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Genesco: stable sales, but different segment performances

Jan 9, 2018 / United States
Genesco: stable sales, but different segment performances
The Nashville-based group announced that comparable sales, including both stores and direct sales, increased by 1% for the quarter-to-date period ended on the 4th of January.  Same store sales decreased by 2% and sales for the e-commerce businesses increased by 17%
Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco, commented: "Our fourth quarter results to date continue to be the tale of two businesses. After a successful back-to-school season, Journeys' momentum built during the holidays, while Lids' challenges expanded. We also experienced a promotionally-driven holiday in the UK at Schuh. We still anticipate that comparable sales for the quarter will be flat to 1%, but we also expect to give up more gross margin in order to achieve those sales and end the year in an optimal inventory position. Based on quarter-to-date results and current trends, we expect adjusted earnings per share within our most recently announced guidance range for fiscal 2018, with greater confidence toward the lower end of that range."

The company announced comparable sales, including both stores and direct sales, increasing by 1% for the quarter-to-date period ended on the 4th of January. Same store sales decreased by 2% and sales for e-commerce grew by 17%

Journeys Group sales increased by 10% in the period, reflecting the momentum built. Johnston & Murphy Group and Schuh Group, respectively with +5% and+1% growth, had a more modest performance. And the Lids Sports Group registered a 14% drop in sales during the period. 

Genesco also confirmed that it continues to expect adjusted earnings per diluted share for the fiscal year ending on the 3rd of February 2018 to be in the range of 3.05 US dollars to 3.35 US dollars. Genesco plans to announce its fourth quarter and fiscal year 2018 results on the 15th of March 2018.

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