“The second quarter saw strong comparable sales growth despite the later start to the back-to-school selling season”, stated Robert J. Dennis, Genesco’s Chairman, President and CEO, adding: “Our top-line performance helped offset expected gross margin pressure from our continued efforts to right size the Lids Sports Group’s inventory levels. The third quarter is off to a strong start in spite of a later Labor Day, aided by the ramp up in the start of school in many areas of the country and the corresponding tax free shopping periods. Comparable sales for the month of August increased 6%.”

Net sales for the second quarter of the current financial year increased by 7% to 656 million US dollars (615 million US dollars in the second quarter of fiscal 2015), with a 4% increase in the Journeys Group, an 8% increase in the Lids Sports Group, an 8% increase in the Schuh Group, and a 10% increase in the Johnston & Murphy Group. Comparable sales for the company reflected a 5% increase in same store sales and a 26% increase in e-commerce sales.

Genesco reported second-quarter earnings up by 58.3% reaching 7.6 million US dollars. Quarter 2 results for fiscal 2015 reflected pretax figures of 3.6 million US dollars, including 2.2 million US dollars of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group and a 1.4 million US dollars charge against network intrusion expenses, asset impairment charges and other legal matters.

Genesco operates over 2 400 retail shops in the US, Puerto Rico, Canada, UK, and the Republic of Ireland. It wholesales branded and licensed footwear to more than 1 025 retail accounts. The company acquired Schuh Group, the UK retail chain and web business, in 2011.