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Genesco Swings to 2Q Loss
Chain Store Age
Thursday, August 30, 2007
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Genesco Inc., which owns Hat World, Underground Station Group, Johnston & Murphy and Journeys Group, reported a loss for the quarter ended Aug. 4 that totaled $4.2 million, vs. a net income of $5.9 million in the prior-year quarter. Revenue rose 8% to $328 million, up from $304.3 million last year.
The company blames these results on later back-to-school starts and tax-free weeks in Texas and Florida, as well as a "generally challenging" retail environment, especially in footwear.
Journeys Group same-store sales fell 7%, while Journeys' same-store sales in Texas and Florida fell 13% and 20%, respectively.
Hat World Group same-store sales fell 2% and Underground Station Group same-store sales fell 23%. Johnston & Murphy same-store sales rose 5%.
Companies referred to in story:
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