification

The deferred tax balances have been classified in the Consolidated Balance Sheets as follows:

	2015			2014
Net current asset	$	28,293		$	23,089
Net non-current asset	31			3,342
Net non-current liability	(3,899		)	(1,856		)
Net Deferred Tax Assets	$	24,425		$	24,575

Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations

Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows:

	2015		2014		2013
U. S. federal statutory rate of tax	35.00	%	35.00	%	35.00	%
State taxes (net of federal tax benefit)	3.80		4.62		3.11
Foreign rate differential	(1.56	)	(1.24	)	(1.98	)
Change in valuation allowance	0.57		0.05		(0.17	)
Permanent items	2.13		2.18		1.85
Uncertain federal, state and foreign tax positions	(3.06	)	0.21		(5.73	)
Other	(0.18	)	0.65		(0.57	)
Effective Tax Rate	36.70	%	41.47	%	31.51	%

Reconciliation of the total amounts of unrecognized tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2015, 2014 and 2013.

In thousands	2015			2014			2013
Unrecognized Tax Benefit – Beginning of Period	$	10,960		$	10,437		$	20,467
Gross Increases (Decreases) – Tax Positions in a Prior Period	231			139			(2,464		)
Gross Increases (Decreases) – Tax Positions in a Current Period	(287		)	1,452			133
Settlements	—			(340		)	(449		)
Lapse of Statutes of Limitations	(6,907		)	(728		)	(7,250		)
Unrecognized Tax Benefit – End of Period	$	3,997		$	10,960		$	10,437

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Long-Term Debt - Debt by Type (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Long-Term Debt
Total long-term debt	$ 29,155	$ 33,730
Current portion	13,152	6,793
Total Noncurrent Portion of Long-Term Debt	16,003	26,937
Revolver borrowings | Line of Credit
Long-Term Debt
Total long-term debt	0	0
UK Term Loans | Line of Credit
Long-Term Debt
Total long-term debt	$ 29,155	$ 33,730

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Legal Proceedings

12 Months Ended

Jan. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Legal Proceedings

Environmental Matters

New York State Environmental Matters

In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The Company undertook the IRM and RIFS voluntarily, without admitting liability or accepting responsibility for any future remediation of the site. The Company has completed the IRM and the RIFS. In the course of preparing the RIFS, the Company identified remedial alternatives with estimated undiscounted costs ranging from $0.0 million to $24.0 million, excluding amounts previously expended or provided for by the Company. The United States Environmental Protection Agency (“EPA”), which has assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination

of groundwater extraction and treatment and in site chemical oxidation and estimated the present cost of the remediation at approximately $10.7 million.

In July 2009, the Company agreed to a Consent Order with the EPA requiring the Company to perform certain remediation actions, operations, maintenance and monitoring at the site. In September 2009, a Consent Judgment embodying the Consent Order was filed in the U.S. District Court for the Eastern District of New York.

The Village of Garden City, New York (the "Village"), has additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village has estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it, which the complaint alleges could exceed $41 million, undiscounted, over a 70-year period.

The Company has not verified the estimates of either historic or future costs asserted by the Village, but believes that an estimate of future costs based on a 70-year remediation period is unreasonable given the expected remedial period reflected in the EPA's Record of Decision. On May 23, 2008, the Company filed a motion to dismiss the Village's complaint on grounds including applicable statutes of limitation and preemption of certain claims by the NYSDEC's and the EPA's diligent prosecution of remediation. On January 27, 2009, the Court granted the motion to dismiss all counts of the plaintiff's complaint except for the CERCLA claim and a state law claim for indemnity for costs incurred after November 27, 2000. On September 23, 2009, on a motion for reconsideration by the Village, the Court reinstated the claims for injunctive relief under RCRA and for equitable relief under certain of the state

Note 13

Legal Proceedings, Continued

law theories. The Company intends to continue to defend the action if an acceptable settlement agreement cannot be reached.

Whitehall Environmental Matters

The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan.

In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations.

Accrual for Environmental Contingencies

Related to all outstanding environmental contingencies, the Company had accrued $14.1 million as of January 31, 2015, $11.9 million as of February 1, 2014 and $11.9 million as of February 2, 2013. All such provisions reflect the Company's 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 are included in the liability

arising from provision for discontinued operations on the accompanying Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $2.8 million reflected in Fiscal 2015, $0.5 million reflected in Fiscal 2014 and $0.8 million reflected in Fiscal 2013. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates.

Other Matters

On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. have asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. The Company does not currently expect any future claims in connection with the intrusion to have a material effect on its financial condition, cash flows, or results of operations.

