Genesco Cuts Forecast on Weak Q1, Slower Than Expected Turnaround
Net income declined 91% to $885,000 from $10,410,000 on a 1% decline in sales to $643,368,000 from $648,793,000 with overall comps down 1% as a 28% increase in digital sales failed to offset a 4% decline in brick-and-mortar for the three months ended Apr. 29. The results were slightly below what had been expected to be a challenging quarter, and GCO said that the turnaround at Journeys was taking longer than expected and the declines it is seeing in mall traffic across all its divisions are suggesting a more cautious outlook. It does feel it is making progress on adapting ... Log in to view full article.