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Schuh Group acquisition cuts into Genesco Q2 earnings

Nashville, Tenn. – Deferred expenses related to its 2011 purchase of Scotland-based Schuh Group, as well as a change in accounting for bonus for awards, reduced net income at Genesco Inc. to $4.8 million in the second quarter of fiscal 2015, down 43% from the same quarter the previous year.

Net sales for the second quarter of fiscal 2015 increased 7.1% to $615 million from $575 million in the second quarter of fiscal 2014. Consolidated second quarter 2015 same- sales, including same-store sales and comparable e-commerce and catalog sales, increased 2%. The company reduced its earnings guidance for the full fiscal year.