Note 13

Legal Proceedings, Continued

On May 14, 2012, a putative class and collective action, Maro v. Hat World, Inc., was filed in the U.S. District Court for the Northern District of Illinois. The action alleged that the Company failed to pay

the plaintiff and other, similarly situated retail store employees of Hat World, Inc., for time spent making bank deposits of store collections, and sought to recover unpaid wages, liquidated damages, statutory penalties, attorney's fees, and costs pursuant to the federal Fair Labor Standards Act, the Illinois Minimum Wage Law and the Illinois Wage Payment and Collection Act. On January 15, 2014, the court dismissed the Maro case with prejudice, based on the plaintiffs' failure to prosecute. On July 16, 2012 and July 30, 2012, additional putative class and collective actions, Chavez v. Hat World, Inc. and Dismukes v. Hat World, Inc., were filed in the same court, alleging that certain Hat World employees were misclassified as exempt from overtime pay, and seeking similar relief. The Chavez and Dismukes actions were consolidated. The parties reached agreement on a settlement, which the court granted final approval on September 5, 2014.

On August 30, 2012, a former employee of a Company subsidiary filed a putative class and collective action, Kershner v. Hat World, Inc., in the Philadelphia, Pennsylvania Court of Common Pleas alleging violations of the Pennsylvania Minimum Wage Act by the subsidiary. The Company reached an agreement to resolve the matter. On May 29, 2014, the court granted final approval of the settlement.

On May 17, 2013, a former employee filed a putative class and representative action, Garcia v. Genesco,Inc. in the Superior Court of California for the County of Ventura, alleging various claims under the California Labor Code, including failure to provide meal and rest periods, failure to timely pay wages, failure to provide accurate itemized wage statements, and unfair competition and violation of the Private Attorneys’ General Act of 2004, and seeking unspecified damages and penalties. On August 30, 2013, the Company removed the action to the United States District Court for the Central District of California. The Company has reached an agreement to settle the matter. The court preliminarily approved the proposed settlement on December 9, 2014. The Company does not expect the matter or its settlement as proposed to have a material effect on its financial condition or results of operations.

In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Property and equipment amortized over the estimated useful life of related assets

Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives:

Buildings and building equipment	20-45 years
Computer hardware, software and equipment	3-10 years
Furniture and fixtures	10 years

Carrying amounts and fair values of the Company's financial instruments

The carrying amounts and fair values of the Company’s financial instruments at January 31, 2015 and February 1, 2014 are:

In thousands	January 31, 2015				February 1, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	—	$	—	$	—	$	—
UK Term Loans	29,155		29,126		33,730		33,840

Schedule of accumulated other comprehensive income (loss)

The following table summarizes the components of accumulated other comprehensive loss for the year ended January 31, 2015:

	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 1, 2014	$	575		$	(17,342	)	$	(16,767	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(13,407		)	—			(13,407		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(3,415		)	—			(3,415		)
Net actuarial gain	—			(15,075		)	(15,075		)
Amounts reclassified from AOCI:
Amortization of net actuarial loss (1)	—			3,648			3,648
Amortization reclassified from AOCI, before tax	—			3,648			3,648
Income tax expense	—			4,440			4,440
Current period other comprehensive loss, net of tax	(16,822		)	(6,987		)	(23,809		)
Balance January 31, 2015	$	(16,247	)	$	(24,329	)	$	(40,576	)

(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations.

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Inventories (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Inventories
Raw materials	$ 32,941	$ 26,115
Wholesale finished goods	65,785	64,357
Retail merchandise	499,419	476,789
Total Inventories	$ 598,145	$ 567,261

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Summary of Significant Accounting Policies - Property and Equipment (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Property, Plant and Equipment [Line Items]
Depreciation	$ 71.0	$ 63.9	$ 60.3
Buildings and building equipment | Minimum
Property and equipment amortized over the estimated useful life of related assets
Property and equipment, useful life	20 years
Buildings and building equipment | Maximum
Property and equipment amortized over the estimated useful life of related assets
Property and equipment, useful life	45 years
Computer hardware, software and equipment | Minimum
Property and equipment amortized over the estimated useful life of related assets
Property and equipment, useful life	3 years
Computer hardware, software and equipment | Maximum
Property and equipment amortized over the estimated useful life of related assets
Property and equipment, useful life	10 years
Furniture and fixtures
Property and equipment amortized over the estimated useful life of related assets
Property and equipment, useful life	10 years

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Statement of Comprehensive Income [Abstract]
Net earnings	$ 97,725	$ 92,653	$ 112,435
Other comprehensive income (loss):
Gain (loss) on foreign currency forward contract, net of tax of $0.0 million for each period	0	0	42
Pension liability adjustment net of tax of $4.0 million, $6.2 million and $2.4 million for 2015, 2014 and 2013 respectively	(6,343)	9,510	3,657
Postretirement liability adjustment net of tax benefit of $0.4 million, $0.3 million, and $.01 million for 2015, 2014 and 2013, respectively	(644)	(542)	(79)
Foreign currency translation adjustments	(16,822)	2,506	1,105
Total other comprehensive (loss) income	(23,809)	11,474	4,725
Comprehensive Income	$ 73,916	$ 104,127	$ 117,160

