Genesco earnings, sales drop
NASHVILLE, Tenn. — Genesco, a specialty footwear and apparel retailer operating numerous brick-and-mortar and online retail brands including Journeys and Lids.com, reported declines in earnings and net sales for the first quarter of fiscal 2014.
The company’s earnings declined 11% to $18.5 million from $20.8.
Net sales decreased 1.5% to $591 million from $600 million. Same-store sales fell 4%. Earnings remained slightly ahead of the company’s expectations.
Geneseco chairman, president and CEO Robert J. Dennis said sales in the quarter picked up in March and April after delayed processing of income tax returns and poor weather negatively impacted them in February.
“The improved sales trends we experienced during the March-April period have accelerated during the second quarter so far with May comparable sales up 1% through May 25,” said Dennis.” We are encouraged by the recent momentum and optimistic about our prospects for the upcoming back to school season.”