Genesco Inc. announced that comparable sales, including stores and direct sales, decreased 3 percent for the quarter-to-date period ended December 26, 2020.
Same-store sales decreased 14 percent, and sales for the company’s e-commerce businesses jumped 49 percent on a comparable basis for that period. The company’s comp policy removes any stores that are closed for seven or more consecutive days. Therefore, comparable sales results exclude periods of time that stores were closed for seven or more consecutive days as a result of coronavirus pandemic.
Comparable sales changes for the 8 weeks ended December 26 for each retail business for the period were as follows:
- Journeys Group, 4 percent
- Schuh Group, 29 percent
- Johnston & Murphy Group, 34 percent
The company’s stores were open for approximately 90 percent of the possible days during fiscal November and December, with Schuh’s stores operating for approximately 50 percent of this period. Overall sales decreased by 8 percent for the quarter-to-date period ended December 26, 2020.
Overall sales changes for each business for the 8 weeks ended December 26 were as follows:
- Journeys Group, 5 percent
- Schuh Group, 9 percent
- Johnston & Murphy Group, 38 percent
- Licensed Brands, 201 percent
- Total Overall Sales, 8 percent
- Total Store Sales, 21 percent
- Total Direct Sales, 48 percent
Mimi E. Vaughn, Genesco board chair, president and chief executive officer, said, “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.”
Genesco provided a financial update in support of its presentation Monday at the 2021 ICR Conference .
Photo courtesy Genesco/Journey’s