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Business Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Nov. 01, 2014	Aug. 02, 2014	May 03, 2014	Feb. 01, 2014	Nov. 02, 2013	Aug. 03, 2013	May 04, 2013	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Segment reporting information by segment
Net sales to external customers	$ 892,630	$ 722,915	$ 615,474	$ 628,825	$ 792,506	$ 666,332	$ 574,746	$ 591,388	$ 2,859,844	$ 2,624,972	$ 2,604,817
Segment operating income (loss)									169,547	164,776	186,900
Asset impairments and other									(2,281)	(1,341)	(17,037)
Earnings from operations									167,266	163,435	169,863
Indemnification Asset, Write-off									(7,050)	0	0
Interest expense									(3,337)	(4,641)	(5,126)
Interest income									110	66	95
Earnings from continuing operations before income taxes	86,051	38,619	9,302	23,017	73,998	45,789	14,388	24,685	156,989	158,860	164,832
Assets	1,583,087				1,439,284				1,583,087	1,439,284	1,326,072
Depreciation and amortization									74,326	67,135	63,697
Capital expenditures									103,111	98,456	71,737
Sales
Segment reporting information by segment
Net sales to external customers									2,861,415	2,625,964	2,606,898
Intercompany sales
Segment reporting information by segment
Net sales to external customers									(1,571)	(992)	(2,081)
Journeys Group
Segment reporting information by segment
Net sales to external customers									1,179,476	1,082,241	1,111,490
Segment operating income (loss)									114,784	97,377	109,953
Asset impairments and other									0	0	0
Earnings from operations									114,784	97,377	109,953
Indemnification Asset, Write-off									0
Interest expense									0	0	0
Interest income									0	0	0
Earnings from continuing operations before income taxes									114,784	97,377	109,953
Assets	292,536				298,105				292,536	298,105	280,396
Depreciation and amortization									20,785	19,400	20,190
Capital expenditures									26,180	20,223	21,852
Journeys Group | Sales
Segment reporting information by segment
Net sales to external customers									1,179,476	1,082,241	1,111,490
Journeys Group | Intercompany sales
Segment reporting information by segment
Net sales to external customers									0	0	0
Schuh Group
Segment reporting information by segment
Net sales to external customers									406,947	364,732	370,480
Segment operating income (loss)									10,110	3,063	11,209
Asset impairments and other									0	0	0
Earnings from operations									10,110	3,063	11,209
Indemnification Asset, Write-off									0
Interest expense									0	0	0
Interest income									0	0	0
Earnings from continuing operations before income taxes									10,110	3,063	11,209
Assets	246,570				268,514				246,570	268,514	231,323
Depreciation and amortization									14,114	11,339	10,040
Capital expenditures									21,382	29,673	16,873
Schuh Group | Sales
Segment reporting information by segment
Net sales to external customers									406,947	364,732	370,480
Schuh Group | Intercompany sales
Segment reporting information by segment
Net sales to external customers									0	0	0
Lids Sports Group
Segment reporting information by segment
Net sales to external customers									902,661	820,996	791,255
Segment operating income (loss)									48,970	63,748	82,867
Asset impairments and other									0	0	0
Earnings from operations									48,970	63,748	82,867
Indemnification Asset, Write-off									0
Interest expense									0	0	0
Interest income									0	0	0
Earnings from continuing operations before income taxes									48,970	63,748	82,867
Assets	660,833				574,664				660,833	574,664	519,006
Depreciation and amortization									29,711	28,345	26,892
Capital expenditures									43,013	35,193	21,448
Lids Sports Group | Sales
Segment reporting information by segment
Net sales to external customers									903,451	821,779	793,016
Lids Sports Group | Intercompany sales
Segment reporting information by segment
Net sales to external customers									(790)	(783)	(1,761)
Johnston & Murphy Group
Segment reporting information by segment
Net sales to external customers									259,675	245,941	221,860
Segment operating income (loss)									14,856	17,638	15,696
Asset impairments and other									0	0	0
Earnings from operations									14,856	17,638	15,696
Indemnification Asset, Write-off									0
Interest expense									0	0	0
Interest income									0	0	0
Earnings from continuing operations before income taxes									14,856	17,638	15,696
Assets	109,791				97,532				109,791	97,532	89,505
Depreciation and amortization									4,935	4,002	3,738
Capital expenditures									8,196	9,178	6,680
Johnston & Murphy Group | Sales
Segment reporting information by segment
Net sales to external customers									259,675	245,941	221,870
Johnston & Murphy Group | Intercompany sales
Segment reporting information by segment
Net sales to external customers									0	0	(10)
Licensed Brands
Segment reporting information by segment
Net sales to external customers									110,115	109,780	108,498
Segment operating income (loss)									10,459	10,614	10,078
Asset impairments and other									0	0	0
Earnings from operations									10,459	10,614	10,078
Indemnification Asset, Write-off									0
Interest expense									0	0	0
Interest income									0	0	0
Earnings from continuing operations before income taxes									10,459	10,614	10,078
Assets	47,066				50,955				47,066	50,955	43,212
Depreciation and amortization									725	468	366
Capital expenditures									979	1,452	1,255
Licensed Brands | Sales
Segment reporting information by segment
Net sales to external customers									110,896	109,989	108,808
Licensed Brands | Intercompany sales
Segment reporting information by segment
Net sales to external customers									(781)	(209)	(310)
Corporate & Other
Segment reporting information by segment
Net sales to external customers									970	1,282	1,234
Segment operating income (loss)									(29,632)	(27,664)	(42,903)
Asset impairments and other									(2,281)	(1,341)	(17,037)
Earnings from operations									(31,913)	(29,005)	(59,940)
Indemnification Asset, Write-off									(7,050)
Interest expense									(3,337)	(4,641)	(5,126)
Interest income									110	66	95
Earnings from continuing operations before income taxes									(42,190)	(33,580)	(64,971)
Assets	226,291				149,514				226,291	149,514	162,630
Depreciation and amortization									4,056	3,581	2,471
Capital expenditures									3,361	2,737	3,629
Corporate & Other | Sales
Segment reporting information by segment
Net sales to external customers									970	1,282	1,234
Corporate & Other | Intercompany sales
Segment reporting information by segment
Net sales to external customers									$ 0	$ 0	$ 0

