Home / Knowledge / News / Apparel/Garments / Genesco estimates Q2 FY'14 sales to rise 5.7%
Genesco estimates Q2 FY'14 sales to rise 5.7%
29
Aug '13
Genesco Inc. announced estimated results of continuing operations for the second quarter ended August 3, 2013. 

In order to provide an estimate on a comparable basis with previously reported periods, and assuming for this purpose the continued application of the Company's historical method of accounting for such bonus awards, which is under review by the Company and its independent auditors.

Tthe Company estimates earnings from continuing operations for the second quarter ended August 3, 2013 would be $12.1 million, or $0.52 per diluted share, compared to previously reported earnings from continuing operations of $10.6 million, or $0.44 per diluted share, for the second quarter ended July 28, 2012. 

Fiscal 2014 second quarter results are expected to reflect expenses of $0.7 million, or $0.04 per diluted share after tax, including $2.8 million of expenses related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited, which are required to be expensed as compensation because the payment is contingent upon the payees' continued employment,  and $1.2 million for other legal matters, network intrusion expenses and asset impairment charges, partially offset by a net gain of $3.3 million on the  termination of  the lease of a New York City Journeys store location.

Last year's  second quarter results included $3.3 million, or $0.06 per diluted share after tax, in deferred purchase price payments in connection with the acquisition of Schuh Group Limited and asset impairment charges, decreased by tax rate adjustments.

Net sales for the second quarter of Fiscal 2014 increased 5.7% to $574.7 million from $543.5 million in the second quarter of Fiscal 2013, reflecting a comparable store sales decrease of 2%.  The Lids Sports Group's comparable store sales decreased by 3%, the Journeys Group decreased by 1%, Schuh Group decreased by 7%, and Johnston & Murphy Retail increased by 7%.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "We are disappointed that our second quarter performance fell short of expectations.  Sales trends proved to be more challenging as the quarter progressed and results came in below our plan.

"The third quarter has gotten off to a difficult start with comparable sales down 3% through  Saturday, August 24. Despite our current sales trajectory we remain optimistic that we can deliver a modest comp improvement in the fourth quarter based primarily on a product mix shift in footwear that moves in our favor and easier comparisons for Journeys and Lids."

Genesco


Interviews View All

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Fabio Grandis,

Fabio Grandis

Italian company Grandis SRL has been operating in the textile industry for ...

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search