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Article Date: August 2017
Word Count: 654

Journeys Bounces Back, but Lids Struggles in Q2


Genesco’s net loss was $3,948,000 in the second quarter ended Jul. 29 against income of $14,578,000 last year, as sales slipped 1% lower to $616,506,000 from $625,557,000 with the ongoing recovery at Journeys more than offset by struggling Lids. Last year’s Q2 had an $8.9 million gain from a litigation settlement, but even adjusted for that and other one-time items, the net loss would have been $2.0 million against $6.9 million profit. Profitability was hurt by 160 basis points of SG&A deleverage from lower store comps and a higher marketing spend. The results led Genesco to cut its full-year earnings ... Log in to view full article.

 


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