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Acquisitions and Intangible Assets

12 Months Ended

Jan. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions and Intangible Assets

Intangible Assets

Acquisitions

During Fiscal 2015, the Company completed acquisitions of primarily small retail chains and one small wholesale business for a total purchase price of $34.9 million. In Fiscal 2014 and 2013, the Company completed other acquisitions of primarily small retail chains for a total purchase price of $13.6 million and $23.8 million, respectively. The stores and wholesale business acquired are operated within the Lids Sports Group.

Other Intangible Assets

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
In thousands	Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014
Gross other intangibles	$	13,616		$	13,104		$	18,244		$	14,381		$	3,114		$	2,242		$	34,974		$	29,727
Accumulated amortization	(12,301		)	(11,997		)	(9,424		)	(7,354		)	(1,664		)	(1,294		)	(23,389		)	(20,645		)
Net Other Intangibles	$	1,315		$	1,107		$	8,820		$	7,027		$	1,450		$	948		$	11,585		$	9,082

*Includes non-compete agreements, vendor contract and backlog.

The amortization of intangibles, including trademarks, was $3.3 million, $3.2 million and $3.4 million for Fiscal 2015, 2014 and 2013, respectively. The amortization of intangibles, including trademarks, will be $2.9 million, $2.4 million, $1.8 million, $1.5 million and $0.7 million for Fiscal 2016, 2017, 2018, 2019 and 2020, respectively.

