World Footwear

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Genesco: comparable sales decreased by 3%

Jan 12, 2021 United States
Genesco: comparable sales decreased by 3%
The company reported that comparable sales, including both stores and direct sales, decreased by 3% for the quarter-to-date period ended on the 26th of December 2020. Same store sales decreased by 14% and sales for the company's e-commerce businesses increased by 49%
"Overall, our performance this holiday selling season was very encouraging given the backdrop of the COVID-19 pandemic with sales coming in above our expectations.  Journeys once again led the way with strong full-price selling, and we were pleased that Schuh delivered better than expected results especially as the business continues to face significant mandated store closures. Fiscal January is off to a strong start with comps turning nicely positive, providing us with optimism for a solid finish to Fiscal 2021", commented Mimi E. Vaughn, Genesco Board Chair, President and Chief Executive Officer.

The Tennessee-based footwear player announced that comparable sales, including both stores and direct sales, decreased by 3% for the quarter-to-date period ended on the 26th of December 2020. Same store sales decreased by 14% and sales for the company's e-commerce businesses increased by 49% on a comparable basis for that period. The company's comp policy removes any stores that are closed for seven consecutive days or more. Therefore, comparable sales results exclude periods of time that stores were closed for seven consecutive days or more as a result of the COVID-19 pandemic.

The company's stores were open for approximately 90% of the possible days during fiscal November and December, with Schuh's stores operating for approximately 50% of this period.  Overall sales decreased by 8% for the quarter-to-date period ended on the 26th of December 2020. 

Image credits: NordWood Themes on Unsplash


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