Nashville, Tenn. – Genesco’s net earnings fell 34% to $27.7 million, from $42.1 million during the third quarter of fiscal 2013 for Genesco. The company also reported a slight increase in net sales, to $666.3 million from $664.4 million, during the same period.
Genesco attributed part of its net earnings decline to expenses including charges relating to accounting for deferred bonuses, deferred purchase price payments in connection with the acquisition of Schuh Group Limited which are required to be expensed as compensation, intrusion expenses, asset impairment charges and other legal matters. Same-store sales fell 1%.
“We continue to focus on successfully navigating the current headwinds while staying the course on our long-term strategic direction,” said Robert J. Dennis, chairman, president and CEO of Genesco. “We recently updated our five-year plan and now expect annual sales to hit $3.9 billion and operating margins to be approximately 9% to 9.5% by Fiscal 2018. We remain confident in our strategic position and our ability to achieve our growth targets and generate increased value for our shareholders."