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Equity - Textual (Details) (USD $)	12 Months Ended			3 Months Ended
	Jan. 31, 2015 Vote	Feb. 01, 2014	Feb. 02, 2013	May 04, 2013	Jan. 28, 2012
Class of Stock [Line Items]
Expiration date of rights		Mar. 01, 2020
Redeemable price per right (USD per share)	$ 0.01
Number of common stock	1
Common stock, par value (USD per share)	$ 1	$ 1
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	24,515,362	24,407,724
Shares held in treasury	488,464	488,464
Number of Vote for each outstanding Share	1
Common shares reserved	307,604
Common stock issued for exercise of stock options	68,616	130,051	223,618
Weighted average exercise price of common stock (USD per share)	$ 26.49	$ 23.33	$ 21.50
Weighted average market price of common stock issued under stock option (USD per share)	$ 71.01	$ 62.30	$ 63.84
Weighted average price of common stock retired and repurchase (USD per share)	$ 71.63	$ 61.23	$ 58.29
Exercise of stock options	$ 1,818,000	$ 3,034,000	$ 4,808,000
Issue shares - Employee Stock Purchase Plan, shares	2,688	3,146	2,463
Issue shares - Employee Stock Purchase Plan, value	191,000	196,000	157,000
Number of common stock issued to directors for no consideration	16,396	14,435	10,224
Common stock withheld for taxes on restricted stock vested	88,003	105,193	75,552
Restricted stock forfeited during the year	13,999	6,279	4,020
Common stock shares repurchased and retired	64,709	337,665	645,904
Common stock value repurchased and retired	4,600,000	20,700,000	37,700,000
Minimum percentage loan cap (equal or greater than 15%)	15.00%
Proforma fixed charge coverage ratio (equal or greater than 1.0)	1.0
Redemption cost				1,500,000
Preferred Stock, Shares Outstanding		0
Aggregate dividend declared for fiscal year (less than $0.1 million)		100,000
Maximum
Class of Stock [Line Items]
Percentage loan cap (equal or greater than 25%)	25.00%
Minimum
Class of Stock [Line Items]
Percentage loan cap (equal or greater than 25%)	25.00%
2005 Stock Incentive Plan
Class of Stock [Line Items]
Common shares reserved	62,238
2009 Stock Incentive Plan
Class of Stock [Line Items]
Common shares reserved	860,964
2009 Equity Incentive Plan
Class of Stock [Line Items]
Common stock issued as restricted shares	185,416	199,392	194,232
Subordinated Serial Preferred Stock $2.30 Series 1
Class of Stock [Line Items]
Preferred stock, dividend rate (usd per share)	$ 2.30			$ 2.30
Preferred stock stated and redemption values over accumulated dividends (usd per share)		$ 40
Conversion of stock, shares converted		13,713
Stock redeemed or called during period, shares		2,490
Common stock issued in conversion of debentures	1,233	24,922	22,028
Preferred Stock, Shares Outstanding	0	0	16,203
Subordinated Serial Preferred Stock $4.75 Series 3
Class of Stock [Line Items]
Preferred stock, dividend rate (usd per share)	$ 4.75			$ 4.75
Preferred stock stated and redemption values over accumulated dividends (usd per share)		$ 100
Conversion of stock, shares converted		6,046
Stock redeemed or called during period, shares		1,352
Preferred Stock, Shares Outstanding	0	0	7,398
Subordinated Serial Preferred Stock $4.75 Series 4
Class of Stock [Line Items]
Preferred stock, dividend rate (usd per share)	$ 4.75			$ 4.75
Stock redeemed or called during period, shares		3,247
Preferred Stock, Shares Outstanding	0	0	3,247
Subordinated Serial Preferred Stock Series One, Three and Four
Class of Stock [Line Items]
Preferred stock, redemption amount		600,000
Non-Redeemable Preferred Stock
Class of Stock [Line Items]
Tender offer for outstanding common stock	15.00%
Shares held in treasury	0
Common stock issued for exercise of stock options	0	0	0
Issue shares - Employee Stock Purchase Plan, shares	0	0	0
Preferred Stock, Shares Outstanding	0	0	56,915
$1.50 Subordinated Cumulative Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (usd per share)	$ 1.50
Preferred stock stated and redemption values over accumulated dividends (usd per share)		$ 1.50
Preferred stock, redemption amount		$ 900,000
Stated and liquidation values and redemption price per share dividend paid on common stock plus accumulated dividends (usd per share)		$ 30
Stock redeemed or called during period, shares		30,067
Preferred Stock, Shares Outstanding	0	0	30,067
Employees Subordinated Convertible Preferred Stock
Class of Stock [Line Items]
Multiplication value to Quarterly dividend per share of common stock for calculation of Stated and liquidation values and redemption price	88
Stated and liquidation values and redemption price per share dividend paid on common stock plus accumulated dividends (usd per share)	$ 30
Preferred Stock, Shares Outstanding	44,836	46,069	46,852
Conversion Of Preferred Stock
Class of Stock [Line Items]
Common shares reserved	44,836
Common Stock
Class of Stock [Line Items]
Common stock, shares issued	24,515,362	24,407,724	24,484,915		24,757,826
Shares held in treasury	488,464
Common stock issued for exercise of stock options	68,616	130,051	223,618
Issue shares - Employee Stock Purchase Plan, shares	2,688	3,146	2,463

