Genesco’s third quarter of fiscal 2025 (QQ3) demonstrates a material lift in top-line momentum driven by Journeys, complemented by meaningful digital penetration and ongoing cost-reduction initiatives. Consolidated revenue rose 3% year over year to $596.3 million, led by Journeys’ double-digit comp performance and a robust online business, while Schuh and Johnston & Murphy delivered slower or negative top-line trends in a challenging macro environment. The company affirmed a multi-quarter plan to reshape cost structure and optimize store levels, with an outlook that lifts full-year earnings guidance to $0.80–$1.00 per share, albeit with modestly lower gross margins and higher near-term promotional activity in certain segments. Management cautions that the 53rd-week calendar shift and shifts in consumer demand constrain near-term profitability, but believes Journeys can sustain above-market comps and improve returns through product differentiation, stronger brand partnerships, and elevated consumer experiences. The balance sheet remains leveraged, with substantial debt at quarter-end, but the business is prioritizing inventory optimization, disciplined capital allocation, and a deeper push into digital and loyalty-driven demand creation. Overall, Genesco is transitioning toward a more brand- and data-driven Journeys-centric growth model, while managing near-term headwinds in Schuh and Johnston & Murphy.