Genesco net earnings slip in Q1

Nashville, Tenn. – Genesco Inc. reported net earnings of $13.97 million in the first quarter of fiscal 2015, down 3% from $14.41 million in the same quarter of the prior fiscal year. A jump in selling and administrative expenses drove the net earnings decline.

Meanwhile, net sales rose 6% to $629 million, from $591 million. Same-store sales grew 1%. Genesco expects a low-single-digit same-store sales increase for the full fiscal year.

“We are pleased with our performance given the choppy retail environment, combined with the lack of a meaningful, new fashion driver in the teen footwear space early in the year,” said Robert J. Dennis, chairman, president and CEO of Genesco. “We continue to expect stronger comparable sales gains and improved profitability as we move into the back half of the year.”

 

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