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Share-Based Compensation Plans - Option Activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014	Feb. 02, 2013
Summary of stock option activity
Outstanding Shares, Beginning balance	130,854	263,155	486,773
Granted, Shares	0	0	0
Exercised, Shares	(68,616)	(130,051)	(223,618)
Forfeited, Shares	0	(2,250)	0
Outstanding Shares, Ending balance	62,238	130,854	263,155
Exercisable, Shares	62,238
Summary of stock option activity, weighted average exercise price
Outstanding, Weighted-Average Exercise Price, Beginning balance (USD per share)	$ 31.67	$ 27.43	$ 24.70
Granted, Weighted-Average Exercise Price (USD per share)	$ 0.00	$ 0.00	$ 0.00
Exercised, Weighted-Average Exercise Price (USD per share)	$ 26.49	$ 23.33	$ 21.50
Forfeited, Weighted-Average Exercise Price (USD per share)	$ 0.00	$ 17.50	$ 0.00
Outstanding, Weighted-Average Exercise Price, Ending balance (USD per share)	$ 37.38	$ 31.67	$ 27.43
Exercisable, Weighted-Average Exercise Price (USD per share)	$ 37.38
Outstanding, Weighted-Average Remaining Contractual Term	1 year 3 months 22 days
Exercisable, Weighted-Average Remaining Contractual Term	1 year 3 months 22 days
Outstanding, Aggregate Intrinsic Value	$ 2,121
Exercisable, Aggregate Intrinsic Value	$ 2,121

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Accumulated Benefit Obligation and Fair Value of Plan Assets (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Feb. 01, 2014
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 125,764	$ 111,133
Accumulated benefit obligation	125,764	111,133
Fair value of plan assets	$ 103,580	$ 101,910

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Acquisitions and Intangible Assets (Tables)

12 Months Ended

Jan. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Other intangible assets by major classes

Other intangibles by major classes were as follows:

	Leases						Customer Lists						Other*						Total
In thousands	Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014			Jan. 31, 2015			Feb. 1, 2014
Gross other intangibles	$	13,616		$	13,104		$	18,244		$	14,381		$	3,114		$	2,242		$	34,974		$	29,727
Accumulated amortization	(12,301		)	(11,997		)	(9,424		)	(7,354		)	(1,664		)	(1,294		)	(23,389		)	(20,645		)
Net Other Intangibles	$	1,315		$	1,107		$	8,820		$	7,027		$	1,450		$	948		$	11,585		$	9,082

*Includes non-compete agreements, vendor contract and backlog.

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Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Health Care Cost Trend Rates (Details)	12 Months Ended
	Jan. 31, 2015	Feb. 01, 2014
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	8.00%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2020	2019

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Business Segment Information (Tables)

12 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Segment reporting information by segment

Fiscal 2015
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,179,476	$	406,947	$	903,451		$	259,675	$	110,896		$	970		$	2,861,415
Intercompany sales	—		—		(790		)	—		(781		)	—			(1,571		)
Net sales to external customers	$	1,179,476	$	406,947	$	902,661		$	259,675	$	110,115		$	970		$	2,859,844
Segment operating income (loss)	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(29,632	)	$	169,547
Asset Impairments and other*	—		—		—			—		—			(2,281		)	(2,281		)
Earnings (loss) from operations	114,784		10,110		48,970			14,856		10,459			(31,913		)	167,266
Indemnification asset write-off	—		—		—			—		—			(7,050		)	(7,050		)
Interest expense	—		—		—			—		—			(3,337		)	(3,337		)
Interest income	—		—		—			—		—			110			110
Earnings (loss) from continuing operations before income taxes	$	114,784	$	10,110	$	48,970		$	14,856	$	10,459		$	(42,190	)	$	156,989
Total assets**	$	292,536	$	246,570	$	660,833		$	109,791	$	47,066		$	226,291		$	1,583,087
Depreciation and amortization	20,785		14,114		29,711			4,935		725			4,056			74,326
Capital expenditures	26,180		21,382		43,013			8,196		979			3,361			103,111

 *Asset Impairments and other includes a $1.9 million charge for asset impairments, of which $1.7 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $3.1 million charge for network intrusion costs and a $0.7 million charge for other legal matters, partially offset by a gain of $(3.4) million gain on a lease termination of a Lids store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $200.1 million, $96.0 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $17.7 million of additions in Fiscal 2015 resulting from several small acquisitions and the Schuh Group goodwill decreased by $8.9 million due to foreign currency translation adjustment. Of the Company's $305.8 million of long-lived assets, $63.9 million and $14.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

Note 14

Business Segment Information, Continued

Fiscal 2014
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group		Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,082,241	364,732		$	821,779		$	245,941	$	109,989		$	1,282		$	2,625,964
Intercompany sales	—		—		(783		)	—		(209		)	—			(992		)
Net sales to external customers	$	1,082,241	$	364,732	$	820,996		$	245,941	$	109,780		$	1,282		$	2,624,972
Segment operating income (loss)	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(27,664	)	$	164,776
Asset Impairments and other*	—		—		—			—		—			(1,341		)	(1,341		)
Earnings (loss) from operations	97,377		3,063		63,748			17,638		10,614			(29,005		)	163,435
Interest expense	—		—		—			—		—			(4,641		)	(4,641		)
Interest income	—		—		—			—		—			66			66
Earnings (loss) from continuing operations before income taxes	$	97,377	$	3,063	$	63,748		$	17,638	$	10,614		$	(33,580	)	$	158,860
Total assets**	$	298,105	268,514		$	574,664		$	97,532	$	50,955		$	149,514		$	1,439,284
Depreciation and amortization	19,400		11,339		28,345			4,002		468			3,581			67,135
Capital expenditures	20,223		29,673		35,193			9,178		1,452			2,737			98,456

*Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. Of the Company's $280.0 million of long-lived assets, $66.9 million and $15.1 million relate to long-lived assets in the United Kingdom and Canada, respectively.

