Genesco reported second-quarter earnings up 58.3% to US$7.6 million. Q2 results for fiscal 2015 reflected pretax figures of US$3.6 million, including US$2.2 million of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group and a US$1.4 million charge against network intrusion expenses, asset impairment charges and other legal matters.
Net sales increased 7% for the period, from US$615 million to US$656 million.
Comparable sales for the company reflected a 5% increase in same store sales and a 26% increase in e-commerce sales.
“The second quarter saw strong comparable sales growth despite the later start to the back-to-school selling season,” said Robert J. Dennis, Genesco’s Chairman, President and CEO. “Our top-line performance helped offset expected gross margin pressure from our continued efforts to right size the Lids Sports Group’s inventory levels”, he added.
Genesco operates over 2,400 retail shops in the U.S., 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.
Source: FDRA
