Genesco 2Q Loss More Than Doubles
Nashville, Tenn. Genesco Inc. said Thursday its second-quarter loss more than doubled as results were hurt by a $6.4 million tax payment for the appreciation of stock it got in a lawsuit with The Finish Line Inc.
The company lost $10.3 million in the three-month period ended Aug. 2., compared with a loss of $4.2 million in the year-ago period.
Revenue rose 7.7% to $353.1 million from $328 million in the year-ago period.
Same-store sales rose 4%in the quarter.
Dollar Tree reports 2Q EPS growth
CHESAPEAKE, Va. Dollar Tree reported net earnings per diluted share of 42 cents, for the fiscal second quarter ended Aug. 2, an increase of 27.3% over the 33 cents earnings per diluted share for the same period, one year ago. Sales for the quarter were $1.093 billion, a 12.5% increase compared to $971.2 million, for the same period, one year ago. Comparable-store sales increased 6.5% for the quarter.
“Our performance in the second quarter demonstrates the growing relevance of Dollar Tree to the consumer during tough economic times,” said president and ceo Bob Sasser. “Increased demand for basic, consumable product is driving more customers into our stores, resulting in higher operating margin and earnings in the second quarter.”
The company estimates sales for the third quarter of 2008 to be in the range of $1.075 to $1.105 billion, based on low-to-low-mid single digit positive comparable-store sales. Based upon this sales forecast, diluted earnings per share are estimated to be in the range of 40 cents to 43 cents.
Full year sales are now forecasted to be in the range of $4.61 to $4.68 billion, based on low-to-low-mid single digit positive comparable-store sales for the full year. Based upon this sales forecast, diluted earnings per share are expected to be $2.33 to $2.43.
Gander Mountain cuts 2Q loss
ST. PAUL, Minn. Gander Mountain reported sales of $252.9 million for the quarter ended Aug. 2, an increase of 16.8% over the prior year period. Comparable-store sales decreased 11.7% in the second quarter. The 2008 period includes $39.7 million in revenue due to the expansion of the company’s direct marketing business through Overton’s.
Net loss for the second quarter was $4.9 million, or 20 cents per share, compared to a net loss of $9.7 million, or 48 cents per share, in the second quarter of fiscal 2007.