Note 14

Business Segment Information, Continued

Fiscal 2013
	Journeys Group		Schuh Group		Lids Sports Group			Johnston & Murphy Group			Licensed Brands			Corporate & Other			Consolidated
In thousands
Sales	$	1,111,490	$	370,480	$	793,016		$	221,870		$	108,808		$	1,234		$	2,606,898
Intercompany sales	—		—		(1,761		)	(10		)	(310		)	—			(2,081		)
Net sales to external customers	$	1,111,490	$	370,480	$	791,255		$	221,860		$	108,498		$	1,234		$	2,604,817
Segment operating income (loss)	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(42,903	)	$	186,900
Asset Impairments and other*	—		—		—			—			—			(17,037		)	(17,037		)
Earnings (loss) from operations	109,953		11,209		82,867			15,696			10,078			(59,940		)	169,863
Interest expense	—		—		—			—			—			(5,126		)	(5,126		)
Interest income	—		—		—			—			—			95			95
Earnings (loss) from continuing operations before income taxes	$	109,953	$	11,209	$	82,867		$	15,696		$	10,078		$	(64,971	)	$	164,832
Total assets**	$	280,396	$	231,323	$	519,006		$	89,505		$	43,212		$	162,630		$	1,326,072
Depreciation and amortization	20,190		10,040		26,892			3,738			366			2,471			63,697
Capital expenditures	21,852		16,873		21,448			6,680			1,255			3,629			71,737

*Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters.

**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. Of the Company's $241.7 million of long-lived assets, $41.1 million and $15.6 million relate to long-lived assets in the United Kingdom and Canada, respectively.

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Share-Based Compensation Plans

12 Months Ended

Jan. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation Plans

Share-Based Compensation Plans

The Company’s stock-based compensation plans, as of January 31, 2015, are described below. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation – Stock Compensation Topic of the Codification.

Stock Incentive Plans

The Company has two stock incentive plans. Under the 2009 Amended and Restated Equity Incentive Plan (the “2009 Plan”), effective as of June 22, 2011, the Company may grant options, restricted shares, performance awards and other stock-based awards to its employees, consultants and directors for up to 2.5 million shares of common stock. Under the 2005 Equity Incentive Plan (the “2005 Plan”), effective as of June 23, 2005, the Company was permitted to grant options, restricted shares and other stock-based awards to its employees and consultants as well as directors for up to 2.5 million shares of common stock. There will be no future awards under the 2005 Equity Incentive Plan. Under both plans, the exercise price of each option equals the market price of the Company’s stock on the date of grant, and an option’s maximum term is 10 years. Options granted under both plans vest 25% per year over four years.

For Fiscal 2015, 2014 and 2013, the Company did not recognize any stock option related share-based compensation for its stock incentive plans as all such amounts were fully recognized in earlier periods. The Company did not capitalize any share-based compensation cost.

The Compensation—Stock Compensation Topic of the Codification requires that the cash flows resulting from tax benefits for tax deductions in excess of the compensation cost recognized for those options (excess tax benefit) be classified as financing cash flows. Accordingly, the Company classified excess tax benefits of $3.1 million, $3.8 million and $4.8 million as financing cash inflows rather than as operating cash inflows on its Consolidated Statement of Cash Flows for Fiscal 2015, 2014 and 2013, respectively.

The Company did not grant any stock options in Fiscal 2015, 2014 or 2013.

Note 12

Share-Based Compensation Plans, Continued

A summary of stock option activity and changes for Fiscal 2015, 2014 and 2013 is presented below:

	Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)(1)
Outstanding, January 28, 2012	486,773		$	24.70
Granted	—		—
Exercised	(223,618	)	21.50
Forfeited	—		—
Outstanding, February 2, 2013	263,155		$	27.43
Granted	—		—
Exercised	(130,051	)	23.33
Forfeited	(2,250	)	17.50
Outstanding, February 1, 2014	130,854		$	31.67
Granted	—		—
Exercised	(68,616	)	26.49
Forfeited	0		—
Outstanding, January 31, 2015	62,238		$	37.38	1.31	$	2,121
Exercisable, January 31, 2015	62,238		$	37.38	1.31	$	2,121

(1) Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options.

