Genesco, Inc. saw net sales for the second quarter decrease 2 percent year-over-year to $523 million for the three months ended July 29, compared to $535 million in the second quarter last year. The sales decrease was said to be driven by decreased store sales in Journeys Group and decreased wholesale sales, partially offset by a 14 percent increase in e-commerce comparable sales, strong store performance at Schuh and Johnston & Murphy and a favorable foreign exchange impact.
The overall sales decrease of 2 percent for the second quarter of Fiscal 2024 compared to the second quarter of Fiscal 2023 was driven by an 11 percent reduction at Journeys and a 7 percent decrease at Genesco Brands, partially offset by an increase of 21 percent at Schuh and an increase of 4 percent at Johnston & Murphy. On a constant-currency basis, Schuh sales were up 17 percent for the second quarter this year.
The GAAP loss from continuing operations was $31.6 million in the second quarter compared to earnings from continuing operations of $7.7 million in the second quarter last year. Adjusted for the Excluded Items in all periods, the second quarter loss from continuing operations was $9.6 million, or a loss of 85 cents per share, in Q2, compared to earnings from continuing operations of $7.7 million, or 59 cents per share, in the second quarter last year.
For full details about second quarter results for Genesco, including the turnaround plan at Journeys and the ongoing strength at Schuh and Johnston & Murphy, go, here:
EXEC: Genesco Shares Surge as CEO Highlights an Improving Picture at Journeys
