Genesco is continuing to make management changes at Schuh amid turnaround efforts of the U.K.-based retail chain.
On Monday, the company revealed that longtime chief financial officer David Gillan-Reid, who held the role for the last 28 years, is leaving his post. In his place, Schuh has hired Nick Scott to fill the top finance role, effective Nov. 2. Scott will report to Tomas Petersson, who was named president of Schuh in July.
“I’d like to thank David for his incredible contribution as CFO of schuh over the last 28 years,” Petersson said in a statement. “He leaves behind a business with strong foundations for its next chapter.”
As for Scott, the company noted that he will join the leadership team to strengthen financial operations, support sustainable growth and help advance Schuh’s ambition to be the “unrivaled” fashion footwear destination for youth audiences.
Scott joins Schuh from Footasylum, where he served as chief financial officer. Under his financial leadership, the sportswear and streetwear retailer achieved consecutive record revenue and profit, completed a significant refinancing to fund its growth, and accelerated store expansion and its digital-first investment program, including a landmark international franchise partnership.
Prior to Footasylum, Scott was chief operating financial officer at Baird Group, owner of Suit Direct and U.K. licensee for Ben Sherman and Ted Baker formalwear.
Scott said in a statement that he is “delighted to join Schuh and the wider Genesco family.
“This is a fascinating moment for our industry, with trends evolving rapidly and customers shopping across more channels,” the new CFO noted. “Schuh’s carefully curated brand partnerships, strong store estate and growing digital presence put it in a great position to meet those changing needs. I’m looking forward to working with Tomas and the hugely talented teams across the business to drive value creation, sharpen our commercial focus and support the delivery of the strategy as we build schuh’s next chapter.”
Petersson called Scott an “accomplished finance leader with outstanding experience, combining strategic financial expertise, strong commercial acumen, and proven leadership skills.”
“Just as importantly, he shares our belief in the importance of culture, collaboration and strong teams in driving performance,” Petersson added. “His track record of supporting businesses through change and delivering improved performance will be invaluable as we continue to strengthen our position as the U.K.’s go-to fashion footwear destination and deliver an even better experience for our customers.”
In its most recent earnings report issued in September, Genesco noted a net loss of $8.8 million, or 83 cents per share, in the second quarter of fiscal 2027, compared to a loss of $11.7 million, or $1.14 per share, in Q2 2026. Net sales decreased 3 percent to $530 million compared to $546 million in the second quarter of fiscal 2026.
Genesco noted that the decline in net sales reflected the impact of net store closings, decreased licensed sales, a 6 percent drop in e-commerce comparable sales from reduced Schuh discounting and an unfavorable foreign exchange impact, partially offset by a 1 percent increase in same store sales and higher sales from enlarged stores.
The company further reported that overall sales for the second quarter were driven by a decrease of 10 percent at Schuh and a 21 percent, or $7 million, decrease at Genesco Brands, partially offset by a 5 percent increase at Johnston & Murphy, while sales at Journeys were flat.
Source: wwd.com
