World Footwear

Companies

Declining sales by Genesco

May 31, 2017 United States
Declining sales by Genesco
The Tennessee-based group has announced sales down by 1% during the first quarter of the year, as a result of numerous challenges
Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco commented: "Our first quarter performance reflects a number of challenges, many of which were expected, early in the new fiscal year. Consolidated comparable sales were pressured by weak store traffic in our US businesses, which we believe was due in part to federal income tax refund delays, and by the impact from the significant fashion rotation at Journeys. This was partially offset by very strong growth in digital channel sales“.

Net sales for the first quarter of fiscal 2018 decreased by 0.8% and totaled 643 million US dollars from 649 million US dollars in the first quarter of fiscal 2017. Consolidated first quarter 2018 comparable sales, including same store sales and comparable e-commerce and catalog sales, decreased by 1%, with a 5% decrease in the Journeys Group, a 1% increase in the Lids Sports Group, a 10% increase in the Schuh Group, and a 3% decrease in the Johnston & Murphy Group. Comparable sales for the company included a 4% decrease in same store sales and a 28% increase in direct sales.

In face of these results and given the anemic level of mall traffic year-to-date and the more pronounced shift in consumer spending away from stores to online Genesco has adopted a more conservative outlook for store-based sales.

Dennis concluded: "While we are disappointed with our lower guidance, our second quarter .. is better than what we experienced in the first quarter, in particular for Journeys. Despite the slow start to the year, we believe that the strategies we are executing will result in improved sales and margin trends, particularly in the back half, as the year progresses and drive profitable growth and increased shareholder value over the long-term.”

Related Events

  • Jun
    8
    Jun 8-Jun 9, 2025 | Michigan, United States

    Metro-Michigan Women's Wear Market

  • Jun
    10
    Jun 10-Jun 13, 2025 | Dallas, United States

    Dallas Apparel & Accessories Market

  • Jun
    16
    Jun 16-Jun 18, 2025 | LA, United States

    LA Market Week

  • Jun
    18
    Jun 18-Jun 20, 2025 | Salt Lake City, Utah, United States

    Outdoor Retailer

Related Organizations

  • Two Ten Footwear Foundation

    Two Ten Footwear Foundation

    United States
  • FIT - Fashion Institute of Technology

    FIT - Fashion Institute of Technology

    United States
  • NSRA - National Shoe Retailers Association

    NSRA - National Shoe Retailers Association

    United States
  • USRA - United Shoe Retailers

    USRA - United Shoe Retailers

    United States