The total intrinsic value, which represents the difference between the underlying stock’s market price and the option’s exercise price, of options exercised during Fiscal 2015, 2014 and 2013 was $3.4 million, $6.1 million and $11.5 million, respectively.

As of January 31, 2015, the Company does not have any nonvested options under its stock incentive plans.

As of January 31, 2015, there was no unrecognized compensation costs related to stock options under the 2009 Plan. Cash received from option exercises under all share-based payment arrangements for Fiscal 2015, 2014 and 2013 was $1.8 million, $3.0 million and $4.8 million, respectively.

Restricted Stock Incentive Plans

Director Restricted Stock

The 2009 Plan permits grants to non-employee directors on such terms as the Company's board of directors may approve. Restricted stock awards were made to independent directors on the date of the annual meeting of shareholders in each of Fiscal 2015, 2014 and 2013. The shares granted in each award vested on the first anniversary of the grant date, subject to the director's continued service through that date. The board of directors also approved a grant of 365 additional shares in Fiscal 2014 and 336 additional shares in Fiscal 2013 to a newly elected director each year on the annual meeting date in

Note 12

Share-Based Compensation Plans, Continued

Fiscal 2014 and 2013 on the same terms as the Fiscal 2014 and 2013 grant to all independent directors. In all cases, the director is restricted from selling, transferring, pledging or assigning the shares for three years from the grant date unless he or she earlier leaves the board.

The Fiscal 2015, 2014 and 2013 grants were valued at $97,500, $80,000 and $80,000, respectively, per director based on the average closing price of the stock for the first five trading days of the month in which they were granted and vested on the first anniversary of the grant date. For Fiscal 2015, 2014 and 2013, the Company issued 11,592 shares, 9,280 shares and 9,888 shares, respectively, of director restricted stock.

For Fiscal 2015, 2014 and 2013, the Company recognized $1.1 million, $1.0 million and $0.9 million, respectively, of director restricted stock related share-based compensation in selling and administrative expenses in the accompanying Consolidated Statements of Operations.

Employee Restricted Stock

Under the 2009 Plan, the Company issued 185,416 shares, 199,392 shares and 194,232 shares of employee restricted stock in Fiscal 2015, 2014 and 2013, respectively. Shares of employee restricted stock issued in Fiscal 2015, 2014 and 2013 vest 25% per year over four years, provided that on such date the grantee has remained continuously employed by the Company since the date of grant. The fair value of employee restricted stock is charged against income as compensation cost over the vesting period. Compensation cost recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations for these shares was $12.3 million, $11.3 million and $9.6 million for Fiscal 2015, 2014 and 2013, respectively.

Note 12

Share-Based Compensation Plans, Continued

A summary of the status of the Company’s nonvested shares of its employee restricted stock as of January 31, 2015 is presented below:

Nonvested Restricted Shares	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at January 28, 2012	772,665		$	32.41
Granted	194,232		57.58
Vested	(195,203	)	29.95
Withheld for federal taxes	(75,552	)	29.97
Forfeited	(3,360	)	38.96
Nonvested at February 2, 2013	692,782		40.59
Granted	199,392		65.11
Vested	(199,428	)	34.31
Withheld for federal taxes	(105,193	)	34.42
Forfeited	(6,279	)	46.48
Nonvested at February 1, 2014	581,274		52.21
Granted	185,416		80.85
Vested	(177,694	)	44.77
Withheld for federal taxes	(88,003	)	45.27
Forfeited	(13,999	)	65.71
Nonvested at January 31, 2015	486,994		$	66.70

As of January 31, 2015, there was $24.9 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements for restricted stock discussed above. That cost is expected to be recognized over a weighted average period of 1.77 years.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, the Company is authorized to issue up to 1.0 million shares of common stock to qualifying full-time employees whose total annual base salary is less than $90,000, effective October 1, 2002. Prior to October 1, 2002, the total annual base salary was limited to $100,000. Under the terms of the Plan, employees could choose each year to have up to 15% of their annual base earnings or $8,500, whichever is lower, withheld to purchase the Company’s common stock. The purchase price of the stock was 85% of the closing market price of the stock on either the exercise date or the grant date, whichever was less. The Company’s board of directors amended the Company’s Employee Stock Purchase Plan effective October 1, 2005 to provide that participants may acquire shares under the Plan at a 5% discount from fair market value on the last day of the Plan year. Employees can choose each year to have up to 15% of their annual base earnings or $9,500, whichever is lower, withheld to purchase the Company’s common stock. Under the Compensation – Stock Compensation Topic of the Codification, shares issued under the Plan as amended are non-compensatory. Under the Plan, the Company sold 2,688 shares, 3,146 shares and 2,463 shares to employees in Fiscal 2015, 2014 and 2013, respectively.